BMO to cut 200 jobs at U.S. unit, more coming
* Job cuts part of integration of M&I unit
* Bank announced branch closures, layoffs in June
* More cuts to come, spokesman says
TORONTO, Sept 14 (Reuters) - Bank of Montreal will cut an additional 200 jobs in its U.S. division as part of the integration of Wisconsin lender Marshall & Illsley, which it bought in 2011 for $4.1 billion, and it warned more cuts are on the way.
The reductions, which come on top of 130 job cuts announced in June, are mostly due to overlap between M&I and BMO's existing U.S. Harris Bank network, Jim Kappel, head of media relations at Harris, said on Friday.
He said the cuts will take place over the next five months, and will not be the last by the bank as it incorporates the new unit.
"There will be additional reductions that take place as we continue to move through the integration process, however we have not finalized specific plans at this time," he said in an email.
BMO, Canada's No. 4 bank, acquired M&I last July in a deal that doubled its U.S. branch count.
The bank said in June it expected to wring $400 million in annual cost savings from the acquisition, up from an original estimate of just over $300 million.
BMO's shares ended the session up 0.4 percent at C$58.38 on the Toronto Stock Exchange on Friday.
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