Bank of Montreal : BMO Financial Says Working to Eliminate Racial Inequities Across Organization and Industry

By Michael Dabaie

BMO Financial Group said Monday it is taking next steps in working to eliminate racial inequities across the organization and the financial services industry.

The financial services provider said initiatives are underway to address gaps affecting Black, Indigenous and People-of-Color employees, customers and communities.

The company said that by fall 2020 it will set new five-year goals aimed at addressing specific gaps in workforce representation of diverse groups in senior leadership and measuring progress to promote Black, Indigenous and People-of-Color advancement at BMO. The goals will be reviewed on an ongoing basis by the bank's Performance Committee, BMO said.

The firm said it is implementing the Black and Latino Advisory Council, which will focus on employee experience, advancement and engagement of Black and Latino talent.

BMO said it appointed Eric Smith, vice chair BMO Harris Bank, as chair of the U.S. Supplier Diversity Council, which will seek to set more aggressive goals for spending with certified diverse suppliers.

"More needs to be done to eliminate barriers to inclusion and we are accelerating initiatives that will create meaningful and sustainable change," said Chief Executive Darryl White.

Write to Michael Dabaie at [e-mail]