Bank cuts 2% of staff, will revamp its strategic plan
The fine is the second announced this week, after RBC was also penalized
Bankers warn that the proposals could negatively impact the economy at a time of geopolitical turmoil and inflation
Recommendations echo affordability measures in government's fall economic statement
The fine announced Tuesday is the largest ever imposed by FINTRAC
Revenues were down slightly in Q4, while expenses and loan provisions were up
The two dominant themes emerge ahead of an uncertain 2024
The bank expects synergies of US$800 million — up 20% from a previous estimate
CIBC, RBC, Scotiabank and TD have all cut staff this year
Deal is good for Canada, CEO says