Quote:
Originally Posted by Cowboy89
There's a lot of regulatory pressure on the Canadian banks. As a result of the financial crisis the capital requirements that are put on banks have increased and now they have to comply with these new rules. It makes growth in mature markets like Canada tough to come by as a bank and as such in order to generate returns they have to get more efficient. A lot of the jobs cut in Canada are in mid-office type work that can potentially be automated. The other cuts are occurring in Latin American operations where revenue growth has not lead to profit increases.
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Thats true, but at the same time the banks have pushed to increase indebtedness for Canadians in general (or we've pushed ourselves into more indebtedness). Either way though, this is a good thing for the banks and thats how they make money. As there is more of a push for people to get out of debt and pay debt down though, the banks have to trim costs and start looking in other places to increase the bottom line figures.