Bank of Canada to cut 10% of staff as part of Carney's efforts to reduce government spending

The Bank of Canada will cut 10% of its staff as part of Prime Minister Mark Carney's efforts to reduce government spending. This is reported by Bloomberg, according to UNN.

Details

The Bank of Canada plans to cut hundreds of jobs, representing about 10% of its workforce, as part of Prime Minister Mark Carney's efforts to reduce government spending. According to a memo, the cuts will affect about 225 central bank employees. The cuts will take place over the next few months and will be completed by June.

The bank notes that it has already cut non-payroll budgets, closed vacancies, and expanded early retirement options for employees.

But this will not be enough to achieve the 10% budget savings that the bank has committed to deliver by the end of 2026.

The central bank aims to achieve an overall budget reduction of 15% over the period from 2026 to 2028.

"The cuts are happening across all departments. We will ensure that the bank can continue to fulfill its responsibilities to Canadians," the bank said.

Recall

Amazon plans to cut about 14,000 corporate positions while increasing investment in artificial intelligence and reducing costs elsewhere.

{{12}}