Quote:
Originally Posted by oilers_fan
http://www.cbc.ca/m/news/business/sc...rges-1.2822896
I'm trying my best to not get prematurely outraged here, but it's hard. 6 billion dollar profit last year and they have to cut this many jobs, two thirds of which are in Canada, to save money? Maybe some of the more financially knowledgeable people can help explain this move.
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They're not making that 6 billion in profit from international retail banking. Those ranches only serve to create brand awareness and drum up potential business clients.
Cutting shoddy international branches cuts G&A, as does reducing head office head counts. Acting as if companies are only allowed to cost cut when facing losses is a terrible idea. Cut now to stem the tide and avoid potential future losses.