BMO Financial, which completed its acquisition of Bank of the West earlier this year, has informed the state it will lay off 56 employees at its Thornton operations.
“Changing business needs require us to reduce our workforce at the facility permanently and, therefore, we are providing you with this notice in accordance with requirements of the Federal Worker Adjustment and Retraining Notification Act about the layoffs at this facility,” Angela Perez, head of employee relations at the bank wrote the Colorado Department of Labor and Employment.
The job cuts will happen on Sept. 15, BMO said in its letter. Employees will not be offered bumping rights or priority in applying for other positions with the company.
Chicago-based BMO, formerly known as the Bank of Montreal and then BMO Harris Bank, announced in February that it had completed its acquisition of San Francisco-based Bank of the West, including its 68 branches in Colorado. The deal initially was announced Dec. 20, 2021.
“We are working closely with affected employees to provide support and to ensure they are treated with fairness and respect,” said Scott Doll, head of media relations at BMO Financial Group.
Doll said the branch location at 12000 N. Washington St. in Thornton will remain open. An earlier statement from BMO said that it planned to keep the Bank of the West branches it acquired open and retain the company’s front-line employees.
Bank of the West entered Colorado in 2004 through its purchase of the parent of Community First National Bank, headquartered in Fargo, North Dakota. It added more branches with the purchase of Commercial Federal Bank, based in Omaha.
Get more business news by signing up for our Economy Now newsletter.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
