Bank of Canada to cut 10% of staff in hunts for savings

At the same time as the spending review, Carney’s government is giving new regulatory responsibilities to the central bank. Photo by Justin Tang/The Canadian Press/Postmedia files

The Bank of Canada is planning to eliminate hundreds of jobs , about 10 per cent of its workforce , as part of Prime Minister Mark Carney’s bid to reduce government expenses .

About 225 employees at the central bank will be affected, according to a memo seen by Bloomberg News. The cuts will take place “over the next few months” and be completed by June, it said.

In the note, the bank said it has already lowered non-salary budgets, closed job vacancies and extended early retirement options to employees. But that won’t be enough to reach the 10 per cent budget cost savings the bank committed to b