Bank of Canada Slashing 10% of Staff, Part of Federal Cost-Cutting Plan

What’s Happening at the Bank of Canada?

The Bank of Canada (BoC) is planning to eliminate approximately 225 employees, or around 10% of its workforce, by June 2026.

“Reductions are happening in all departments,” spokesperson Paul Badertscher said in an email to Bloomberg News — acknowledging the federal government’s desire to cut tens of thousands of public service jobs.

“We will make sure that the bank remains able to deliver on its mandate for Canadians.”

In a memo to staff, the central bank said it’s also committed to another 5% reduction in “corporate-level expenditures” by the end of 2028.

SEE ALSO
• BoC Lowers Key Interest Rate to 2.25% in October: Employee Rights
• Layoffs in Canada: Which Employers are Slashing Staff?

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