Following financial reports, Canada's biggest banks announce layoffs.

By: 600011 On: Dec 1, 2023, 2:43 PM


Following the presentation of financial results, Canada's main banks announced layoffs and bad loans. Based on financial performance, Royal Bank, TD Bank, and CIBC have announced layoffs. The amount of money set aside to cover bad loans has increased dramatically while remaining extremely profitable. The largest lender in Canada, Royal Bank, has set aside $720 million in loans. This represents an 89 percent increase from $381 million the previous year. For provisions, TD Bank has set aside $878 million. 617 million in the same quarter the previous year. A 42 percent increase has been documented as a result of this. Furthermore, TD Bank announced a 3% reduction in its personnel based on its fourth-quarter report, which reflects the financial crisis.CIBC stated that it will set aside $541 million. This is a 24% increase over the