BMO Capital Markets cutting 4% of staff, Canadians affected

Bank of Montreal (BMO) is pulling out the axe as it grapples with slower trading and investment banking activity.

According to news outlets, including The Globe and Mail, BMO is reducing its capital markets division by approximately four per cent, or more than 100 employees.

While the layoffs will affect staff globally, people familiar with the matter claim that around half of the roles being cut are located in Canada.

“We are focused on managing expenses dynamically, growing revenue, and improving our relative efficiency ratio; which includes aligning our resources to achieve these priorities,” BMO spokesperson Kelly Hechler told multiple outlets in an email.

“We are working closely with affected employees to provide support and to ensure they are treated with fairness and respect.”

The bank’s capital markets division employs a total workforce of more than 2,800 people, according to The Globe.

How does this impact employees?

The headcount reduction in BMO’s Capital Markets division has left many employees uncertain about their future. If you’ve been laid off or are facing termination, here’s what you should know:

• You Are Likely Owed Severance: Employees at BMO are entitled to full severance pay under Canadian employment law.
• What Severance Includes: Severance packages can cover salary, bonuses, commissions, benefits, and more.
• Rights Don’t Change: Even in times of corporate restructuring, your rights as an employee remain protected.

For a detailed overview of BMO’s layoff history and severance entitlements, visit our BMO Layoffs: Severance Pay and Employee Rights guide.

Key severance facts for BMO employees

If you’ve lost your job due to the closure, here’s what you need to know about severance in Canada:

• Severance Pay: Can be up to 24 months’ pay, depending on your role, age, length of service, and ability to find similar work.
• Deadlines: You have up to two years from your termination date to pursue a claim for severance.
• Misclassified Employees: Contractors may also be eligible for severance if misclassified as independent contractors.

Use our Severance Pay Calculator to estimate what you’re owed.

Steps to take if you’ve been laid off

1. Don’t Sign Anything Yet: Before accepting any severance offer, have it reviewed by an employment lawyer to ensure it’s fair.
2. Understand Your Rights: Learn about severance pay and employment standards through our BMO Layoffs Guide.
3. Contact Us for Help: Book a consultation with our team for a detailed review of your severance package and employment contract.

Talk to an employment lawyer

If you’ve been affected by layoffs at BMO, it’s critical to understand your rights and secure the compensation you’re owed. Contact us today for expert legal advice and a free consultation.

Call 1-855-821-5900 or complete a quick form to get started.