Vancity Credit Union has laid off nearly 200 employees in a restructuring move that trims its workforce by 7%.
The Vancouver-based financial services institution announced the layoffs Thursday, saying all staff affected will receive severance packages and have their health and dental benefits continue for three months. They’ll also keep their employee mortgage rates until the end of 2024.
Wellington Holbrook, Vancity’s president and CEO, said the decision was made to “align Vancity’s business with our current market conditions.”
No Vancity branches are closing.
“Our employees are the heart of Vancity, showing up every day to support our members and communities, so the decision to restructure was incredibly difficult,” Holbrook said. “The reorganization and change we’re implementing will enable us to maintain high levels of member service and also invest in our continued growth.”
The layoffs at Vancity come one day after Global News announced layoffs across the country, with at least 25 employees in Western Canada impacted.