National Bank of Canada has announced plans to shed about 600 jobs to adapt to a digital shift by customers in the financial services sector.
Simultaneously, the bank has also unveiled plans to hire over 500 employees, mainly in sales and service and IT functions.
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The layoffs are part of an overall restructuring that will result in the bank taking a fourth-quarter charge of C$128m after tax.
The restructuring charge includes employee severance payments and premises optimisation, and is projected to reduce the common equity tier 1 capital ratio (CET1 under Basel III) by 14 basis points, the Canadian lender said.
National Bank president and CEO Louis Vachon said: "Our clients' habits are changing, and our services need to change with them. The measures currently being announced will affect a number of employees.
“The Bank will make every effort to reduce the impact by offering a targeted retirement program under specific conditions, reassignment and career transition programs and severance packages consistent with market best practices."
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