Laurentian Bank Cuts Nearly 50 Jobs, Exits Equity Research

What’s happening at Laurentian Bank?

Laurentian Bank of Canada is scaling back its staffing levels and exiting the equity research business.

“Since December, we have been working hard on revamping our strategic plan to position Laurentian Bank for success in the future,” CEO Éric Provost said in a memo to staff that was seen by Bloomberg.

Provost added that more information on the bank’s updated plan will be provided during an investor event on May 31.

While the exact number of positions affected by the workforce reduction wasn’t included in the memo, a source claims that close to 50 roles were cut.

At the end of October, Laurentian Bank reportedly employed approximately 3,000 people.

SEE ALSO
• Deutsche Bank slashing 3,500 jobs to improve operational efficiency
• Citigroup to eliminate 20,000 roles over the ‘medium-term’
• Fidelity International laying off 1,000 workers, part of cost-cutting plan

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