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Mortgage Broker News | 13 Nov 2014, 10:52 AM Agree 0
Thousands of job cuts south of the border prove the grass isn't always greener on the other side.
  • Ron Butler | 13 Nov 2014, 12:31 PM Agree 0
    I think their will be more job cuts at Canadian Banks, Scotia was just the beginning. Brian Porter timing was smart, he was the first to do what all the banks will eventually do: eliminate internal staff positions. Keep the client facing staff in place but use technology and plain old "work harder for the same pay" to pick up the slack on the jobs cuts.

    Over the last two decades banking and financial services were areas of job growth in Canada. I will bet the next two decades will see the opposite. Tech, off-shoring and forced productivity improvement. Tell your kids to skip the MBA and focus on designing the next "Call of Duty".
  • JT | 15 Nov 2014, 05:30 PM Agree 0
    I agree completely Ron. However, the Banks won't be the only ones laying people off. Mortgage lenders are facing increasingly tighter margins and will also be looking for further efficiencies to remain competitive with the banks. I wouldn't be surprised if we see some layoffs and an increase of outsourcing of underwriting and servicing departments by some of the monolines.
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