Canadian credit union Vancity lays off 7% of workforce
Canadian credit union Vancity, which services over 550,000 members across British Columbia, has laid off 7% of its workforce – around 200 staff – as part of an organisational restructure.
Vancity cuts 7% of workforce
In a statement on 13 June, president and CEO Wellington Holbrook said taking the decision to restructure was “incredibly difficult” but also “essential”.
Holbrook says the restructuring will “align Vancity’s business with our current market conditions” and “support a future-focused renewal of our commitment to members and community”.
He adds that he expects the measures to place Vancity in “the best position possible” as it seeks to “invest in our continued growth”.
“Decisions on where and how to make reductions were taken with great care and consideration. We gave similar care to providing a comprehensive, fair and equitable package of compensation, health and wellbeing benefits and career supports,” Holbrook says.
With $34 billion in assets, Vancity currently claims to be Canada’s largest community credit union.
The company recently inked a new seven-year agreement with Indian software giant Intellect Design Arena to leverage several of the vendor’s digital banking solutions.
The credit union is to deploy the vendor’s Contextual Banking Experience (CBX) offering to upgrade its commercial digital operations, as well as its Digital Engagement Platform (DEP) to enhance its digital services for SMEs.
