National Bank of Canada is set to slash nearly 400 jobs, or 2.3% of its workforce, as part of a restructuring in the face of changing IT and consumer preferences.
The bank’s CEO Louis Vachon said that the restructuring will lead the bank taking a C$64m ($48m) charge in the fourth quarter.
The layoffs are mostly expected to affect the lender’s personal and commercial banking division and corporate business, and will be spread across the country.
The bank intends to minimise the impact on its employees through measures such as retirements and the elimination of vacant positions, Vachon added.
At the same time, the bank has also unveiled plans to hire employees with technology and digital skills.