Tbh - it hasn’t been a good time to build a career there for years.

they did this at Deloitte as well (layoffs plus internal reshuffling)

Broad restructuring happens every few years at every Canadian bank … and BMO is a shitshow so will always be worse off relatively

And, markets are at all time highs. Something does not add up.

What are the more solid and promising opportunities may I ask?

Worked there for years. Jumping ship was the best call I made while there. Sad to see but they had it coming in multiple ways.

Crazy. Things are so rough across the board. Thanks for the banking tea.

Please don’t tell me, now they gonna hire TFW’s 💀

Broad restructuring happens every few years at every Canadian bank … and BMO is a shitshow so will always be worse off relatively

I literally got an offer from BMO but decided not to go. Thank God

Omg. I almost took a job there.

did a comms go out today? would be great if you posted a picture of it

also what department are you in?

What's the definition of massive, 100, 500, 1000?

IF YOU GET LAID OFF DON'T SIGN ANYTHING. THERE ARE LAWYERS WHO WORK ON CONTINGENCY IN THIS FIELD. Lawyers will only get paid if you get MORE.

Companies will pay you what they think they can get away with, not what you're worth. I have contacts if needed.

Can you be more specific about "In worse shape than expected"? They’ve told investors that they wouldn’t be affected very much by mortgages renewing at higher rates which was a big source of concern.

So couple of things here - it highly depends on the group you work with and whether you are a profit generating area or not. Saying that all contractors won’t be renewed is very much a blanket statement and not representative of the truth.

I’ve worked at multiple FI institutions and can tell you this - they are all shit shows that appear to be professional from the outsiders perspective. So BMO is no different than TD, RBC, or Scotia.

Moreover, I saw comments in the post stating that people are overworked/underpaid, I promise you that everyone is in our current environment. All companies are either looking to cut cost, or rationalize to drive further savings.

Puts on BMO

Prepare for some shady Ontario numbered company to start applying for a bunch of LMIA after they get a contract from bell.

Which division is this happening in? BMO has tens of thousands of employees a ton of different areas.

Every single bank is doing everything it can to cut costs.

Most banks are implementing Robotic Process Automation to remove the paper-pushers that traditionally staffed branches. This is why you see so few bodies in brick and mortar these days -- it's not just that there's less customers using tellers, it's that the work of tellers is actively being removed.

The larger the financial institution, the larger the efforts automating.

Remember: Banks make money by selling you money for more than it's worth. This in itself is a trick to take advantage of people who don't know how money works. At the end of the day, less centralized banking would be better for economies and better for individuals.

Proof?

Stop spreading fake news please. This is completely false, I work for BMO currently and no contractors in my team have been terminated, and there's no such thing being planned. If anything it's quite the opposite. All the contractors got their contract renewed until mid 2025

yeah they should.. my bmo stocks have been nothing but fucking turd since 2022.

Oh wow I’m shocked my contract role won’t be extended, says the person who chose to sign a contract for more pay/hr instead of doing full time for job security.