Bank cuts 2% of staff, will revamp its strategic plan
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
Some cuts have already been made, while remainder will happen next year
Employee numbers were down about 1,500 from the previous quarter, about halfway to the bank's 3% reduction target
Banks are slowing the pace of new lending and setting aside more money for bad loans
Inflation forcing some clients to withdraw assets to meet needs
In Canada, wealth and asset management saw a 14% increase in profitability from a year earlier