Canada’s Desjardins Group joined the list of financial firms reducing staff, cutting nearly 400 employees, mostly in Quebec.
(Bloomberg) — Canada’s Desjardins Group joined the list of financial firms reducing staff, cutting nearly 400 employees, mostly in Quebec.
The move primarily affected people in offices in Montreal and in Levis, near Quebec City, a Desjardins spokesperson said, confirming an earlier report by the Journal de Montreal newspaper.
“The current economic context (volatility, inflation, slowdown, etc.) adds an additional pressure that leads us to have a healthy and prudent management,” spokesperson Chantal Corbeil said by email. “This sound management leads us to keep a close eye on our costs,” include assessing whether some positions are still needed.
“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,” Corbeil added. The cuts are less than 1% of the financial co-operative’s 58,000 employees.
Desjardins is following other lenders including Bank of Nova Scotia, which announced Wednesday it would be cutting 3% global staff, equal to about 2,700 people.
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