Canadian Banks Cut Workforces To Invest In Technology
Canadian banks cut workforces just like last year. Trying to function in lessen workforce to satisfy investors demanding returns on tens of billions of dollars. To make a return for lenders that have poured into new technologies.
Canadian banks cut workforces 4.4% from a year earlier to a combined total of 291,409 full-time equivalent employees as of Jan. 31. That is down 5.2% from the highest in the third quarter of 2019.
However, after many attempts to prove it as a developing economy, loan growth outside of mortgages has been stagnant. The reason is the relatively slow pace of COVID-19 vaccinations in Canada.
"It's very difficult to grow" revenues, said Todd Johnson, chief investment officer at BCV Asset Management. He also owns shares of some of the biggest banks in the country.
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