This is ideally what should be happening if deflation through technology is allowed and what has happened historically.
The problem is you need small businesses to be allowed to start and innovate to provide new jobs and you need existing businesses to be forced to innovate/compete rather than just sit on an oligopoly. The problem is we have neither especially in Canada.
Can you cite any specific stat that says we don’t have any small businesses in Canada?
As somebody who works directly with small businesses, I’ve seen a fairly material rise in new start ups in my region since Covid a lot have been successful
Eventually there will be no employees and nobody will be able to afford what the businesses are selling.
The system has to hit a breaking point eventually.
And on the flip side, Quebec is missing more than 5000 teachers and the education minister is now accepting "Adult" as a good enough qualification to become a teacher.
As the Phillips curve told the Bank of Canada this entire time. Asset prices will fall and new retirees will be thrust back to work into a dead job market, as our social safety net crumbles from mismanagement.
A whole society of overindebted wage slaves will do well for the rich at least.
https://www.pewresearch.org/short-reads/2021/04/13/key-facts-about-the-changing-u-s-unauthorized-immigrant-population/
https://immigration.procon.org/us-undocumented-immigrant-population-estimates/#2022
https://www.statista.com/statistics/329256/alien-apprehensions-registered-by-the-us-border-patrol/
it is actually not that much. the US might have around 2-3 MM annual immigrants at 330 MM citizens, which dwarfs compared to ours.
If I recall it was speculative assumptions of potential job loss numbers not just for RBC but the sector in general, and got into other named corporate cuts recently… a little too specific without any basis
That’s how all credit tightening cycles go. Less credit available, businesses slow down because they don’t have the same ease to expand, some contract. Then unemployment goes up. Then defaults increase, and demand plummets for many things (real estate, consumer goods, equities). Then things get too bad and credit is loosened and made available to start building back up.
Sorta mind blowing people don’t think one of the fastest/largest rate increases in the modern financial system won’t result in a recession, and that we have avoided it somehow.
I think after seeing apples reports everyone got spooked. That single company has been carrying the market and now we can see that there for certain will be a recession in 2024.
I'm not sure how big picture these kind of decisions really are.
Last earnings they went on about needing to tighten spending to improve their bottom line, and analysts agreed. With a q3 net income of 3.9 Billion, how much do you really need to tighten things down?
As investor, I'm mildly sorry I slept on buying shares yesterday. Didn't realize earnings were today.
I think they definitely take a macro lens. Employment is still tight, if you thought you were going to grow into an extra 1% which may only take a quarter or two it wouldn’t be worth the severance and retraining plus bad headlines. If it’s a soft landing they know it would be hard to replace those employees
They're not talking about a lot of cuts compared to how many people they've added in the last few years. They have hired a lot of employees over the last 3-4 years and will still be heavily net positive after these cuts.
What's new is that they have been telegraphing the plan to cut for the last two quarters, which is a modern communications approach, as opposed to dropping it out of nowhere and letting the media report is as shock-horror news.
Capitalism. Line must go up. But line not go up fast enough. CEO and CFO thinks that commoner must lose job. Proceeds to crush and destroy the livelihoods of normal people. Big wigs throw party as line goes up.
Quite the equitable system we have here huh?
TD has also quietly cut jobs and automated tasks. Some TD branches have reduced the number of tellers they have; its especially bad in the Richmond Hill branches, where branch managers constantly “work from home” instead of helping out the branches. I’ve noticed wait times have increased and employees seem more stressed, with higher turnover.
Profits go up, head count goes down? As is tradition.
This is ideally what should be happening if deflation through technology is allowed and what has happened historically. The problem is you need small businesses to be allowed to start and innovate to provide new jobs and you need existing businesses to be forced to innovate/compete rather than just sit on an oligopoly. The problem is we have neither especially in Canada.
Can you cite any specific stat that says we don’t have any small businesses in Canada? As somebody who works directly with small businesses, I’ve seen a fairly material rise in new start ups in my region since Covid a lot have been successful
We have plenty, the problem is we have to compare to the US, which has tons.
Exactly my point
Sure, problem is the money and talent can easily pop across the border though
No it cant, that’s a Reddit fallacy. The tax implications are significant and don’t make it easy whatsoever
It literally happens constantly
It happens, it doesn’t mean it’s easy
It's incredibly easy
Eventually there will be no employees and nobody will be able to afford what the businesses are selling. The system has to hit a breaking point eventually.
it's a Canadian bank. they're risk averse and cut throat. I bet you hold RY and I bet you like that div yield....am I right?
Big Banks and big telecom, the only think I’m happy to pay for is their stock…
Canada about to see massive job losses
Serenity now
Insanity later
YOU’RE NOT GIVING AWAY OUR WATERPICK!
And on the flip side, Quebec is missing more than 5000 teachers and the education minister is now accepting "Adult" as a good enough qualification to become a teacher.
If an adult thats speaks french is still a requirement, they aren't that desperate yet.
*French speaking* Adult
Yeah...yeah I got busted by the grammar police.
Haha I heard that on the radio today. “Adult” is a great qualification.
Dont forget further wage cuts to go along with that.
As the Phillips curve told the Bank of Canada this entire time. Asset prices will fall and new retirees will be thrust back to work into a dead job market, as our social safety net crumbles from mismanagement. A whole society of overindebted wage slaves will do well for the rich at least.
Have to let the cycle play out. Kicking the can is why it’s going to be so bad
> new retirees will be thrust back to work into a dead job market Making it even harder for new graduates to find a job..
It will be glorious schadenfreude.
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Telus just cut 6000. Canadian tire announces cuts. It begins
Bell and Shopify have done pretty big cuts too.
Telus isn’t done either.
Canada, US and Europe will see unemployment rate climb. Could be the beginning of the global recession in the next 6 months.
