BMO Layoffs 2025: What You’re Owed & How to Get It

BMO layoffs have impacted thousands of employees across Canada and beyond in recent years. If you’ve recently been let go – or believe your job may be at risk – you may be entitled to substantial severance pay under Canadian employment law.

This guide explains what BMO employees need to know about their rights, how severance is calculated, and the critical steps to take before accepting any package.

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Why BMO Employees Are Covered by Federal Law

Bank of Montreal (BMO) is one of Canada’s largest financial institutions, operating nationwide and across the U.S. Because BMO is a federally regulated employer, its employees are protected by the Canada Labour Code (CLC) — not a province’s Employment Standards.

This distinction gives non-unionized BMO employees access to stronger legal protections—particularly around terminations and severance rights.

Key rights under the CLC include:

• ✔️ Protection from dismissal without just cause (for most non-managerial employees with 12+ months of service)
• ✔️ The ability to file an unjust dismissal complaint under Division XIV
• ✔️ Potential reinstatement to your role in some cases
• ✔️ Additional compensation for damages or lost income

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Severance Pay Overview for BMO Employees

If you’re a non-unionized employee at BMO and have been laid off, you’re likely entitled to more than the minimum standards listed in your termination letter. Under Canadian law, full severance pay can be worth as much as 24 months’ salary – and must reflect your personal circumstances, not just company policy.

What BMO Severance Should Include:

• ✔️ Base salary
• ✔️ Bonuses (earned and pro-rated)
• ✔️ Commissions
• ✔️ Benefits continuation
• ✔️ Vacation pay
• ✔️ Pension contributions
• ✔️ Car allowance or other perks

Even if you’re classified as an “independent contractor,” you could still qualify for severance if you’ve been misclassified.

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How BMO Calculates Severance Pay

Severance pay is not a flat rate. BMO employees are entitled to severance based on several personal factors that reflect how difficult it may be for them to secure comparable work.

The most common factors include:

• ✔️ Length of service – More years often means more pay. However, short-service workers are often owed disproportionately larger severance packages than longer-serving employees.
• ✔️ Age – Older employees receive more due to job market challenges.
• ✔️ Position – Senior or specialized roles tend to result in higher severance.
• ✔️ Total compensation – Includes not just salary, but bonuses, commissions, and benefits.
• ✔️ Job prospects – If your role is niche or limited in the market, you are entitled to more.

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Timeline of BMO Layoffs

BMO has conducted multiple rounds of layoffs over the past decade, often tied to restructuring, cost-cutting, and shifting business strategy. These job cuts have impacted employees at all levels – both in Canada and abroad.

Below is a timeline of notable layoffs at BMO:

• January 2024: BMO fires six bankers following alleged homophobic harassment
• September 2023: BMO ends indirect retail auto finance business amid rising delinquencies
• June 2023: The bank is laying off dozens of employees as it grapples with slower trading and investment banking activity.

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How to Maximize Your Severance

If you’ve been laid off by BMO, it’s critical not to accept their first offer without understanding your full legal rights. Most employees are offered far less than what they’re actually owed, which can be up to 24 months’ pay – especially when bonuses, commissions, or benefits are left out.

Here’s how to protect your financial future and maximize your severance:

1. Don’t sign anything right away.
BMO may give you a tight deadline, but it’s not legally binding.

2. Review your total compensation.
Severance isn’t just about salary – include bonuses, commissions, vacation pay, car allowance, and more.

3. Negotiate enhancements.
You may be able to push for extended health benefits, additional compensation, or even outplacement services.

4. Document everything.
Keep copies of all severance offers, termination letters, and communication with BMO’s HR department.

4. Get a legal opinion.
An employment lawyer at Samfiru Tumarkin LLP can identify issues in your package that you will miss on your own.

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Employer Tactics to Watch For

When a company like BMO initiates a layoff, the goal isn’t just operational efficiency – it’s also cost containment. That often means offering lowball severance packages or pressuring employees to accept quickly. Here are the most common tactics to watch for:

Common Strategies Employers Use During Layoffs:

• ⚠️ Pressure to sign quickly: BMO may set a deadline (e.g. 5 business days) – but this is not legally binding.
• ⚠️ Low initial offers: Many severance packages start far below what’s owed by law.
• ⚠️ Excluding bonuses or commissions: These are often left out, even if you earned them before the layoff.
• ⚠️ Misclassification as a contractor: Some workers are told they aren’t “employees” when in fact they are entitled to full severance.
• ⚠️ Termination clauses: Your employment contract may contain language that attempts to reduce the severance you are owed. In many cases, these clauses are unenforceable.
• ⚠️ Allegations of ‘just cause’: Some employers claim you were fired for misconduct to try to avoid paying severance – often without legal basis.

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Real Legal Cases Involving BMO

Employment lawyers at Samfiru Tumarkin LLP resolve nearly all severance matters without going to court — securing strong compensation quickly and efficiently. But when needed, our team has successfully held BMO accountable in legal proceedings for terminations that violated employee rights. These cases show what’s possible when employers overstep — and what our firm is prepared to do.

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FAQs About BMO Layoffs

Does BMO offer enhanced severance packages?

Yes – but those packages are often designed to minimize what BMO pays. You may be owed significantly more than what’s initially offered, especially if your severance doesn’t include bonuses, commissions, or benefits continuation.

Can BMO lay me off without notice?

Only if you’re given adequate severance pay. If you’re not properly compensated, it may be a case of wrongful dismissal, even in a restructuring.

What if I was let go just before bonus season?

You may still be entitled to a pro-rated bonus or even the full bonus, depending on the terms of your employment and how long you worked during the bonus year.

Do I have to accept the first severance offer?

No. You’re under no obligation to sign immediately – and in most cases, you shouldn’t. Expert legal review is essential to ensure you’re getting everything you’re owed.

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Additional Resources for BMO Employees

Learn more about your severance rights and how the law applies to layoffs in banking and federally regulated industries:

• Severance for federally regulated employees
• Severance pay in mass layoffs
• Severance for banking industry employees
• Understanding layoffs in Canada
• Severance rules in Ontario
• Severance rules in Alberta
• Severance rules in British Columbia

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Legal Review You Can Trust

This guide was prepared by Samfiru Tumarkin LLP — Canada’s top-rated employment law firm for non-unionized employees. We’ve helped over 50,000 people secure compensation after job loss, and we’re the most positively reviewed law firm in the country, with 2,000+ five-star Google reviews.

Samfiru Tumarkin LLP has extensive experience helping employees who have been laid off or terminated by BMO. Our lawyers are deeply familiar with the severance packages, termination clauses, and legal terms BMO commonly includes — and we know how to improve them.

We also understand the unique legal challenges that come with federally regulated employers. Our team has successfully handled cases involving wrongful dismissal, constructive dismissal, and unfair severance negotiations.

Trusted by Thousands. Respected Nationwide.

We’ve represented employees at every major bank in Canada – including RBC, BMO, CIBC, and Scotiabank.

If you’ve been let go by BMO, speak to an experienced employment lawyer at Samfiru Tumarkin LLP before signing anything.

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.