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Montreal-based National Bank of Canada cutting up to 600 jobs amid shift in banking industry

 

By Ross Marowits The Canadian Press

 

MONTREAL – National Bank of Canada announced Thursday it is eliminating 600 jobs over the next year – nearly three per cent of its staff – and offering early retirements or other positions to another 300 workers as it tries to adapt to a technological shift in the financial services industry.

 

About 70 per cent of the job losses will be centred in the bank’s base in Quebec, with the rest scattered across the country. About 50 people will be laid off per month, beginning Tuesday, the bank said.

 

At the same time, the lender expects to fill 500 other positions over the same period, primarily in sales and service and information technology jobs.

 

President and CEO Louis Vachon said the bank needed to make difficult personnel decisions.

 

“We have the right strategies, talent, a shared vision and a clear and robust plan to pursue our vision,” he wrote in a memo to employees.

 

“However, in the current context, the bank must ensure its growth, not only by its revenues, but also by better controlling its spending.”

 

The layoffs come a year after National Bank, Canada’s sixth-largest by market capitalization, announced plans to eliminate 400 positions.

 

Other Canadian financial institutions, including Bank of Montreal, Scotiabank, Toronto-Dominion, CIBC, Laurentian Bank and Desjardins, are also restructuring their operations in part to improve their digital operations.

National Bank (TSX:NA) will look at trimming the size of its Montreal headquarters and its branches as it removes administrative and other traditional roles across various sectors, but has no plans to close locations, said spokesman Claude Breton.

 

“We’re adjusting to a new reality, which is where you see clients coming less often in branches and asking for more digital services,” Breton said.

 

The bank is focusing on improving digital services and that could mean offering financial advice on Skype, he said, citing one example. The company is also hoping its digital shift will allow it to gain market share in Western Canada without having to open branches that can take a decade to become profitable, he added.

 

The bank expects to take a restructuring charge of about $128 million after taxes, or 38 cents per share, in the fourth quarter of its financial year ended Oct. 31. It expects to realize roughly $120 million in annual pre-tax savings.

 

CIBC analyst Robert Sedran said restructuring charges have helped Canadian banks improve their operating performance by cutting costs.

 

“Given the importance of efficiency improvements in what we expect to be a modest top-line growth environment, all banks are sharpening their pencils on this file,” he wrote in a report.

 

According to its most recent financial report, National Bank had 19,860 employees in Canada and 1,871 outside the country as of July 31.

 

The company reports its annual financial results on Dec. 2.

 

Ouch. 600 emplois dont 70% sont au Québec. Sur le long-terme ce n'est pas nécéssairement inquiétant mais les conséquences sur le court-terme ne seront pas négligeables je crois.

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Ouch. 600 emplois dont 70% sont au Québec. Sur le long-terme ce n'est pas nécéssairement inquiétant mais les conséquences sur le court-terme ne seront pas négligeables je crois.

 

While hiring 500 employees in different positions. So it's only a loss of 100 employees, which is not that bad.

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Les restructurations dans le secteur bancaire sont nécessaires, avec des conséquences inévitables pour l'emploi. Une banque qui ne suivrait pas cette voie se condamnerait au déclin, voire à sa disparition. Dans cette perspective, l'annonce de la Banque Nationale n'est nullement mauvaise. Mais malheureusement, pour les employé(e)s qui perdront leur emploi, c'est différent, car les qualifications requises pour combler les 500 «nouveaux» emplois sont généralement différentes de celles requises pour les 600 emplois supprimés.

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<p>

I'm still waiting for the earth shattering prophecy to fulfill itself.
Didn't he say that a major anouncement would be made after Nov 8th? I wonder if that has anything to do with the public consultations for Strategie centre-ville. They were supposed to end on that date, but I just checked their site and they will run untill Nov 10th. That represents 8 sessions (day or evening).</p>

<p>

 </p>

<p>

http://ocpm.qc.ca/centre-ville</p>

Modifié par IluvMTL
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<p>

Didn't he say that a major anouncement would be made after Nov 8th? I wonder if that has anything to do with the public consultations for Strategie centre-ville. They were supposed to end on that date, but I just checked their site and they will run untill Nov 10th. That represents 8 sessions (day or evening).</p>

<p>

*</p>

<p>

http://ocpm.qc.ca/centre-ville</p>

 

November 8, 2016 happens to be Presidential Election Day in the good ol' USA. I find any predictions/prophecies clinging to this particular date to be somewhat fishy. Next date?--guess what, will be April 1, 2017.

 

Sure, from time to time there will be announcements, projects, events, but this is all part of life, no more no less. I wonder where this craving for the Big Day comes from?

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Les grandes annonces sont rarement figées dans une date. Pour un maximum d'impact, une règle en marketing veut que l'on choisisse le moment propice, non seulement pour rejoindre le maximum de gens, mais aussi pour frapper le plus fort possible l'imagination du public. Normalement une nouvelle en chasse une autre, c'est pour cela que le timing est si crucial. On l'a notamment très bien compris dans la sortie des blockbusters en cinéma. Alors soyons patients, on ne perd rien pour attendre... du moins on l'espère.

 

A moins que le petit homard vert nous ait involontairement tendu un piège? :uninvolved:

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greenlobster reminds me of Nouriel "Dr. Doom" Roubini. Roubini is one of the biggest bears on Wall Street, preaching that market crashes are continuously imminent. When the market crashes, he says "I told you so". *When the market is strong, he hedges his bet by saying that a crash is on its way.*

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Sorry ,impossible to call the shots in advance , it is to risky . Example when Boston lured GE head office from Fairfield Connecticut in January of this year. They offered 30 million in incentives , but other cities heard about the transfer and finally 7 other cities wanted the head office and finally it took 145 million dollars to bring them to Boston . One of the richest incentive deals in state history paid by the city and state officials . Calling the shots in advance will kill most deals as global competition for head offices and new offices is tremendous.

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