The bank said it will reduce its workforce by one to two per cent over the next quarter, on top of the one per cent—or 645 full-time staff—it already shed in the last quarter. (The Logic)

Talking point: Canada’s largest bank is laying off workers despite higher-than-expected revenue for the last quarter. Revenue increased 19 per cent, to nearly $14.5 billion, compared to the same period last year. But expenses also spiked. Those were up 23 per cent, reaching nearly $7.9 billion, driven in part by higher staffing costs including bonuses and other incentives. CEO Dave McKay said on an earnings call in May that the company had overhired. McKay, who has asked employees to return to offices up to four days a week, has blamed remote work for a lack of productivity and innovation.