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Big banks watch closely as Laurentian shutters branches Add to ...

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Laurentian Bank of Canada’s decision to shutter a third of its branches is by far the most drastic reaction from a Canadian bank as consumers abandon tellers in favour of smartphones. But it also raises the question of whether other banks will emulate Laurentian’s move.

On Wednesday evening, Laurentian Bank said it will “merge” about 50 of its branches over the next 18 months, adding that it will shrink its network to about 100 branches from 148. The move will affect 300 positions, representing about 8 per cent of the bank’s total full-time staff.

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