{{ currentBoardShortName }}
  • Markets
  • Indices
  • Currencies
  • Energy
  • Metals
Markets
As of: {{timeStamp.date}}
{{timeStamp.time}}

Markets

{{ currentBoardShortName }}
  • Markets
  • Indices
  • Currencies
  • Energy
  • Metals
{{data.symbol | reutersRICLabelFormat:group.RICS}}
 
{{data.netChng | number: 4 }}
{{data.netChng | number: 2 }}
{{data | displayCurrencySymbol}} {{data.price | number: 4 }}
{{data.price | number: 2 }}
{{data.symbol | reutersRICLabelFormat:group.RICS}}
 
{{data.netChng | number: 4 }}
{{data.netChng | number: 2 }}
{{data | displayCurrencySymbol}} {{data.price | number: 4 }}
{{data.price | number: 2 }}

Latest Videos

{{ currentStream.Name }}

Related Video

Continuous Play:
ON OFF

The information you requested is not available at this time, please check back again soon.

More Video

May 15, 2024

Laurentian Bank quits equity research, cuts about 50 jobs

Laurentian Bank is where investor money goes to die: portfolio manager

VIDEO SIGN OUT

Security Not Found

The stock symbol {{StockChart.Ric}} does not exist

See Full Stock Page »

Laurentian Bank of Canada is cutting more jobs in an overhaul of its strategy that includes exiting the equity research business.

“Today we announce a further reduction in our workforce. These decisions are never easy to make, but they are necessary at this time,” Chief Executive Officer Eric Provost said Wednesday in a memo to employees seen by Bloomberg. “We sincerely appreciate the contributions of our departing colleagues and wish them the best.”

The memo did not say how many employees were affected, but it was close to 50 roles across the bank, according to a person familiar with the matter, speaking on condition they not be identified because they aren’t authorized to speak publicly about it. 

Laurentian told clients in a note that it was suspending research coverage on about 80 companies, a list that includes many small-cap mining and resource firms.

The Montreal-based bank, which had 3,000 employees as of the end of October, announced a strategic review in December and said at the time it was cutting about two per cent of its staff. 

“Since December, we have been working hard on revamping our strategic plan to position Laurentian Bank for success in the future,” Provost told employees, adding that the bank would share more details during an investor event on May 31.

Efficiency drive 

Canada’s eighth-largest lender has been seeking cost savings and trying to simplify its business following a tumultuous 2023, during which it failed to find a buyer after putting itself up for sale and later replaced its CEO Rania Llewellyn amid a days-long system outage. 

The bank is now trying to “simplify the entire organization to increase our efficiency,” Provost said in the memo. Merick Seguin, a spokesperson for the bank, said the company is “making sure to support the people affected by these changes in their transition.”

The capital markets business was once seen as a growth driver for Laurentian, but about a year ago, the bank decided to reduce the size the division amid a slowdown in activity, incurring about $6 million in restructuring charges.

Income from fees and brokerage commissions totaled $40.5 million in fiscal 2023, down 20 per cent from the previous year, Laurentian said in its fiscal fourth-quarter earnings report.  

Kelsey Gunderson, head of the capital markets division, left the bank and Brian Doyle is filling in as acting head, Laurentian said in a statement in April.