The Canadian Imperial Bank of Commerce (CIBC) plans to lay off staff across Canada but it is not clear if the Yellowknife branch will be affected.
In late January the Globe and Mail reported on an internal memo by CIBC CEO Victor Dodig who said an unspecified number of staff would be let go in the coming months as part of a cost-cutting initiative.
CIBC spokesperson Tom Wallis responded with “no comment” to a Yellowknifer inquiry about how the bank branch on 50 Avenue might be affected.
The bank operates five branches in the territory, including in Yellowknife, Hay River, Inuvik, Norman Wells and Fort Simpson.
Other major Canadian banks such as TD Canada Trust, Bank of Montreal (BMO) and the Royal Bank of Canada (RBC) plan to undergo restructuring.
TD's changes won't affect the Yellowknife branch, bank spokesperson Ian McColl said.
The restructuring that RBC plans to do will have no effect on the branch in Yellowknife or in Alberta, said spokesperson Shela Shapiro.
BMO has planned to cut five per cent of its staff of 45,513 and curtail new hiring, according to a Globe and Mail report in early December.
While not denying the Globe report, a BMO spokesperson told Yellowknifer “we are committed to Yellowknife and have introduced a new local leader on the personal banking side as well as a new personal banking associate to better serve our customers.”
The increasing shift to online banking has moved banks to shutter some of their branches in smaller communities, although that trend has frustrated some rural and elderly residents who are then left with fewer banking options.