BMO Harris lays off 475 employees

BMO Harris Bank, the new bank formed by the merger of M&I Bank and Harris Bank, announced the elimination of 475 jobs across the company, including about 100 in the greater Milwaukee area.
The employees were issued layoff notices by the parent company, BMO Financial Group.
BMO Harris Bank vice president Jim Kappel told BizTimes that “about half” of the employees who are being laid off will be offered jobs with the bank’s vendors, as the bank is outsourcing several corporate support functions such as security, human resources and marketing.
The affected employees also will be given opportunities to apply for about 400 open positions within the company, Kappel said.
In addition, the outgoing employees will be eligible for severance packages and will be offered outplacement assistance, Kappel said.
BMO Harris also announced it is closing 13 branches, including one Wisconsin branch in West Bend.