Harris Bank parent cuts 475 jobs as it absorbs Marshall & Ilsley

Milwaukee is taking a bigger hit than Chicago in BMO Harris Bank’s first stab at cost reductions following the recently completed merger of Harris with Wisconsin’s Marshall & Ilsley Corp.

Toronto-based parent BMO Financial Group informed employees that it would cut 475 jobs in the U.S. Just 20 of those will be in the Chicago area, and 100 will be in Milwaukee, where M&I was headquartered. About half of those 100 losing their jobs in Milwaukee are expected to be offered work with outside vendors to BMO Harris, a spokesman said.

From: Chicago Business