Laurentian Bank to end some counter services, focus online transactions
The move is expected to eliminate the equivalent of 150 full-time positions
As part of its transformation plan, the Laurentian Bank will cease to offer certain types of counter services to its customers between now and the end of 2018.
The financial institution outlined its objective Tuesday in a conference call, pointing to the number of online transactions and mobile applications.
Stéphane Therrien, executive vice president at Laurentian, said simple transactions, such as depositing a cheque, can be done at an ATM or using digital services.
He says the bank wants to maintain certain activities involving service to its clients as well as other transactions such as certified cheques.
In September 2016, Laurentian announced its intention to cut 300 jobs, a process that has not yet been completed. Its branches would also be reduced from 150 to 100.
Therrien said getting rid of some counter services would eliminate the equivalent of 150 full-time positions.
Laurentian has merged 41 bank branches since September. In April, 23 service points only offered financial counselling, a model the bank decided to settle on for its entire network.
On the Toronto Exchange, Laurentian closed Tuesday at $54.70, up $1.10 or 2.05 per cent.