BMO analyst fired after questioning financial reports

Bank claimed analyst’s function was discontinued but there was still plenty of work for him
By Jeffrey R. Smith
|Canadian Employment Law Today|Last Updated: 03/20/2012

A Bank of Montreal employee lost his job because of his refusal to follow his superiors’ wishes to falsify financial reports, not legitimate business reasons, an arbitrator has ruled.

Sandeep Bhushan was a financial analyst for a project called enterprise information provisioning (EIP) at the Bank of Montreal (BMO). He was originally hired in November 1999 to perform various finance roles, before becoming the analyst for the EIP project in May 2007. The project was designed to simplify the processes by which departments send information to BMO’s information management department, and decrease associated costs by centralizing various data sources into one large warehousing computer.

Each year, those in charge of the EIP project had to submit a business case to secure funding in order to continue the project. Bhushan was involved in preparing the business case, as well as auditing, verifying, and reporting the costs associated with the project, which had to compete with other BMO projects for funding. Senior management decided on whether to approve funding based on comparing the return on investment against other projects.