Elevated Bank of Canada (EBC) will not reduce its workforce as a result of the financial turmoil in Europe, CEO David Molnar said.
“We will not eliminate our core functions, we will not close our doors,” Molnarsaid in a statement on Wednesday.
“As a result, we remain focused on delivering our global business, with the greatest concentration in the Americas, Asia and Africa.”
“We have not identified any opportunities for additional staff to be lost, and we are prepared to continue to meet the demands of our customers.”
Molnar, who was in the United Kingdom to meet with Bank of England Governor Mark Carney, said the bank had “not yet identified any areas of strength and weakness”.
“The impact on the business of this situation has been enormous, so we need to plan ahead, and do so with a very flexible, responsive and focused business model,” he said.
Molnarsays the bank is not in a position to make a final decision on whether to close or not, and he reiterated that EBCs business remains strong.
“The banking sector is an integral part of our core operations, and EBC is the only institution in the world that operates its own business with the same underlying assets,” Mohanarsaid.
“Our business remains highly competitive, with strong capital levels, a stable operating environment and a sustainable revenue stream.”
“We are very focused on our core customers, our clients, our employees, our markets and our shareholders,” he added.
Elevated is the largest foreign lender in the UK and the second largest in Europe.
The bank is one of the biggest banks in the region, having a net assets of $3.9 trillion.
It has a combined global footprint of more than $80 billion.EBC has been in a long-term decline.
It is one among a group of banks that has suffered the worst financial crisis in history.
It closed more than half of its UK branches and some of its US branches in 2013 and 2014.
The company said in a report published in October that it had cut 5,700 jobs as a consequence of the crisis, and had taken on $300 million of debt in the process.
“As the financial storm has deepened, our business has been adversely impacted, and the impact on our business and our financial position is likely to remain significant for many years to come,” Molanarsaid said.
The bank said it had not closed any branches in the US since mid-2015.
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