Bank of Montreal Chairman says employees key to maximizing continued growth

27 February 2001 - Bank of Montreal shareholders were told that employees are the real key to sustaining competitive advantage and financial performance. At the bank's 183rd annual meeting in Vancouver the chairman said:

"The foundation of Bank of Montreal's continued growth and success, and the only way it can forge a sustained competitive advantage, is through the performance of its 33,000 people."

"Even the most ambitious investments in technology, products or delivery systems can be matched by competitors, since nothing profitable remains exclusive for long. The only sure way to stay ahead of the competition is to employ the most capable people and ensure they are given every opportunity to do their very best work," said Mr. Comper.

Staff efforts have allowed the bank to progress with the aggressive growth strategy established during the last fiscal year.

"From a shareholder's perspective, our improved performance translated into a one-year gain of over 65 per cent on the bank's common shares as at February 23, 2001 - the highest gain of Canada's big banks."

The whole bank, he said, is maximizing its strengths by increasing "capital, technological and human investment in areas where we know we can perform at or near the top of our peer groups, while cutting back or cutting off investment to areas where we know we can't. This 'strategy of simple steps' is already serving us very well."

The bank is especially confident of the investment it has made in people. Over the the last 10 years, average employee training days per year almost tripled - from 2.5 to 6.9. "Last year alone, our Institute for Learning provided employees with almost a quarter of a million days of professional development -- 80 per cent of it right in the workplace," Mr. Comper said.