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Laurentian Bank of Canada reaches another milestone of its transformation plan
Laurentian Bank of Canada reaches another milestone of its transformation plan Lau...
About this update from Laurentian Bank Of Canada
[{"type":"text","content":"\n\n\n\nLaurentian Bank of Canada reaches another milestone of its transformation plan\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nLaurentian Bank of Canada reaches another milestone of its transformation plan\nCanada NewsWire\nMONTREAL, Sept. 28, 2016\n\n\n\nMONTREAL, Sept. 28, 2016 /CNW Telbec/ - François Desjardins, President and CEO of Laurentian Bank of Canada (TSX: LB), provided today an update to employees on the Bank's transformation and growth plan.\n\n\"Today, we announced that we will merge fifty branches over the next eighteen months, while ensuring we continue to provide the level of service that meets our customers' needs\", stated Mr. Desjardins. \n\nThe challenge for Laurentian Bank, as well as for other Canadian financial institutions, is to develop a winning formula in an environment in which technology and demographics are rapidly evolving and in which economic and regulatory frameworks remain challenging. Continued progress on the transformation plan means that the Bank must evolve to meet customers' needs particularly as their transactional habits are changing. These customer behavior changes, among other things, have led to a reduction in the number of branch visits, a reality seen across the industry. \n\nThe traditional Bank operating model is becoming obsolete. \"We necessarily have to adapt our retail services in light of this reality to optimize our operating efficiency, while meeting the changing demands of our customers\", he added.\n\nThese mergers will lead to a reduction of about three hundred positions, mainly through natural attrition.\n\nTo support our transformation plan, we have chosen to focus our value proposition on selected attributes through which we wish to distinguish ourselves. \"We want to be recognized for the expertise of our advisors and our account managers, for the ease of doing business with us as well as having a simplified product range complemented by automated transaction services\", stated Mr. Desjardins. \n\nSince the implementation of the Bank's transformation and growth plan earlier this year, Laurentia...