BMO CM layoffs in US?

This afternoon, I saw a post on Litquidity about BMO cuts over the next few weeks for the US. Does anyone have insight into this? Post was quoting ~2.5% decrease in total headcount but would be helpful to get some insight on what this looks like! 

Comments (50)

  • Prospect in Risk Mnmgt
2mo

Presumably this is all at the senior level, and apparently most of these cuts have already been communicated.

  • Associate 1 in IB - ECM
2mo

No offense but wasn't it hard to tell your parents that Risk Management was the best you could do? 

BMO Cap Markets it doing just fine, bitch. If anything we'll just lay off all the Risk Managers and office culture will revert to the 80s without those clown-ass asses. 

  • Prospect in Risk Mnmgt
2mo

lol this account is a joke, I'm in IB

also, if anything, what I said was positive (no more cuts coming), so pretty poor troll job

  • Associate 2 in IB-M&A
2mo

I used to defend BMO but it sounds like that firm has just completely fallen apart. I've met a couple people over the years who have come and gone in their tech group. Great people who after a couple of years are shells of their former selves. Banking PTSD like you read about. Looking around LinkedIn you can see that nearly everyone in that group has been let go or moved on so it's not surprising they cut their losses on this team and moved on.

  • Analyst 2 in IB-M&A
2mo

Junior and mid level is still intact and the team is actually the fastest growing within BMO; it was just the co-head that was let go as part of larger rationalization in line with other Wall Street banks

Most Helpful
  • Analyst 1 in IB - Gen
2mo

This is nothing new to BMO. They love firing people. They axed the co-head of ecm origination in November 2020 on a Friday at 5pm. The firing of the entire Houston office in the fall of 2020 was probably the lowest blow I've heard of in finance. Didn't even help the first years who had been on the desk a few weeks transfer to nyc / Chicago. The team found out they were fired when their emails didn't work and when they went to the office, their cards didn't work lol.

Additionally, there was some real incompetence within the firm. I'm talking a lateral associate who couldn't add a row in excel without using her mouse or didn't know how to create a stock price chart 3 months in.

Source: worked at bmo before lateraling to a better bank within my first year (along with 1/3 of my class). Everyone is either a rockstar or would be pushed out at any other bank. There is absolutely no in between.

2mo
NSA Surveillance Van, what's your opinion? Comment below:

I was once an employee in the NYC office in one of their product groups which was part of their big growth push the year I was there... Did it really hurt to give me honest feedback? To not lie/raise false expectations? Make us spend hours at a town hall to find ways to cut down on paper waste? 

This bank is all contradictions, and no real deal flow or exit opps to speak of. Was thoroughly disappointed during my time, I don't believe anyone from my year is still there. Honestly I had to take the offer as they gave me the offer several months earlier than before the other bank superdays were kicking off, but hindsight is 20/20. The only good takeaway I have from my time here is now I know how NOT to run a company. 

2mo
beeba17, what's your opinion? Comment below:

It was approx. 30 people, U.S. & Canada, spread across IB, GM, Ops. Primarily GM. Anticipating another 40 or so

  • Analyst 1 in IB-M&A
2mo

I remember when I used to work in BMO's LevFin group. I absolutely hated every single day at that firm. The culture was horrible. Thank god I left. I felt like my soul was being drained each and every day going into that horrible office. Not shocking to me whatsoever that this is happening again. The staffer was especially a piece of shit and there's a special place in hell reserved for that individual who shall not be named. The only somewhat decent human beings were the assistants and a few others. A culture that breeds backstabbers, fake and two-faced ass kissers. I regret ever working at that company.

  • Analyst 2 in IB - Cov
19d

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19d
high hopes, what's your opinion? Comment below:

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