Crain’s Headlines: BMO to Cut Nearly 400 Chicago-Area Jobs

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.

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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.” 

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