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The National Bank of Canada has recently announced that they are going to be cutting hundreds of jobs in an attempt to keep up with changing technology, and customer preferences in their current market. It simply is no longer cost efficient for the National Bank to have that number of employees.

In an attempt to keep up with the transition from traditional banking to online banking services, the National Bank needs to lighten up its work force. This cut will have an impact throughout the entire company as 2.3% of their employees will be on the search for new jobs in the near future.

This decision really captures the meaning of “business is business”. With the recent drop in stock of the National Bank, they are completely justified in their response of eliminating a number of their work force. The National Bank needs to cut their wages payable in order to find the optimal solution for the greatest profit available. Especially when the Canadian Dollar is in as bad a state as it currently is, there is need for Canadian companies to do what they can in order to thrive in an international market. Many would lay criticism for the banks decision to leave a large number of their employees jobless, however it is a necessary step for this business to survive.

“National Bank Announces Job Cuts, New Share Offering – BNN News.” National Bank Announces Job Cuts, New Share Offering – BNN News. N.p., n.d. Web. 05 Oct. 2015. <http://www.bnn.ca/News/2015/10/1/National-Bank-to-cut-jobs-issue-shares.aspx>.

“National Bank Forced to Cut as Many as 400 Jobs as Economy, Investment Risk Takes Toll.” Financial Post National Bank Forced to Cut as Many as 400 Jobs as Economy Investment Risk Takestoll Comments. N.p., n.d. Web. 05 Oct. 2015. <http://business.financialpost.com/news/fp-street/national-bank-forced-to-cut-hundreds-of-jobs-as-economy-investment-risk-takes-toll>.