Bank of Montreal (BMO) has, reportedly, cut approximately 1,000 jobs during the fourth quarter of this year, in an effort to reduce its overall operational costs, boost efficiency and bring the bank on profitable track.
Confirming the development, BMO chief operating officer Frank Techar was quoted by The Canadian Press as saying, "We did see a big reduction in the head count."
According to BMO, most of the cuts were made at its Canadian personal and commercial banking operations, where nearly 730 jobs were slashed.
The total redundancies were full-time equivalent positions, although it also includes some part-time jobs, according to the news agency.
Techar further said, "For the quarter we overshot a little bit.
"We do have some outstanding vacancies that I would expect will fill as we go into the first quarter."
At the end of the July quarter, BMO had a workforce of approximately 46,628 employees across its business, including its US banking operations, wealth management division and capital markets, which was reduced to 45,631 by end of October quarter.
The job cuts were implemented at a time, when the Toronto-based bank registered a record net profit of C$4.2bn for fiscal 2013.