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Canadian bank Desjardins axes nearly 400 jobs, citing tough environment, ETHRWorld


hr.economictimes.indiatimes.com | www.ETHRWorld.com

<p>Desjardins said the move comes amid a tough economic environment and its efforts to save costs</p>
Desjardins said the move comes amid a tough economic environment and its efforts to save costs

TORONTO: Canadian lender Desjardins Group said on Thursday it would cut nearly 400 jobs, mostly at its retail branches in Quebec, joining the country’s big banks that have announced hundreds of layoffs citing an uncertain environment.

Desjardins said the move comes amid a tough economic environment and its efforts to save costs.

“The current economic context (volatility, inflation, slowdown, etc.) adds an additional pressure that leads us to have a healthy and prudent management,” the Quebec-based bank said in a statement.

“This is all the more true in a context where we have not yet recouped all the benefits of our massive investments in recent years, particularly in technology, and we need to step up the pace in this respect.”

The employees affected are spread mainly between Montreal and Levis at the bank’s retail branches, it said.

Desjardins, which has about 58,000 employees, is the latest Canadian bank to announce layoffs, joining Bank of Nova Scotia , Royal Bank of Canada and Bank of Montreal .

Canadian banks are struggling to boost profits in a high interest rate environment, which has burdened consumers and forced lenders to set aside more money in case of loan defaults.

(Reporting by Nivedita Balu; Editing by Susan Fenton)

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