MONTREAL – Laurentian Bank (TSX:LB) plans to abolish some 300 jobs over the next 18 months in a restructuring that will merge 50 branches.
The Quebec-based bank announced the changes after markets closed Wednesday as executives met with hundreds of its workers at Montreal’s convention centre.
Get weekly money news
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
CEO Francois Desjardins said in a news release that the traditional banking model is becoming “obsolete” and Laurentian needs to adapt its retail services.
As of July 31, the bank had 148 branches and the equivalent of 3,631 full-time employees.
- Central Alberta carbon capture hub on track to be largest in Canada
- Enbridge makes US$2.55B acquisition of pipeline, storage systems in U.S. midwest
- Choose Canada, businesses urge Albertans ahead of ‘risky gamble’ referendum
- Alberta landowners challenge ‘chronic underfunding’ for orphan well cleanup
In a bid to cut expenses, Laurentian announced last month plans to move its Montreal headquarters in 2018.
Desjardins’ transformation plans is aimed at almost doubling the bank’s asset base to $70 billion.
Comments
Want to discuss? Please read our Commenting Policy first.