Chicago is My Home

23
Jul

Capital Markets Unit of Harris Bankcorp Cuts 50 Investment Bankers, Lenders

Author: Adam Fendelman, Category: Business

CHICAGO – BMO Financial recently laid of roughly 50 Chicago-based employees within the capital markets unit of subsidiary Harris Bankcorp, according to a Wednesday report by Crain’s Chicago Business.

Those let go included investment bankers, lenders and other personnel serving large corporations. The cuts represented 8 percent of the financial institution’s 650-person Chicago staff. The Chicago layoffs were part of a larger reduction at Canada-based BMO Capital Markets.

“Over the last few weeks, we have been refocusing some low-potential business to better align with our strategy of focusing on core clients,” a Harris spokeswoman said in a Wednesday statement.

By Megan O’Neil