BMO Energy Cuts
Heard that BMO was shutting down most of its energy practice in Houston. Can anyone comment on this or provide more detail?
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Calgary office is one of the most reputable in the city for the Canadian 5, especially in ER. I read on another forum that Calgary's office is supposed to be hit tomorrow, does anyone have more colour on this?
What I saw online mentioned this is only for the US, not Canada. However, we’ll see tomorrow.
There was a rumour going around saying the Calgary office is to get hit tomorrow. Who knows!
Is it true that BMO US announced there will be no bonuses???
No bonuses for the energy guys.
Keep in mind BMO communicates bonuses next week since it's a Canadian bank. So yea, one week before communication, they pull this crazy shit.
Absolutely ruthless. Culture is a complete mess at BMO especially in the US. I advise prospects to take a long look at BMO before considering accepting an offer.
The place is a toxic nightmare.
Any insight on if there are going to be cuts in other IB groups or is this limited to just energy IB?
Were any of the employees affected by the layoff given an opportunity to move industry groups?
I might be wrong but it's doubtful, I don't think that sort of arrangement is typical in a situation like this.
Agree -- Houston is only energy and nearly everyone in that group is specialized in energy. If they were in NY, a shuffle could make sense but not here.
Not for an energy group. These guys are fucked
Brutal. They're even holding back deferred comp and won't be paying out bonuses.
No bonuses company-wide or just the energy team?
I'm just speaking about the energy team that was just sacked.
BMO has cut in Canada as well. Not sure if it's part of their legendary annual pruning or part of broader cuts. I've never seen a bank so determined to cling to its toxic reputation.
do you know which groups got cut in canada?
Montreal for sure, M&A for sure, not sure about rest. I can't imagine Calgary fared too well unfortunately.
which bank is next???
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