National Bank of Canada has announced a few hundred job cuts and a share issue as it, along with the other big banks, shore up finances amid stronger capital reserve requirements. Although no details of the roles affected have been released it is reported that the cuts may impact branches as automation takes a larger role in operations. In a statement CEO and president Louis Vachon commented: “Such exceptional decisions are never easy to make. The Bank will make every effort to minimize the impact, notably through replacement opportunities, planned retirement and other initiatives. We sincerely thank those affected for their dedication, over the years, towards National Bank’s development.”

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