Bank of Montreal (TSX, NYSE:BMO) plans to raise its minimum wage for U.S. branch and contact centre employees to $18 U.S. per hour as companies face heightened competition for workers in a tight labor market.
The 20% wage increase affects BMO Harris Bank’s full- and part-time workers, including new hires and current workers who make less than the new minimum. The change goes into effect on October 17.
BMO Harris, the American personal-banking franchise of Canada’s fourth-largest lender, has more than 500 branches throughout the U.S. Bank of Montreal shares climbed 0.5% on the news. They’ve gained 32% year-to-date, compared with a 22% increase for the Toronto Stock Exchange.
