BMO Harris Bank to cut 350 jobs

BMO Harris Bank announced today it is eliminating 350 jobs over the next three months, including about 157 in the greater Milwaukee area.

In total, about 200 Wisconsin employees of the company will lose their jobs.

Most of the jobs to be eliminated are administrative and back-office positions. The company is contracting with outside vendors to perform many of those functions and hopes that some of the affected employees will find jobs with the vendors, according to Jim Kappel, vice president of BMO Harris Bank.

Kappel said the total layoffs account for about 2 percent of the company’s 16,000 employees in the United States.

BMO Harris currently has about 365 open positions, including about 95 in Wisconsin, and hopes that some of the affected employees also can be considered for those jobs.

“This is not a decision we take lightly. We understand these changes will result in the loss of positions; however, we are doing our best to support employees in impacted positions. For some people, they are being offered positions by our vendors; for others, they can apply for our open positions,” Kappel said. “All employees whose positions are affected are also eligible for a severance plan and an outplacement program that includes help with developing resumes, interviewing skills, career counseling and access to job search resources.”

BMO Harris acquired Milwaukee-based Marshall & Ilsley Corp., the parent company of M&I Bank, last July.

Since the completion of the merger, BMO Harris has hired close to 120 people in the greater Milwaukee area, mostly in the roles hired of personal bankers, customer service representatives and credit analysts, Kappel said

Source: Biz Times