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Laurentian Bank to eliminate 300 positions as it merges 50 branches

MONTREAL – Laurentian Bank (TSX:LB) plans to abolish some 300 jobs over the next 18 months in a restructuring that will merge 50 branches.

The Quebec-based bank announced the changes after markets closed Wednesday as executives met with hundreds of its workers at Montreal’s convention centre.

CEO Francois Desjardins said in a news release that the traditional banking model is becoming “obsolete” and Laurentian needs to adapt its retail services.

As of July 31, the bank had 148 branches and the equivalent of 3,631 full-time employees.

In a bid to cut expenses, Laurentian announced last month plans to move its Montreal headquarters in 2018.

Desjardins’ transformation plans is aimed at almost doubling the bank’s asset base to $70 billion.