Bank of Montreal announced this week that it made a record $4.2 billion in the 2013 fiscal year, but also revealed that it had reduced its workforce by just over two per cent in the fourth quarter.
Photo Credit: Darryl Dyck/Canadian Press

Big bank, big profit, job cuts

The Bank of Montreal (BMO) cut 997 full time jobs in the last quarter of the 2013 fiscal year in which it earned a record profit of $4.2 billion. While the news may annoy the average Canadian, analysts say it is a predictable consequence of improved productivity and a stagnant economy.

BMO offers personal and commercial banking in the United States where the economic outlook is deteriorating.

The job cuts seem big but they actually represent a shrinkage of just over two per cent of BMO’s labour force. They pale in comparison to cuts of 18 per cent for Potash Corporation, attempted staff reductions of 40 per cent for BlackBerry and a 30 per cent cut in Barrick Gold corporate staff.

Categories: Economy
Tags:

Do you want to report an error or a typo? Click here!

For reasons beyond our control, and for an undetermined period of time, our comment section is now closed. However, our social networks remain open to your contributions.