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(CBC)   Yes, Sure Bank of Montreal DID make a record 4th quarter profit of $4.2 billion, but that doesn't mean they didn't have to lay off those thousand workers too, after all, they had been gone sooner it might have been a $4.21 Billion profit   (cbc.ca) divider line 14
    More: Sick, Bank of Montreal, BMO Capital Markets, Montreal, account of profits, Economic stagnation, companies of Canada, global workforce, layoffs  
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910 clicks; posted to Business » on 06 Dec 2013 at 4:17 PM (41 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



14 Comments   (+0 »)
   
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2013-12-06 04:30:37 PM
Jump you farkers?
 
2013-12-06 04:31:14 PM
The robots are taking over our jerbs. Ermygerd!

Sort of. It was certainly a dick move, but stockholders demand streamlining and maximization of profits, regardless of what is a dick move or not. Automation of some things means that its easier to do more with fewer workers. What really happens is that sometimes tasks that shouldn't be automated (Foreclosures? Mortgage agreements?) get far more automated and mistakes creep into the flow. Also, some tasks that should be automated do actually get automated. When automation happens, something is gained and something is lost - sometimes several somethings on both sides.

Automation is not evil, nor are layoffs. Sometimes automation opens up new job opportunities in other sectors - IT, programming, physical network maintenance (fiber lines, etc), etc. Progress, and change, can be painful, but not progressing or changing can be fatal. That isn't to say that change can't be fatal either, but stagnation is more often fatal to business than change is.
 
2013-12-06 04:31:34 PM
Nobody cares.
 
2013-12-06 04:31:48 PM
Yet another reason I'm sticking with my credit union.
 
2013-12-06 04:44:08 PM
yes, this is a dick move. However, I own stock in all5 banks via my retirement fund, so I guess this is kinda good news for me, personally (in the short term).
 
2013-12-06 04:54:38 PM

majestic: Jump you farkers?


No no, you're not supposed to make them jump when they have a huge pile of money to land on.
 
2013-12-06 05:02:56 PM

Gortex: yes, this is a dick move. However, I own stock in all5 banks via my retirement fund, so I guess this is kinda good news for me, personally (in the short term).


Exactly.  The bank directors did their jobs, like they're supposed to.  Still a dick move.

Bondith: Yet another reason I'm sticking with my credit union.


Also this.
 
2013-12-06 07:13:53 PM
Hi Canada.

Welcome to the "American way of business". Where everything and anything is sacrificed for a quick buck in the next quarter, long term stability be damned. This is why our country is in such deep shiat.

I personally blame your issues on Rob Ford because
 
2013-12-06 08:54:26 PM
Finally realizing you don't have to pay interest on people's deposits. They just hand you their money regardless and happily pay you a monthly fee to do so.
 
2013-12-07 01:03:54 AM
Had they?
 
2013-12-07 01:34:00 AM
Automation is going to completely change the world and you can't really blame the capitalists for getting the big money while it's there. It's all going to be worthless when you can't use More Money Than You'll Ever Spend to oppress anyone.
 
2013-12-07 10:37:48 AM
Why does it matter how much the company makes?

If you are an employee and your boss/your company feels you are paid more than amount of value you add - you should be fired.  Let's say *you* start a business and you hire on a part-time marketer to help you market your company.  You make a profit of $15k that first you, but you've paid him 10k and you feel that he didn't do anything for you.

Do you....
1.)  Fire him because he isn't helping your business
2.)  Keep him on because - hey - you made a profit!
 
2013-12-07 06:20:56 PM

Fark_Guy_Rob: Why does it matter how much the company makes?

If you are an employee and your boss/your company feels you are paid more than amount of value you add - you should be fired.  Let's say *you* start a business and you hire on a part-time marketer to help you market your company.  You make a profit of $15k that first you, but you've paid him 10k and you feel that he didn't do anything for you.

Do you....
1.)  Fire him because he isn't helping your business
2.)  Keep him on because - hey - you made a profit!


It would be pretty idiotic to fire the marketer - evidently he's doing something right.

If you look at it this way: BMO just alienated one thousand customers, sabotaged its morale and hand-delivered its competitors a boon ("we here at ABC Bank love our employees").

Big companies tend to not rehire people they lay off, so that's one thousand trained minds they'll never see again.

If I were a stockholder, I'd be selling while it's high.
 
2013-12-07 09:22:21 PM

Fark_Guy_Rob: Why does it matter how much the company makes?

If you are an employee and your boss/your company feels you are paid more than amount of value you add - you should be fired.  Let's say *you* start a business and you hire on a part-time marketer to help you market your company.  You make a profit of $15k that first you, but you've paid him 10k and you feel that he didn't do anything for you.

Do you....
1.)  Fire him because he isn't helping your business
2.)  Keep him on because - hey - you made a profit!


I remember in the old days when things were going well for a business they would start hiring. Now they almost seem to celebrate record profits with another round of retrenchments.
 
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