The Canadian banking industry is far from being unprofitable. Yet, the country’s largest banks are sacking workers in an effort to increase their profits even further.

Canadian Imperial Bank of Commerce (CIBC) announced in late January that they were laying off an undisclosed number of employees. The banking firm made more than $5 billion in profit in 2019.

The Bank of Montreal (BMO) made perhaps the most pronounced pullback. In December, BMO announced it would shed 5% of its workforce. That’s roughly 2,300 workers. BMO’s profits were up 6 percent from last year, clocking in at $5.7 billion for 2019.

Toronto-Dominion Bank, which made $11.6 billion in profit last year, is also slashing an undisclosed number of jobs in search of ‘savings.’

Altogether these three corporations made over $22 billion in annual profit while letting go of staff. The entire industry appears to be following the same trend of laying off workers to maintain profitability.

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