Desjardins lays off nearly 400 employees

The Desjardins Group laid off nearly 400 employees last week amid a difficult job market in the banking industry.

The financial cooperative confirmed the news, first reported by the Journal de Montréal.

The employees are from various sectors and are based in the Montreal offices and the head office in Lévis.

Desjardins explains the decision was made due to challenging economic times, which required "prudent management" of its expenses.

"This has led us to monitor our costs, such as whether we take advantage of natural attrition, evaluate the relevance of our vacant positions or have our office spaces correspond to the reality of hybrid work," explains spokesperson Jean-Benoît Turcotti.

It points out it has also made significant investments in recent years.

"We have not yet recouped all the benefits of our massive investments in recent years, particularly in technology, and we need to step up the pace in this respect," said Turcotti.

In June, Desjardins Group laid off 176 people in Montreal.

-- This report by The Canadian Press was first published in French on Oct. 19, 2023.