Laurentian Bank to cut 300 jobs

The Laurentian Bank of Canada announced late Wednesday afternoon it will cut 300 jobs as it merges 50 branches over the next 18 months.

The announcement was made while managers met with hundreds of employees at the Palais des congrès in Montreal.

The bank says the majority of jobs to disappear will be cut through attrition, not through layoffs.

Bank president François Desjardins said in a statement that the operations of traditional banking are "outdated."

As of July 31, there were 148 branches and 3,631 full-time employees under the Laurentian Bank's banner.

In August, the bank's administration announced that by 2018, it will move its head offices from McGill College Avenue to E-Commerce Place in downtown Montreal as a cost-saving measure.