The Bank of Montreal says it is cutting its workforce by about 1,850 positions as consumers shift more of their banking online and technological advancements allow it to digitize some of its processes.

There were 46,166 full-time equivalent employees at the bank (TSX:BMO) as of the second quarter, a decline of 616 employees from the previous quarter.

The lender says it will trim its head count by an additional four per cent, which amounts to roughly 1,846 positions.

Earlier in the day, the bank reported that its second-quarter profit slip three per cent from a year ago as it took a $132 million restructuring charge relating to severance costs for employees and set aside more money for bad loans.

The bank said second-quarter profit fell 2.6 percent as soured oil-and-gas loans soared and the firm took a restructuring charge. The lender raised its dividend 2.4 percent to 86 cents a share.

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