The
"Commercial banking will remain the bank's growth engine, and we will grow market share in personal banking by introducing new, low-cost, value-add products to attract new customers and increase deposits, while simultaneously simplifying our offering," president and chief executive Éric Provost, said in a press release.
The bank intends to lure in new customers by reducing complexities within its business, offering more self-serve banking capabilities and investing in technology.
It will also simplify its capital markets business to focus on areas where it has the strongest expertise and seek growth in several areas of its commercial banking division, like inventory financing, commercial real estate and small and medium business lending.
The plan comes weeks after a layoffs announcement and as the bank has struggled to turn itself around after putting itself on the market but failing to find a buyer.
Its latest earnings, which were also revealed Friday, showed the bank incurred a loss of
The loss amounted to
Revenue totalled
The results came as Laurentian's provision for credit losses totalled
On an adjusted basis, it earned
Weeks after the quarter ended, the bank announced it was cutting about two per cent of its workforce and ending equity research in mid-May.
Last year, it failed to find a buyer for the business and the board promoted Éric Provost to the CEO position in October, after
Llewellyn became the first woman to lead a major Canadian bank when she took on Laurentian's CEO role in
This report by The Canadian Press was first published
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