National Bank lays off about 300 employees, including 10 vice presidents

MONTREAL – National Bank (TSX:NA) is laying off about 300 employees, including 10 vice-presidents, in a restructuring move to reduce its costs.

The Montreal-based bank says the job cuts will stretch across all areas of its operations.

Canadian banks have been looking for ways to reduce their expenses this summer as they prepare for slower earnings growth.

National Bank was the only major Canadian bank that didn’t boost its dividend during the third quarter, even though its profits grew by 13 per cent to $379 million.

The bank added that it still has about 800 positions to fill, mostly from normal turnover and new positions, but that it is still looking for the “best talent.”

National Bank reports its fourth-quarter earnings on Dec. 6.