CIBC, one of Canada’s chartered banks, and the fifth largest by deposits, said that is going to “selectively reduce a number of positions.” The bank confirmed that it would be laying off employees in an email sent to CBS News on Thursday evening.
The job cuts are part of a realignment of its resources to help boost efficiency, according to the WSJ.
Spokesman Kevin Dove didn’t say how many job cuts there would be or what specific positions would be affected.
However, an article on the Wall Street Journal indicates that “more than 500 jobs” would be cut, citing anonymous sources.
CIBC sokesman Kevin Dove said in the email statement sent to CBC:
“These reductions reflect an overall alignment of our resources that allows us to better serve our clients and ensure that we are operating efficiently,”
According to the bank, it will be a “significant net recruiter” in 2015, as it plans to employ more than 5,000 people in the next year.
The number of the bank’s full- and part-time employees has increased 1,800 over the last two years, to nearly 44,500.
It is the latest move by a Canadian bank to slash jobs after Bank of Nova Scotia and Royal Bank of Canada made some reductions late last year.