BMO Harris Bank is preparing to cut nearly 400 jobs in the Chicago area as part of a companywide cost-savings push.
Executives with BMO’s Toronto-based parent company announced the new cost cuts Tuesday as they posted the bank’s earnings for its fiscal fourth quarter. The cuts will hit 5% of BMO Financial Group’s total workforce of 45,513 and will be spread roughly evenly across all of the bank’s businesses.
BMO employs about 7,700 people in Illinois, more than 7,000 of whom work in the Chicago area.
In other Chicago-area news:
Tech companies keep shopping for workspace in the redeveloped upper floors of the Marshall Field building on State Street.
The building’s owner is in advanced talks with Chicago-based consumer insights company Numerator to move its headquarters to State Street from Willis Tower.
Numerator is the second tech firm close to a deal for office space in the top six floors of the Loop retail landmark. The online ticket seller Vivid Seats is also nearing a lease deal there as well.
And finally, Chicago just witnessed the richest condo deconversion deal in the city – and possibly the country.
We’re talking about the plan to transform 1400 N. Lake Shore Drive from condos into apartments. After months of wrangling with condo owners and bank financiers, a New York investor has finally pulled off its takeover of the 21-story Gold Coast condo tower. In the end, the investor wound up paying about $107 million for the building, the most ever for a so-called condo deconversion in Chicago.
Crain’s Headlines is a joint production between WTTW and Crain’s Chicago Business. It airs every Monday through Thursday on the WTTW News program “Chicago Tonight.”