BMO Harris Bank is eliminating about 51 employees from its Brown Deer operations center, all of whom have been offered jobs with Fidelity Information Services LLC.
The Canadian bank, which has its U.S. headquarters in Chicago, filed notice with the state on Thursday that the job cuts would begin immediately. The change is taking place as BMO outsources its lockbox services to FIS, said Patrick O’Herlihy, a spokesman for BMO.
According to BMO, the affected employees can immediately begin working at FIS’ Brown Deer office, and the change is effective Aug. 1. The employees also had the option to apply for open positions at BMO, but do not have seniority bumping rights, according to the notice.
BMO decided to outsource the department upon review of business and market conditions, O’Herlihy said. Lockbox services are the collection and processing of account receivables for a business customer, with the funds deposited directly in the company’s account.
“We’re absolutely committed to providing lock box services to our customers and we see this change as positive because we are going to have an industry-leading provider providing these services,” he said.
There are several other technology and operations functions still performed at the Brown Deer operations center, which is located at 4701 W. Schroeder Drive. Following the layoff, BMO will have a total of 100 employees at the location, O’Herlihy said.
