The Bank of Canada will cut 10% of its workforce and plans to reduce its budget by 15% over the next three years.

Jin10 data reported on November 6, a memo shows that in response to Prime Minister Carney's request to cut government spending, the Central Bank of Canada plans to lay off about 225 employees in the coming months, accounting for 10% of the total workforce, and to complete this by the end of June 2026. This move is an important part of the bank's goal to reduce budget costs by 10% by the end of 2026. In addition, the Central Bank of Canada is also committed to further reducing the budget by 15% between 2026 and 2028 and has pledged to cut an additional 5% of overall spending by the end of 2028.