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submitted 2 years ago by RandAlThor@lemmy.ca to c/canada@lemmy.ca
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[-] sbv@sh.itjust.works 12 points 2 years ago

while all three [banks] remain very profitable, they all showed a sharp uptick in the amount of money they're setting aside to cover bad loans, a closely watched banking metric known as provisions for credit losses.

As mentioned in the other thread: banks are setting aside money for when borrowers start defaulting. It hasn't started yet.

And the banks are posting healthy profits while laying people off.

[-] Kecessa@sh.itjust.works -3 points 2 years ago

Just because they make good profit doesn't mean they should keep useless staff employed, they still have to adapt to a changing market where their clients go to a brick and mortar bank less often compared to what was the norm even just five years ago. That means either paying for unnecessary building maintenance and staff that isn't very busy or just closing some branches and leaving ATMs available while redirecting clients to another branch for in person services.

this post was submitted on 30 Nov 2023
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