Big miss for Laurentian Bank as profit drops 32% in volatile markets, 10% of workforce to go

Measures to improve efficiency lead to job cuts

MONTREAL — Laurentian Bank announced job cuts as it reported first-quarter net income of $40.3 million, down 32 per cent from the same period a year earlier.The Montreal-based lender’s net income for the quarter ended Jan. 31 amounted to 88 cents in diluted earnings per share, down from $1.41 one year ago.On an adjusted basis, Laurentian reported net income of $44.7 million or diluted earnings per share of 98 cents, down from $63.2 million or $1.49 per share a year ago.

Market volatility at the end of 2018 has weighed on the quarterly earnings of several Canadian banks.The bank also says it took measures to improve efficiency during the quarter that will lead to a reduction of its head count by approximately 10 per cent or 350 employees over the next 12 months.

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