Laurentian Bank Quits Equity Research, Cuts About 50 Jobs
- Canadian bank drops stock coverage in cost-savings drive
- CEO Provost says goal is to ‘simplify the entire organization’
A Laurentian Bank branch in Montreal
Photographer: Graham Hughes/BloombergThis article is for subscribers only.
Laurentian Bank of Canada is cutting more jobs in an overhaul of its strategy that includes exiting the equity research business.
“Today we announce a further reduction in our workforce. These decisions are never easy to make, but they are necessary at this time,” Chief Executive Officer Eric Provost said Wednesday in a memo to employees seen by Bloomberg. “We sincerely appreciate the contributions of our departing colleagues and wish them the best.”