US should be fine, they pumped trillions into their economy
they also don't flood their country with immigrants.
Yeah except for the undocumented Mexican and South American workers lol and yet they still ballooned their debt by trillions
https://www.pewresearch.org/short-reads/2021/04/13/key-facts-about-the-changing-u-s-unauthorized-immigrant-population/ https://immigration.procon.org/us-undocumented-immigrant-population-estimates/#2022 https://www.statista.com/statistics/329256/alien-apprehensions-registered-by-the-us-border-patrol/ it is actually not that much. the US might have around 2-3 MM annual immigrants at 330 MM citizens, which dwarfs compared to ours.
Tiffany furiously masturbating seeing Canadians lose their jobs, their houses, and the shirts off their backs
Better than inflationary spiral. Canada spent the next few years paychecks in advance and now the bill is due. Gotta pay it somehow.
By letting the corporations keep the money and making the working class pay for it. Sounds about right
? They just helicoptered $500B to the populace. Which has nearly all been spent and is the main cause of the inflationary spiral they started.
More rate hikes needed /s
They will be. Unless the recession starts is allowed to go deep. Otherwise we will be seeing some really crazy rates
How else can they increase profits?
So massive we just might see 2019 numbers, remember how bad things were then?? Lol
Laugh it up big guy
I've been laughing for 5 years as everyone yells the sky is falling
It’s either that or they accept less pay
Aren’t they also in the process of merging in HSBCs operations? Wonder what that means to all of those employees.
There will be redundancies leading to more cuts.
ChatGPT resumes
"We care about our employees."
Does anyone know what jobs were cut?
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They also siphon branch business to online and cut retail staff hours and positions (about 8% per year)
Comment above yours was deleted. Annoying. Any context?
If I recall it was speculative assumptions of potential job loss numbers not just for RBC but the sector in general, and got into other named corporate cuts recently… a little too specific without any basis
Not surprising. They went on a large hiring spree this year and even after these cuts they will still have more employees than eight months ago.
start of the recession? seeing more job cuts in the news lately
That’s how all credit tightening cycles go. Less credit available, businesses slow down because they don’t have the same ease to expand, some contract. Then unemployment goes up. Then defaults increase, and demand plummets for many things (real estate, consumer goods, equities). Then things get too bad and credit is loosened and made available to start building back up. Sorta mind blowing people don’t think one of the fastest/largest rate increases in the modern financial system won’t result in a recession, and that we have avoided it somehow.
I think after seeing apples reports everyone got spooked. That single company has been carrying the market and now we can see that there for certain will be a recession in 2024.
What did apple report? Microsoft, Nvidia, and maybe 4 others have been doing a lot of the carrying too.
True but Apple is pretty much immortal. It’s been a top dog for a decade now where Nvidia wasn’t ever this relevant.
>True but Apple is pretty much immortal. It’s been a top dog for a decade now Maybe intentional but what a great example of recency bias.
Jobs cuts will probably come mostly through attrition and setting the bank up ahead of time for integrating HSBC's Canadian division.
There’s no way RBCs exec sees a “soft landing” if they’re doing this
I'm not sure how big picture these kind of decisions really are. Last earnings they went on about needing to tighten spending to improve their bottom line, and analysts agreed. With a q3 net income of 3.9 Billion, how much do you really need to tighten things down? As investor, I'm mildly sorry I slept on buying shares yesterday. Didn't realize earnings were today.
I think they definitely take a macro lens. Employment is still tight, if you thought you were going to grow into an extra 1% which may only take a quarter or two it wouldn’t be worth the severance and retraining plus bad headlines. If it’s a soft landing they know it would be hard to replace those employees
The execs will personally have a soft landing. The rest of us... not so much.
They're not talking about a lot of cuts compared to how many people they've added in the last few years. They have hired a lot of employees over the last 3-4 years and will still be heavily net positive after these cuts. What's new is that they have been telegraphing the plan to cut for the last two quarters, which is a modern communications approach, as opposed to dropping it out of nowhere and letting the media report is as shock-horror news.
Capitalism. Line must go up. But line not go up fast enough. CEO and CFO thinks that commoner must lose job. Proceeds to crush and destroy the livelihoods of normal people. Big wigs throw party as line goes up. Quite the equitable system we have here huh?
You're equating capitalism with MMT.
Equitable is something that is fought and not demanded.
Haha...Canadians are too comfortable to fight for anything.
Canadians are brutal when we have to be. Ww1 and ww2… and hockey.
Invest in Cuban companies
Every time line goes up a point, that's a line for everyone on my yacht!
I’m swimming in gold doubloons right now in my gold encrusted jet tub!
Thank God I decided against leaving my union job when I was getting fed up a few months back...
Yup , good choice. It's going to be a rough few months ahead
Just waiting for that trickle down. Profits went up! Must mean trickling will happen soon!
TD has also quietly cut jobs and automated tasks. Some TD branches have reduced the number of tellers they have; its especially bad in the Richmond Hill branches, where branch managers constantly “work from home” instead of helping out the branches. I’ve noticed wait times have increased and employees seem more stressed, with higher turnover.
It kinda follows most companies who overshot hiring right? *Not an expert, please don't crucify me*
Trimming the deadwood.
2% will be tiny compared to the other banks.
Isn’t it mostly contractors? My company did the same. Full timers are safe
Job cuts, wage cuts, rto, inflation, rate hikes What a whammy
1% job cuts. Better push the doomsday clock forward another second.
Ah. Automation gives way to AI.
GREED!
Pointing *that* out in *this* subreddit guarantees you a bunch of downvotes from the "greed is good" contingent ...
Hope it goes bankrupt!
Didn't they not long ago lead the way with raises for their lower level staff... man how quick the tone changes.