BMO Financial Group Reviews | Glassdoor

BMO Financial Group Reviews

Updated May 26, 2017
1,435 reviews

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Full-time Part-time

3.4
Star Star Star Star Star
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BMO Financial Group President and CEO, BMO Financial and Director Bill Downe
Bill Downe
600 Ratings

1,435 Employee Reviews

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Pros
Cons
  • Work life balance has gotten worse over time (in 39 reviews)

  • Stressful sales targets and pressure to achieve target but if you're good at your job that shouldn't matter at all (in 50 reviews)

More Pros and Cons

  1. Helpful (1)

    "Great company to work for."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Relationship Banker in Phoenix, AZ
    Current Employee - Relationship Banker in Phoenix, AZ
    Recommends
    Positive Outlook
    Disapproves of CEO

    I have been working at BMO Financial Group full-time (More than 3 years)

    Pros

    My co workers are great. The clients I've been helping have been amazing I've built great relationships with them. The hours are good for family and life balance.

    Cons

    The incentive plan went south after they hired a company that had no idea what they were doing. They are now trying to fix it but most great bankers left due to that risk they took. They try to sugar coat why they did it when they can't admit they messed up. They also need to update the technology in the branches.

    Advice to Management

    Pay your employees more you get better results. Invest in technology that relates to the big 3 banks. Have the ATMs cut off time for deposits not be on Illinois time.


  2. "Banker"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Indianapolis, IN
    Former Employee - Anonymous Employee in Indianapolis, IN
    Recommends
    Neutral Outlook
    No opinion of CEO

    Pros

    The hours were good and branches were clean.

    Cons

    Limited opportunity because of the size of the bank.


  3. "Retail Relationship banker"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Relationship Banker in Rockford, IL
    Current Employee - Relationship Banker in Rockford, IL
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at BMO Financial Group full-time (More than 5 years)

    Pros

    Great people to work with. Excellent 401k plan

    Cons

    Very pushy on the sales and activities

    Advice to Management

    Hire from with in


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  5. Helpful (1)

    "Poor Senior Management"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Milwaukee, WI
    Former Employee - Anonymous Employee in Milwaukee, WI
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at BMO Financial Group full-time (Less than a year)

    Pros

    Large company with lots of opportunity to learn different jobs in financial services

    Cons

    Worst Senior Leadership Ever. This is a Canadian company and the US is treated like the red headed step child. Outdated computer systems. Clunky and cumbersome operations processes.

    Advice to Management

    Actually listen to the consistent, poor annual reviews that are given on the employee engagement surveys.


  6. "Private Bank (Wealth Advisor)"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Private Wealth Advisor in Rockford, IL
    Current Employee - Private Wealth Advisor in Rockford, IL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at BMO Financial Group full-time (More than 10 years)

    Pros

    Delivery model is a great concept. Men thrive in this company. It's really hard to get fired, even if you are doing something the DOL would disagree with.

    Cons

    Executive management is not in touch with the employees in the field. Many issues go unresolved due to managers in the field not upstreaming issues. Management has not hired enough employees for current service model to give adequate service in all locations, spreading staff too thin for a negative client experience. Pay is not comparable to the workload. Field employee input regarding processes do not seem welcome.

    Managers are young and inexperienced, lacking knowledge of the department. Bullying employees rather than practicing sound management happens often. Voicing concerns result in retaliation. An annual survey is conducted to provide feedback, however "action items" pulled from the survey never seem to reflect priority issues brought up by employee survey ranking.

    Advice to Management

    The old idea of "spend money to make money" should be remembered. Staff for the business you want and the model you portray or risk reputation damage (which is already a problem). You can't execute the Go-To-Market Model in Chicago but only half-execute by way of understaffing and unchecked management everywhere else. Either commit or pull out of cities where you cannot offer the service level you tell the employees to provide (and promise clients)

    Manager once removed should occur once or twice a year to stay in touch with field concerns, collect feedback and ensure managers are functioning appropriately. I STRONGLY suggest "manager twice removed" meetings once a year at the team level to ensure the chain of command is working and issues do not go unresolved. (This would make your Pulse survey scores come up)

    Consider first promoting from within to ensure you have quality managers with an understanding of the culture. Do not hire managers from one department to cross to another until after they have been in a role in that department for at least a year. This would allow them to gain knowledge of rules, regulations, etc.. Having leadership qualities are, of course, a plus but knowing the requirements and workings of the department will avoid conflict with staff and legal issues.


