Coast Capital Savings, a Canadian credit union, has announced some layoffs.
While no specific numbers have been released, a statement to Daily Hive from Coast Capital suggests the move has impacted 4% of its workforce.
According to some numbers from Indeed, Coast Capital employs between 1,000 and 5,000 people, meaning anywhere from 40 to 200 people may have been let go as part of the layoffs.
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Calvin MacInnis, CEO and president of Coast Capital Savings, announced the news via a LinkedIn post.
“Today was hard,” he said.
MacInnis’ suggested that the move was due to the restructuring of the teams at Coast Capital which meant “saying goodbye to some of our colleagues and friends.”
“There isn’t an easy way to make these changes,” MacInnis said.
“This decision points to the changes we need to make to ensure we are successful in meeting our members’ needs – today and in the future. It is in no way a reflection of the contributions of these individuals. They are talented people who have helped make our financial cooperative what it is today.”
MacInnis called on other employers in his network to reach out if they had holes they needed to fill.
“Right now, we’re focused on helping our colleagues and friends through this change while continuing [to] be a trusted financial partner to our members.”
In a statement to Daily Hive, a Coast Capital spokesperson reiterated MacInnis’ words, saying they’re committed to helping those impacted find new roles.
“As Calvin mentioned, these changes are not a reflection of the contributions of the individuals impacted, they are talented people who have each contributed to our organization,” they added.
This year has been a rough one for layoffs across various sectors in BC and Vancouver, but the Vancouver tech scene has been hit particularly hard.
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