National Bank of Canada cuts 600 jobs in restructuring

TORONTO (Reuters) – National Bank of Canada said on Thursday it will cut 600 jobs as part of a restructuring and take a charge of C$175 million ($131 million) in the fourth quarter.

Canada’s sixth biggest lender said the charge included severance payments to employees and the cost of changing premises. The restructuring will bring C$120 million in annual savings.

The bank said that at the same time it is looking to fill over 500 positions, primarily in sales, service and IT functions and expects to increase the proportion of its staff in “knowledge-intensive” sectors over the coming years.

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