10/01/2015 07:10 EDT | Updated 10/01/2016 05:12 EDT

National Bank Cutting 'Hundreds' Of Jobs

The CEO attributed the decision to "increasingly fierce competition."

MONTREAL — The National Bank of Canada is eliminating "several hundred" jobs as part of a restructuring resulting from the economic slowdown.

In an internal memo to employees, CEO Louis Vachon also attributed the decision to "increasingly fierce competition."

The Montreal-based bank did not give a specific figure for the number of job cuts, but said they would mainly affect its Quebec operations.

Vachon said the bank (TSX:NA) will try to minimize the impact on its 17,298 employees through various steps, including retirements and the elimination of vacant positions.

It expects to record an $85-million charge ($64 million after taxes) in the fourth quarter. The restructuring is expected to generate $35 million in pre-tax savings, mainly in 2016.

National, Canada's sixth largest bank, has reported that profits grew three per cent to $453 million in the third quarter on $1.51 billion of revenues.

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