With plans to expand its brand throughout the US, the Bank of Montreal is setting up a tech hub in North Texas.
Adding to its existing operations in the region, the Canadian bank known as BMO plans to hire 50 new employees for its Irving team, as it looks to make the US a major focus of its business.
“This will become a living, breathing environment in a hub that we’re looking to continue to grow,” Sid Deloatch, BMO’s chief information and operations officer, told the Dallas Business Journal.
Boosting BMO’s 250-person DFW workforce
The new hires in areas like cybersecurity, engineering, development, and financial crimes will boost BMO’s current 250-person DFW workforce at a time when the company is looking to grow its tech offerings to clients. Irving is currently home to the bank’s transportation finance team. DFW also hosts some of the company’s wealth and commercial sales businesses.
A spokesperson for BMO told Dallas Innovates that in addition to its existing operations in the area, the company chose the region due to North Texas’ growing population and reputation as a tech hub.
The move will make North Texas the first tech hub for BMO outside of Toronto, where it’s headquartered, and Chicago, where its US operations are based. Globally, the company has around 50,000 employees and about $820 billion in assets.
Banks bet on North Texas for tech
The announcement of the new Irving tech hub comes as BMO is set to acquire San Francisco’s Bank of the West later this year, in a move that will see BMO’s footprint expand across the West and Midwest regions of the US, giving it more branches in America. than it has in Canada, according to The Dallas Morning News.
BMO isn’t the only bank using North Texas as a hub for its technology operations. As the DBJ notes, JPMorgan Chase and Bank of America both have large technological presences in the region. And earlier this year, Pittsburgh’s PNC Bank opened a 200-person tech hub in Farmers Branch in a move that local regional president Brendan McGuire said will help the company “stay ahead of the curve in banking” via the use of “groundbreaking technology” and the “spirit of entrepreneurship.”
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.