Bank of Montreal axes homophobic mining bankers

The Bank of Montreal fired four of its mining investment bankers last week because of verbal attacks on a colleague, The Globe and Mail reported on Thursday.

The bank conducted an investigation leading to the terminations after a male banker in Toronto made a bullying and harassment complaint through the bank’s reporting structure, the paper said, citing spokesman John Fenton.

The fired staff, plus two others who resigned, had targeted the employee in person and on Teams chats, the Globe said, citing four sources it didn’t name because they weren’t authorized to speak. Five of the six were junior staff in the metals and mining unit while the other was a director overseeing them, it said.

Fenton called the behaviour completely unacceptable and said all BMO employees must meet the bank’s standards of respect, inclusivity and professionalism.

Fenton and colleagues didn’t immediately reply to emails from The Northern Miner seeking comment.

BMO advised Teck Resources (TSX: TECK.A/TECK.B; NYSE: TECK) last year in its US$8.9-billion deal to sell its coal unit to Glencore (LSE: GLEN) and was lead bookrunner in a US$184-million capital raising for billionaire Robert Friedland’s Ivanhoe Electric (TSX: IE; NYSE AM: IE).