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BMO cutting 1,850 jobs due to new technologies and changing consumer behaviour

The Bank of Montreal, Canada’s fourth-largest bank, has over 46,000 employees across the country. Today, it announced its second quarter financial results and plans to shed 4 percent of its workforce, which represents 1,850 jobs.

The financial institution did not disclose which jobs will be cut nor in what provinces. However, BMO says its cutting those jobs due to new technologies and changing consumer behaviour.

“The underlying activity that drives the charge really relates to the increased use of technology in our business,” said BMO CFO Thomas Flynn during a conference call. “And that’s true both on the customer-facing side, where customers are increasingly doing things in a digital way — either mobile or online — but also in terms of how we use technology to drive efficiency in our business.”

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BMO has maintained a mobile presence, on iOS, Android and BB10, for a number of years now. The bank also recently teamed up with MasterCard to pilot a biometric corporate credit card program, more commonly known as Selfie Pay, that will launch sometime this summer.

BMO, like RBC and CIBC, will also support Apple Pay in the coming weeks.

Related: Face-on with ‘Selfie Pay’

[source] Spec [/source]

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