National Bank is cutting about 2% of its workforce in an attempt to reduce costs.
Ten vice-presidents have been let go, and the layoffs are expected to be completed next July. They will affect all lines of the bank’s business.
“Among those losing their jobs at the Montreal-based bank are Pat Minicucci, who steered National’s personal and commercial banking outside Quebec,” reports the National Post.
Canadian banks have been looking for ways to reduce their expenses this summer as they prepare for slower earnings growth.
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National Bank was the only major Canadian bank that didn’t boost its dividend during the third quarter, even though its profits grew by 13% to $379 million.
The bank added that it still has about 800 positions to fill, mostly from normal turnover and new positions, but that it is still looking for the best talent.’
National Bank reports its fourth-quarter earnings on Dec. 6.