BMO Layoffs: What Employees Should Know About Job Cuts at Bank of Montreal

The Bank of Montreal (BMO) has carried out multiple workforce reductions in recent years as part of restructuring, cost-control measures, and changes to its business strategy.

As one of Canada’s largest banks, BMO layoffs often attract national media attention — and raise important questions for employees about job security, severance pay, and legal rights.

This page provides a clear overview of recent BMO job cuts, why they’ve occurred, and what employees should understand if they’ve been affected.

Most Recent Publicly Reported BMO Layoffs

BMO is reportedly closing its Air Miles division — affecting a significant number of jobs, including many long-service staffers. (Samfiru Tumarkin LLP)

The bombshell report comes as the bank has reduced its workforce by more than 670 jobs since the third quarter of 2025 — with its Q1 2026 earnings release revealing that it took a $202-million pre-tax severance charge in the quarter.

“Our focus on closely managing expenses and operational efficiency is creating capacity for strategic investments in technology and talent that deliver value for today and the future,” CEO Darryl White said in the bank’s earnings release.

Prior to these 2026 updates, the last widely reported large-scale layoffs at BMO occurred in 2023, including restructuring within BMO Private Wealth.

In Sept. 2023, BMO Private Wealth reduced its regional structure from six regions to four, resulting in the elimination of nine market leader roles [Investment Executive]. The bank also wound down its indirect retail auto finance business.

The changes followed broader cost-control efforts at the bank, including:

• The shutdown of its indirect auto lending division
• $223 million in pre-tax layoff-related costs booked in one quarter
• Broader restructuring tied to changing market conditions

In June 2023, BMO Capital Markets reduced the number of staff by more than 100 employees, or 4% of its division [The Globe and Mail].

Since then, BMO has continued to adjust staffing levels periodically, though no mass layoff has been publicly announced in recent years.

Why Is BMO Laying Off Employees?

Like other major financial institutions, BMO conducts workforce reductions as part of long-term business planning rather than short-term crisis response.

Common reasons behind BMO layoffs include:

• Restructuring and regional consolidation
• Integration of business units
• Cost-reduction initiatives
• Market downturns affecting trading and investment banking
• Technology shifts and automation

Which BMO Jobs Have Been Affected?

BMO layoffs have historically impacted a wide range of roles, including:

• Wealth management and private banking leadership
• Capital markets positions
• Retail banking operations
• Auto finance divisions
• Corporate and regional management roles

Reductions are typically tied to business units undergoing restructuring rather than across-the-board eliminations.

Are BMO Layoffs Happening Across Canada?

Yes. BMO is a federally regulated employer with a national footprint. Workforce reductions are generally implemented at a corporate level and can affect employees across multiple provinces.

Because BMO operates under federal jurisdiction, its employees are governed by the Canada Labour Code, not provincial employment standards.

What BMO Employees Should Know After a Layoff

If you’ve been affected by BMO layoffs, it’s important to understand that termination letters and severance packages are not automatically final.

Key considerations include:

• Severance offers are often negotiable
• Bonuses and incentive compensation are frequently excluded
• Federal employment protections may apply
• The first offer rarely reflects full legal entitlement

Employees are often presented with a BMO severance package that may not account for all aspects of their compensation or circumstances.

BMO Layoffs and Severance Pay

Most non-unionized BMO employees are entitled to severance when laid off or terminated without cause.

Severance entitlements are based on factors such as:

• Length of service
• Age
• Position and seniority
• Total compensation (salary, bonuses, benefits)
• Difficulty finding comparable work

In many cases, employees are owed significantly more than the minimum amounts referenced in termination letters.

BMO Layoffs: Frequently Asked Questions

Is BMO laying off employees?

Yes. BMO has conducted layoffs in recent years as part of restructuring and cost-control efforts.

When was the last large BMO layoff?

Public reporting confirms restructuring and job eliminations in 2023, including leadership reductions within BMO Private Wealth.

Are BMO employees covered by federal law?

Yes. BMO is federally regulated, meaning most non-unionized employees fall under the Canada Labour Code.

Do BMO layoffs include severance pay?

Most employees are entitled to severance, though initial offers may not reflect full legal entitlements.

Get Clarity Before You Accept Any Offer

If you’ve been affected by BMO layoffs, taking time to understand your legal position before accepting a severance package can make a significant financial difference.

A short review of your situation with employment law firm Samfiru Tumarkin LLP can confirm whether your compensation reflects what you’re legally owed — not just what’s being offered.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and should not be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.