Laurentian Bank laying off hundreds as it eliminates bank tellers

‘I’m looking to reset this bank’: Laurentian Bank CEO Laurentian Bank has been in turnaround mode for several years, but CEO Francois Desjardins says they're around half-way through their plan. He discusses the new collective bargaining agreement with its unionized employees and the attractive dividend he says shows their commitment to grow the company.

The face of Laurentian Bank is about to change, since clients of the financial institution will no longer have access to over-the-counter services in almost all of its branch network.

Six rural locations will continue to offer these services until September, said a spokesman for the bank.

These changes are part of the turnaround that began in 2016, with Laurentian's intention to offer financial advice, but not traditional deposits or withdrawals, by the end of 2019. The conversion has already been completed in 23 of the bank's 92 locations.

Spokesperson Helene Soulard said that the seventh-largest bank in the country warned customers more than four months ago that the final day for counter services was July 19.

Many Laurentian employees will leave the financial institution on Friday as part of the restructuring announced in February that includes the elimination of 350 positions.

The bank wants to see its customers shift to ATMs and online banking while it still does not offer a mobile application, unlike other major Canadian financial institutions.