Wednesday, January 31, 2007

Hard Times

It's hard to survive, when you only make a profit of 2.6 billion this past year. Clearly, job cuts are needed for to ensure viability:
Bank of Montreal is cutting 1,000 jobs as it streamlines operations and refocuses efforts to increase sales, improve customer service and boost its bottom line after one of its most profitable years ever.

The big bank announced late Wednesday it will eliminate 1,000 jobs, about three per cent of its workforce of 35,000 people, after a major review of operations and the way the bank supports its frontline sales and services functions.

The company said the cost savings from the streamlining are key to achieving the bank's 2007 financial targets outlined in its 2006 fourth quarter earnings report.

Cutting 1000 jobs will surely "improve customer service". For anyone who says the banks are amoral entities that lack soul, the above should put those accusations to rest. Hang in there B of M, as you navigate through the lean times.


Mike said...

I wonder how many new customers they would get if they eliminated ATM fees?

Seems like a good way to make more money than to cut workers...


Anonymous said...

Totally disgusting behavior. Whenever these corporate scum need to justify lobbying against government imposing some regulation on them, it is always because we should think of the jobs it will cost. Clearly we can see that this argument it total crap. Large corporations are psychopathic blights on our society and no longer serve any function except to serve themselves. Excuse me while I go throw up now.