Vancity lays off 200 employees

Canada’s largest community credit union is announcing layoffs.

Vancity says 200 employees — representing about seven per cent of its workforce — have been let go as part of a restructuring.

President and CEO Wellington Holbrook says the decision was “incredibly difficult” but necessary.

“We need to align Vancity’s business with our current market conditions, and we also need to support a future-focused renewal of our commitment to members and community,” Holbrook said.

“The reorganization and change we’re implementing will enable us to maintain high-levels of member service and also invest in our continued growth, innovation and success as Canada’s largest community credit union.”

Vancity has over 50 branches in the Lower Mainland, Victoria, Squamish, and Alert Bay.

The group has not specified what divisions or positions were affected.

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