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!
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Presumably this is all at the senior level, and apparently most of these cuts have already been communicated.
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.
Was it hard to tell your parents ECM was the best you could do?
For someone who says they value WLB, you seem very prestige focused if you're shitting on someone in risk management. If you're that easily trigged, you must be very stressed about getting cut. Best of luck.
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
Really confident for a guy working in ECM at the third-best Canadian bank operating out of the US.
Wow you’re a cunt
Bank without risk managers is like having unprotected sex with hookers everyday
Revert back to the 80s when BMO didn't even have an IB franchise let alone a "presence" in the US? Weak troll
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.
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
Why would you defend them? Culture is rotten from the top.
Is this the SF team? Is the deal flow so bad there?
I won’t comment on flow since I honestly don’t know but it looks like they’ve lost their head of software to CS, head of semi to DB, and head of internet to key within the last year alone.
Can speak to this - only head of semi was lost to DB; head of software and internet were both fired
head of internet was let go in november of 2020, hardly "in the last year"
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.
In Canada, they regularly cull their juniors - some of the weirdest culture out there. I mean, either you are supremely incompetent at candidate selection or your training / culture just sucks - there can be no other reason to have to regularly can your associates.
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.
So levfin?
Worked LevFin there and left, can confirm everything you just said
Heard from a friend there they axed the co-head of Tech IB today
Hella BMO folks on here apparently
It was approx. 30 people, U.S. & Canada, spread across IB, GM, Ops. Primarily GM. Anticipating another 40 or so
what groups in IB / tenures were let go?
As far as I know it was a VP in Lev Fin, MD in RE, Co-head of Tech, all in the US. All have been VP and up so far.
That’s what I’ve been told. Unsure if it’ll be more from IB, though.
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.
What does the staffer's name rhyme with?
Any rumors of more cuts?
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