  7. Helpful (2)

    "Run and don't look back!"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Personal Banker in Chicago, IL
    Former Employee - Personal Banker in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at BMO Financial Group full-time (More than a year)

    Pros

    None, but for the sake of argument, it's a job.

    Cons

    -Below industry pay for the workload
    -No work-life balance
    -Some location did not have guards...if that location was unfortunately robbed, expect a security guard for about a month...your life is not worth the price tag of keeping someone longterm
    -Management was a joke that only cared about numbers and not quality or substance for customers
    -They want to be Chase Bank so bad but lack the $$$, resources like simple online/mobile app features, or the company software to accomplish much or up-sell to customers

    Overall, If you're a millennial, and used to a fast, fun, and used to a cool free spirited company atmosphere (Happy hours, parties, catered lunch day, ect), where you can grow professionally, this wont last long for you. This place is run by old guys with stiff suits who don't care much for the changing times we live in.


  8. "Great company!"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President in New York, NY
    Former Employee - Vice President in New York, NY
    Recommends
    Positive Outlook
    No opinion of CEO

    I worked at BMO Financial Group full-time (More than a year)

    Pros

    Team environment. Good at encouraging professional development. Excellent place to contribute and learn.

    Cons

    Compensation on the low side. Lots of transition.

    Advice to Management

    Salary leveling and implementing a plan for stability and development of employees.


  9. "Do not recommend"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    Current Employee - AML Investigator in Chicago, IL
    Current Employee - AML Investigator in Chicago, IL
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at BMO Financial Group full-time (More than 3 years)

    Pros

    Medical, Dental and vision.

    Cons

    No work life balance. Under staffed and over worked. Pay is not commiserate with expected work volume. Expected to work over time(nights, weekend and holidays). Promotions are based on favoritism not skill set/experience. Medical insurance is high. Employee training is lacking. Technology is horrible. Constant last minute changes to policy and procedures.

    Advice to Management

    Higher new employees when others leave. Compensation will keep employees. Better technology is a plus. Adapt a structured training program with up to date job aides.


  10. "BMO is a good place to work. I think everyone should at least be open to learning a little more"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Analyst in Chicago, IL
    Current Employee - Analyst in Chicago, IL
    Positive Outlook
    Approves of CEO

    I have been working at BMO Financial Group full-time (More than a year)

    Pros

    Compensation is pretty standard, but short term incentive pay is also offered. Benefits are good and are easy to take advantage of

    Cons

    None that I can think of. I think you'll find benefits are pretty standard across the industry and BMO makes sure to adhere to that.

    Advice to Management

    Make it easier for outside stakeholders to find information about Being BMO. It will help those deciding about whether or not to apply to BMO if they would be a good fit.


  11. Helpful (2)

    "Mortgage Banker - Stay Far, Far Away."

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Mortgage Banker in Chicago, IL
    Former Employee - Mortgage Banker in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at BMO Financial Group full-time (Less than a year)

    Pros

    Bank holidays and insurance options are good, otherwise none. Unless you want to make a career doing Doctor Loans or Affordable Lending there is no reason to work here.

    Cons

    Where to start? Technology is 20 years behind. Operations staff at all levels are poorly trained and not accountable. Many lack product and guideline knowledge as well as a fundamental understanding of real estate transactions. This makes it all but impossible to focus on generating new business when your job becomes babysitting files and damage control with your clients. There is a shocking disregard for customer service and the mortgage applicant's experience. The same goes for your referral sources and relationships. Once your realtors get a taste of the BMO Mortgage process they will never want to refer you business. The entire file process is SLOW and broken.

    Advice to Management

    Replace your entire mortgage upper management with people who have real mortgage experience outside of a bank. The entire industry is doing it much better than you. The misguided efforts towards marketing and becoming a price leader are more than offset by the black hole that is the BMO mortgage pipeline. Instead, try investing in technology and properly training your processing and operations staff so you can actually close loans in less than 60 days and really "be there to help".


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