Bloomberg News

National Bank of Canada to Cut About 300 Jobs

November 01, 2012

National Bank of Canada, the country’s sixth-largest bank, plans to cut about 300 jobs, or almost 2 percent of its workforce.

“As part of normal course of business, National Bank is optimizing its structure to ensure it remains efficient and agile,” spokesman Claude Breton said.

Pat Minicucci, who was head of National Bank’s consumer- banking operations outside of Quebec, said in an e-mail yesterday that he was let go. Breton declined to discuss specific departures or departments.

The lender had 16,825 full-time employees at the end of July and has created more than 3,300 jobs since the beginning of 2008, Breton said. The Montreal-based bank will also hire about 800 people over the “normal course of business,” Breton said in an e-mailed statement today.

National Bank rose 0.4 percent to C$77.50 at 4 p.m. in trading on the Toronto Stock Exchange. The stock has gained 7.4 percent this year, the third-best performer among the country’s six biggest banks.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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