Big Banks shrink staff to enhance obscene profit margins

We hate Big BanksBank of Montreal, Canada’s fourth- largest bank, plans to cut about 1,000 jobs, or almost 3 percent of its workforce, to reduce costs as profit growth slows.

I hate big banks.

The bank will post a one-time cost of C$88 million ($74.8 million) in the fiscal first quarter to cover the job cuts, the Toronto-based lender said today in a statement. Bank of Montreal reports earnings on March 1.

We owe it to our customers, our employees and our shareholders to have lean, efficient support functions, simplified processes, fewer layers and to eliminate duplication across our enterprise,’‘ Chief Executive Officer Anthony Comper said today in the statement. Comper, 61, is stepping down as CEO in March.

Right. I hate banks.

The job cuts would be the biggest by a Canadian lender since Royal Bank of Canada, the country’s biggest bank, eliminated 1,660 jobs in 2004. A year later, Canadian Imperial Bank of Commerce, the No. 5 bank, cut 950 jobs.

Hate banks. hate banks.

Bank of Montreal will cut head office positions and fire support staff who don’t deal directly with customers in cities including Toronto, Montreal and Chicago, spokesman Ralph Marranca said in an interview. Most of the cuts will happen by November.

Reminds me of two experiences with the Bank of Montreal.

BMO closed a branch in the Okanagon region of B.C. and forced thousands of seniors to drive the extra 75 miles (one-way) to the remaining branch in the region.
When asked (by CBC radio), the regional manager of BMO said they closed the branch to better serve the seniors.

I hate banks.

Canadian bankers WANT your money!I had a BMO account from the time I was 11 years old… 20+ years in the same location. I had over-draft protection on my account and all my retirement investments with them. When they closed my branch to serve me better, I got a collections notice within 5 days for the 250$ of over-draft on my account.
When the biddie manager of this soon-to-close branch asked why I was pulling all my investments, I replied…

To serve you better!

I hate banks. Hate ‘em.