Exhibits
The Corporate Archives curates physical and digital exhibits from our collections to tell BMO’s story over the years. Our aim is to provide a better understanding of the defining moments in our history.
Back to school with BMO
BMO has a long history of empowering its employees to advance their careers through learning opportunities. From teaching skills to Canada’s first bankers to opening the Institute for Learning (IFL), the only facility in the industry at the time dedicated exclusively to employee development, this exhibit looks at the many ways in which BMO has fostered on-going learning and employee development.
Henry Stone, the bank’s first teacher
BMO’s emphasis on learning dates to its earliest days as Canada’s first bank.
In 1817, Henry B. Stone, a Boston-based banker, came to Montreal at the request of the founders. As the only employee with banking experience, Stone was central in setting up the first branch on St. Paul Street in Montreal and, in the process, instructing his six colleagues on banking procedures.
In his memoir, first accountant Henry Dupuy recalls Stone: “The first Teller was named Stone, an American Gentleman, who had been sometime in one of the Banks in the United States; he was very useful in organizing the money department, as Banking was quite a new thing in Canada, and required an experienced hand to regulate different Books required for the Tellers…”
Stone returned to Boston after six months, leaving his mark on BMO’s history through his teaching.
Broadening horizons with the Canadian Bankers Association
In the early-20th century, the bank encouraged employees to expand upon their knowledge of banking by enrolling in courses offered by the Canadian Bankers Association (CBA).
The Associates course consisted of six subjects (Practical Banking, Commercial & Foreign Exchange Arithmetic, English Composition & Bank Correspondence, Banking & Commercial Geography, Bills of Exchange Act, and Bookkeeping & Accounting). Bankers who completed this course were then eligible for the Fellows’ course, consisting of six additional subjects (Practical Banking, Economics, Money & Banking, Corporation Finance, Accounting & Auditing, and Commercial Law).
Course fees accrued by employees ($40) were refunded by the bank upon passing their examinations. Successful completion of the courses was also indicated in HR records and taken into consideration when employees were evaluated for advancement.
Streamlining training with the Staff Training School
By the 1950s, as the bank and its workforce grew, the Staff Training School was established to streamline training on banking techniques.
The school was organized into regional centres in Vancouver, Calgary, Winnipeg, Toronto, Montreal, Quebec City and Halifax. Courses were offered to both junior and senior officers, ranging in subject from accounting and handling collections to customer relations and managerial practices. Some centres even included simulated branches, in which students could practice different situations that arise in working branches.
Living and learning at First Bank College
In 1975, BMO continued to offer learning opportunities to employees by opening a residential training facility: First Bank College.
The College was established under the principle that, to quote Chairman Fred McNeil: “People are the Bank’s most important resource and it is essential to develop talented employees, to enable the Bank to occupy a position of leadership in banking….”
First Bank College occupied four floors of Place du Fort in Montreal. It consisted of classrooms, workshop rooms, self-study areas for listening to audio-visual training tapes, a cafeteria, and apartments accommodating up to 68 students at a time.
Courses ranged in length from two days to three months. Subjects covered included: branch operations, management, and installation of the bank’s mechanization program.
Within its first year of operation, over 1,400 employees attended First Bank College.
Building knowledge with the Institute of Canadian Bankers
The bank also supported employees’ enrollment in the Fellows’ Program of the Institute of Canadian Bankers. In the 1970 Annual Report, it is explained that this encouragement was fueled by “a constant effort to build a greater storehouse of knowledge among our people.”
The accredited program was offered at most Canadian universities and by correspondence. It consisted of ten courses, and most could be applied toward a Bachelor of Commerce degree.
Changing the way we learn at the Institute for Learning
In 1994, BMO opened the Institute for Learning (IFL), the only facility in the industry at the time dedicated exclusively to employee development.
The building, designed by renowned Canadian architect Raymond Moriyama, was equipped with purpose-built classrooms, lounges, a resource library, a large presentation hall, and overnight accommodation for 150 guests.
At the IFL, employees attended courses and seminars organized under four themes: (1) leadership and change, (2) technology and change, (3) sales and service, and (4) corporate finance.
Distance learning
In 1996, BMO partnered with Dalhousie University and the Institute of Canadian Bankers to offer an MBA program through the IFL. The three-year program was comprised of sixteen courses that ran between eight and 16 weeks each. Courses were primarily formatted for distance learning to allow employees to continue working while studying.
The last week of each course consisted of an intensive session at the IFL. Within the first three years, 143 employees participated in the program.
Learning today
In 2024, BMO opened BMO Academy, a new flagship learning and event centre located closer to the heart of our business, where thousands of employees work. The bank’s single largest investment in learning and development in 30 years, this state-of-the-art, digitally enabled facility is where employees participate in unique career-building experiences, connect and collaborate with colleagues and clients, and enjoy new opportunities to grow and develop personally and professionally.
The facility’s unique décor includes sweeping curves, colours, and textures that call to mind waves or ripples in the water. These symbolize the impact of employees’ personal growth, which radiates outward, touching colleagues, customers, and communities.