California Now Hit By Massive Bank Layoffs Prior to Holidays

November 1, 2023

California is now being hit by another round of massive bank layoffs prior to the holidays according to the latest WARN data.

Bank of Montreal (BMO) is cutting 228 jobs in California’s Bay Area next month, as the Canadian lender continues to shed positions following its February acquisition of San Francisco-based Bank of the West, reports BankingDive.

The cuts will impact 200 jobs at the bank’s office in San Ramon, and an additional 28 at Bank of the West’s former headquarters at 180 Montgomery St. in the city’s financial district, according to the notice, which was filed with the Employment Development Department in California.

BMO agreed to buy Bank of the West from BNP Paribas for $16.3 billion in December 2021. The deal, which closed on Feb. 1 this year, created the 13th-largest U.S. commercial bank with roughly $256 billion in assets, according to figures from the Office of the Comptroller of the Currency.

”We recognize that this is a challenging time for our colleagues whose roles have been impacted,” a BMO spokesperson said in a statement.

“We are working closely with affected employees to provide support and to ensure they are treated with fairness and respect.”

The cuts, which will take effect Dec. 8, follow a previous round of layoffs the firm made in California in September, when it shed 250 positions in the Bay Area.

The firm has also trimmed staff at offices in Omaha, Nebraska, Thornton, Colorado and Milwaukee, Wisconsin in recent months.

BMO’s capital markets unit in June also cut around 100 positions or 3.5% of the department’s staff amidst a downturn in dealmaking.

Also Read: Massive Banks in Texas Now Announce Closures For 2024

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Massive layoffs in California are now underway prior to the holidays according to the latest WARN data.

Under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.

California is seeing growing number figures of upcoming layoffs in the state until the end of the year, mainly through mid November.

The company with the biggest job cuts in California prior to the holidays will be FedEx, where more than 400 people will lose their jobs.

In August, 170 employees were affected in Indiana, 220 in Pennsylvania, and 280 in Texas.

94 and 79 FedEx employees will lose their jobs in Colorado and Ohio for the month of November as well.

So far, California remains the #1 state with the most layoffs in the country.

The state has had 62,674 layoffs this year across 1,114 businesses.

In second place is Colorado, followed by Illinois, Texas, Washington, New York, New Jersey, Florida, Michigan, and Georgia.

Below is a list of businesses that filed WARN notices of upcoming job cuts in California this year:

FedEx. 405 job cuts by 11/15.
Sonoco Products. 292 job cuts by 11/01.
Shaw Industries Group Inc. Plant WG. 283 job cuts by 11/20.
Matheson Flight Extenders, Inc. 257 job cuts by 11/13.
PLI Holdings, Inc. job cuts by 11/14.
LEER Group. 215 job cuts by 11/11.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

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