The recently-acquired Bank of the West's new owners have disclosed plans for significant layoffs in the Bay Area, as per documents submitted to the state of California in October. BMO Bank N.A., positioning itself as the eighth-largest bank in North America by assets, catering to over 13 million customers throughout the United States, Canada, and other key markets, boasting total assets of $1.25 trillion as of July 31. Upon finalizing its acquisition of Bank of the West, which had nearly 1.8 million customers, BMO committed to notifying customers about forthcoming service adjustments and account conversions in the autumn.
According to a notice dated October 25 sent to the California Department of Employment Development, BMO will institute permanent job cuts affecting 228 employees, with 28 positions eliminated at its Montgomery Street location in Downtown San Francisco. The remainder of the affected employees will be released from their positions at the former Bank of the West corporate offices situated in San Ramon's Bishop Ranch business park.