Harris Bank parent cuts 475 jobs as it absorbs Marshall & Ilsley
Posted on July 18th, 2011 by Julian Kirby | Tags: Bank, Harris Bank
View All of Today’s News Headlines Milwaukee is taking a bigger hit than Chicago in BMO Harris Bank’s first stab at cost reductions following the recently completed merger of Harris with Wisconsin’s Marshall & Ilsley Corp.
Toronto-based parent BMO Financial Group informed employees Wednesday that it would cut 475 jobs in the U.S. Just 20 of those will be in the Chicago area, and 100 will be in Milwaukee, where M&I was headquartered. About half of those 100 losing their jobs in Milwaukee are expected to be offered work with outside vendors to BMO Harris, a spokesman said.
The remainder of the job cuts is spread around the country. In addition to Chicago and Milwaukee, BMO Harris operates in other parts of Wisconsin and in Indiana, Missouri, Kansas, Arizona and Florida.
The reductions affect just 3% of BMO Harris’ combined workforce of 16,250. There will be no further layoffs this year, the spokesman said, but there will be more in the future as the integration continues.
The bank isn’t disclosing how much it will save from the layoffs announced Wednesday.
BMO Harris also plans to close 13 branches, but none are in the Chicago area.
Following BMO’s $4.1-billion purchase of M&I and combination with Chicago’s Harris, the U.S. arm has about 700 branches and 1,350 ATMs. It’s the 12th largest bank in the U.S. by assets.
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