Certification fees accounted for 70% of income
Rising credit provisions, funding costs, pinching bank profits, DBRS says
Full-time employee equivalent count was down 1,709 from Q4 of 2022
Revenues in wealth management increased 6% year over year
The bank's wealth management profits declined from the previous quarter
Costs related to layoffs totalled $223 million, though the bank didn't disclose the number of employees let go
The warning about cuts follows the bank's trimming of 1% of full-time equivalent employees in Q3
The bank also reported lower profits and rolled out an expanded share buyback program
The association extended its line of credit, got a loan and tapped into its $5.5-million reserve fund
Net assets totalled $424 billion on June 30