Laurentian Bank cutting about two per cent of workforce, ending equity research

MONTREAL — Laurentian Bank says it is cutting about two per cent of its workforce and ending equity research as it continues to work through its turnaround plan.

The bank didn't provide specific numbers, but based on the 3,000 employees it had at the end of 2023, the cuts would amount to around 60 people.

Laurentian says the cuts will be throughout the company, including in equity research as Laurentian Bank Securities will no longer be distributing research to clients.

Last month, the bank reached a deal to sell the assets of its retail full-service investment broker division as part of its strategic focus on simplification.

The changes come after the bank failed to find a buyer last year and the board promoted Éric Provost to the CEO position in October.

Since then, the bank has gone through several other leadership changes, including Kelsey Gunderson stepping down as head of capital markets last month, with Brian Doyle stepping in as acting head.

This report by The Canadian Press was first published May 16, 2024.

Companies in this story: (TSX:LB)

The Canadian Press