BMO: Canadian Employment Steady, But Cooling – Poll Shows A Split In Workers Expecting a Raise or Promotion

TORONTO, September 9, 2011 – New job numbers released today showed there was a dip of 5,500 jobs in August and the unemployment rate edged up slightly to 7.3 per cent. According to Statistics Canada, in the past 12 months, employment has grown 1.3 per cent, with an increase of 223,000 jobs.

Following the release of these numbers, BMO issued the results of a survey conducted by Leger Marketing that found many Canadians are divided on how they view where they’re going in their job. More than one in four (28 per cent) said they’re expecting a raise or promotion in the next year. On the other hand, 23 per cent feel there is no possibility of a raise or promotion.

The 2011 BMO Labour Day Survey also found that 51 per cent are comfortable with their job security.

“While month-to-month dips shouldn’t be weighed too heavily, the underlying trend in Canada’s job market is beginning to cool. Full-time jobs were a highlight, again posting a solid gain of 25,700,” said Douglas Porter, Deputy Chief Economist, BMO Capital Markets. “However, private sector and goods-producing jobs fell in the month. As well, after a steady drop in the past year, the unemployment rate nudged up a tick to 7.3 per cent, although still down from 8.1 per cent a year ago. Even with the headline jobs setback, total hours worked did rise 0.3 per cent in the month, and are headed for a solid Q3 reading.”

According to BMO Economics, the high Canadian dollar is forcing many Canadian companies to increase their competitiveness by improving productivity.

“When it comes to productivity, there is still room for improvement as Canada lags behind the U.S. However, the good news is that Canadian companies have not been faced with the same pressure for job cuts as their U.S. counterparts,” said Cathy Pin, Vice-President, Commercial Banking, BMO Bank of Montreal. “Our research shows that while some feel the prospects in their current role are limited, there is an equal positive view as more Canadians feel they have a promotion or a raise to look forward to, and even more feel overall that they are secure in their job.”

Regional Survey Results – those who said they feel they are up for a raise or promotion:

Province/Region Percentage
Atlantic Canada 25%
Quebec 31%
Ontario 25%
Manitoba/Saskatchewan 35%
Alberta 30%
British Columbia 26%

Those who said they feel they’re in a dead-end job, and their company isn’t in a position to offer promotions, raises or bonuses:

Province/Region Percentage
Atlantic Canada 31%
Quebec 26%
Ontario 23%
Manitoba/Saskatchewan 17%
Alberta 24%
British Columbia 16%

The Leger Marketing survey was completed on-line from August 2nd to August 4th, 2011 with a sample of 1501 Canadians, 18 years of age or older. A probability sample of the same size would yield a margin of error of ±2.5 per cent, 19 times out of 20.

BMO Harris Private Banking Announces British Columbia Executive Appointments

VANCOUVER, January 27, 2011 – BMO Harris Private Banking announced the appointment of Janine Guenther as Vice President & Managing Director for British Columbia. Diana Reid, who held the position since 2000, has moved to a national role as Vice President, National Managing Director and Head of Private Wealth Group and remains based in Vancouver.

Prior to joining BMO, Ms. Guenther was the regional head of a Canadian bank’s discretionary money management business for British Columbia.

“Both Diana and Janine bring significant expertise and leadership experience to their respective roles,” said Andrew Auerbach, Senior Vice President and Head of BMO Harris Private Banking. “Diana’s proven track record of success is reflected in our growth in British Columbia. Janine’s familiarity with the British Columbia market, coupled with her knowledge of the wealth management business, will build on our success and reinforces our commitment to providing optimal solutions to our clients and exceeding their needs.”

Ms. Guenther completed her Bachelor of Commerce degree at the University of Manitoba, is a CFA Charterholder and has also completed the Chartered Market Technician program. She is also the President’s Council Representative for Canada to the Global Board of Governors for the CFA Institute.

Ms. Reid obtained her B.Sc. and L.L.B. from Dalhousie University. She has been an active member of the community and currently serves as a Governor of the B.C.’s Children’s Hospital Foundation.

BMO in British Columbia
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. In British Columbia, BMO has more than 3,000 employees and serves customers from 118 BMO Bank of Montreal branches, six BMO Nesbitt Burns offices and six BMO Harris Private Banking locations.

BMO is an active corporate citizen in British Columbia. Recent major donations have been given to BC Children’s Hospital, the VGH Grandview Woodlands Health Centre in East Vancouver, Canuck Place Children’s Hospice in Abbotsford and the Arts Club Theatre Granville Island Stage renovation. The Bank also has title sponsor for several major community events such as the BMO Vancouver Marathon, the BMO Okanagan Marathon, the BMO Grouse Grind Run and BMO Family Day at the Surrey Children’s Festival.

BMO and its employees generously support the United Ways throughout the province and BC Children’s Hospital.

Media Contact:

Laurie Grant, Vancouver,, (604) 665-7596