BMO Harris Bank on Thursday announced layoffs of 37 employees at its Mortgage Investment Management location at W57 N14280 Doerr Way in Cedarburg.
The Canadian company, which acquired Milwaukee-based M&I Bank parent company Marshall & Ilsley Corp. in July 2011, also is eliminating the jobs of 37 employees at its Sun Prairie Data Center, 150 Communications Drive in Sun Prairie.
“The employees who are losing their positions at the Cedarburg and Sun Prairie locations have roles primarily focused on data processing and underwriting,” said Jim Kappel, vice president and head of media relations. “The reductions represent mostly jobs in corporate functions that were overlapping with others resulting from our integration efforts.”
BMO has offered severance pay, professional outplacement services and other services to affected employees. They can also apply for open positions within the organization, but do not have bumping rights.
The Waukesha-Ozaukee-Washington Workforce Development Board will provide rapid response services at the Cedarburg location.
The majority of affected employees had ample advance notice to look for new opportunities, Kappel said.
“These are decisions we do not take lightly as we understand these changes will result in the loss of positions for some employees,” he said. “Employees can apply to the more than 525 open positions currently available as we always make an effort to value and promote our internal talent, and that includes employees who are in impacted positions. “At the same time, since the completion of the merger, we have hired close to 354 people in the greater Milwaukee area. Most of the roles hired were personal bankers, service representatives and credit analysts. Many of those people were those who were losing their positions.”