Tags: Canada | bank | job cuts | finance

National Bank of Canada Plans 600 Job Cuts With Shift to Digital

National Bank of Canada Plans 600 Job Cuts With Shift to Digital

 (Dreamstime)

By    |   Thursday, 27 October 2016 01:05 PM

National Bank of Canada plans to cut 600 jobs, or about 3 percent of its workforce, as customers continue to embrace online and mobile banking options, the Wall Street Journal reported.

Canada’s sixth-largest lender by assets said the head-count reduction is part of an overall restructuring that will result in a fourth-quarter charge of about $96 million to cover severance and other costs.

“Our clients’ habits are changing, and our services need to change with them,” National Bank Chief Executive Louis Vachon said in a statement.

The job cuts will include retirements, reassignments and severance packages. Meanwhile, the bank will seek to to fill 500 positions largely in its sales and service, and information-technology departments.

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National Bank of Canada plans to cut 600 jobs, or about 3 percent of its workforce, as customers continue to embrace online and mobile banking options, the Wall Street Journal reported.
Canada, bank, job cuts, finance
117
2016-05-27
Thursday, 27 October 2016 01:05 PM
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