AM I NEXT? NO LOVE AT BMO BANK

Chicago, Illinois-based BMO Bank North America, an American national bank and the U.S. subsidiary of Bank of Montreal, has announced a reduction in force relating to its $16.3 billion acquisition of Bank of the West, which will assume BMO branding.

The reduction will impact 248 employees in San Francisco and San Ramon, mostly corporate staff. Layoffs will commence on September 15. 2023.

An additional 56 employees, mostly occupying corporate functions, will be laid off at its Thornton, Colorado operations.

A spokesman noted, “We are working closely with affected employees to provide support and to ensure they are treated with fairness and respect. BMO has no plans to shut down Bank of the West branches in connection to the transaction."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT GLOBAL CREDIT UNION

Anchorage, Alaska-based Global Credit Union, formerly Alaska USA Federal Credit Union, and a federally-chartered credit union has announced a reduction in force due to business conditions.

Approximately 185 employees in five states were impacted, including 78 in Alaska.

According to a company spokesperson, “These are hard conversations to have, but it’s a necessary step to right-size the operations based on the volumes of activity in certain areas of lending. That’s what organizations have to do. You have to shift people around to meet the demands as the demands of the business change.”

"Anybody in our business nationally is having to look at the same sort of thing because we’re in such a different place in terms of lending.”

"After a pandemic-related rise in borrowing that caused a staff buildup, the company has now experienced a drop in lending activity for mortgages, real estate, and consumer loans, such as for automobiles, in response to the higher interest rates.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT FIRST REPUBLIC BANK

San Francisco, California-based First Republic Bank, a commercial bank and provider of wealth management services to high-net-worth individuals, has announced a 25% reduction in force following a bank run that severely depleted its deposits and cratered its stock price.

The reduction in force will impact approximately 1,800 employees.

Chief Financial Officer of First Republic, Neal Holland, noted in an SEC filing, "With the closure of several banks in March, we experienced unprecedented deposit outflows. We moved swiftly and leveraged our high-quality loan and securities portfolios to secure additional liquidity. We are working to restructure our balance sheet and reduce our expenses and short-term borrowings."

"With the stabilization of our deposit base and the strength of our credit quality and capital position, we continue to take steps to strengthen our business. We remain fully committed to serving our communities, and we are grateful for the ongoing support of our clients and colleagues."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?