Post by
DeanEdmonton on May 16, 2024 10:22am
They Keep Trying to Polish this Road Apple
Layed off 20% of staff in Dec 2023, laying off 50 more now. They are out of the Wealth Management buisness, sold the book for no net income and now closing the research arm. They are trying to refocus while the commercial and retail business are both shrinking. They have an Online banking system that sucks, no in branch service, and a non-competitive product line up on the retail side. As far as the commercial side, no expertise on the commercial side since they laid off all the people that knew what they were doing.
Across all fronts they have shrunk the staff from 5,000 to under 3,000 over the last 3 years. Shrinking their way to greatness again. There may be someone who will uy their book of business, but no one is going to buy this as an operating entitiy. Even Quebec Credit Unions want no part of taking over this operation.
Comment by
rad10 on May 17, 2024 3:50pm
You are right - it's a pig, but double digit dividend income from the preferred, with zero liquidity issues! Not pretty, but putting out like a champ......