Canadian banks are cutting jobs. For investors, that could be good

An announcement of mass layoffs at a Canadian bank is bad news for employees. For investors, though, it might not be such a bad thing., or about 2,730 jobs based on 2022 payroll numbers. All those severance packages come with a hefty price: The bank will take a $247-million charge in its fiscal fourth quarter.It has a new chief executive officer, Scott Thomson, who took the helm on Feb. 1 amid hopes from investors that he will revive the laggard.

One of the bullish arguments in favour of Canadian bank stocks is that the biggest banks have improved their efficiency ratios over much of the past decade, as they modernized their operations with beefed-up technology and gave customers more options for banking on computers and smartphones. It sounds like a dismal environment, and in some ways it is. Shares of the Big Six banks have fallen more than 11 per cent, on average, over the past three months alone.

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