Éric Provost, who replaced
"I know that the past few months have been a challenging period for the bank with the conclusion of the strategic review and an outage of our mainframe," said Provost on an earnings call.
"One thing is certain, that the status quo at
The review comes only months after a previous one, where it explored various options, including a sale, only to decide that the best option was to continue with its existing strategy.
Provost said the bank has already moved ahead with plans to cut about two per cent of staff this week, while it will be exploring a range of options as it charts a path forward.
"Part of the rebuilding, we need to get back to the drawing board, make sure that we address a path of simplification."
The revamp efforts come as the bank reported earnings of
The bank says the results included a
Revenue for the quarter totalled
On an adjusted basis, Laurentian says it earned
Results were well below the
He said that while the bank is guiding more stable results ahead, it will still face another severance charge next quarter, along with wider bank challenges.
"Overall, we view LB as an increasingly challenged bank in an increasingly challenging macroeconomic and competitive environment," Dechaine said.
Provost said on the call that he's aware of the difficulties ahead.
"We have a lot of work ahead of us as we revamp our strategic plan and continue to implement our priorities of customer focus, simplifying the bank and making investments in our foundational technology."
This report by The Canadian Press was first published
Companies in this story: (TSX:LB)
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