Canada is about to begin a major overhaul of its financial services industry, which will see many major companies, including BSNL, go under as a result of a regulatory crackdown.
In the first week of November, BSNS Canada announced it will be laying off approximately 1,300 people, as it looks to trim its workforce by a quarter.
The cuts, which are expected to take place over the next three to four months, include around 100 employees.
The company has already laid off about 1,600 people across its three major divisions, but has been keeping the number down, and is now aiming to cut down to around 600 people by the end of next year.BSNL will be making the cuts in order to focus on the new digital initiatives, and it will now be able to provide financial advice on an unlimited number of platforms.
As a result, many of the jobs that were previously held by employees will be filled by new staff.
Budget cuts have also been announced at BSN, which has also announced it is laying off around 1,200 people.
In response, BCL Financial is layingoff nearly 500 people as well.
With these cuts, the number of people working at the company has also dropped significantly, to around 1.2 million.
BSN has a $1.9-billion annual turnover, and the company currently operates in five Canadian provinces, with offices in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario and Quebec.
With the cuts, BSK Financial has also made the decision to close its office in Halifax, Nova.
The BSN and BSNl companies are currently the largest in Canada, with more than $5.2-billion in annual revenue.
The companies have a combined market capitalization of about $8 billion.
The changes that will see a number of BSNs biggest businesses, like its cable division, be closed down are due to the regulatory crackdown that was imposed in November 2017.
The crackdown included a number and various other restrictions on the companies ability to provide consumer and commercial products, such as home telephones, internet and wireless, and online shopping.
In response, the company announced that it would be shutting down all of its operations by the middle of 2019.
The news comes after BSN Canada announced that they would be laying-off around 1 and 1.5 million employees as well, in the same week.
BSK is now looking to cut 1,000 employees across its four divisions.BASIC, the Canadian Association of Broadcasters, has been the largest media regulator in Canada for nearly a century, and has made its position clear in its recent report to the House of Commons.
The report states that the CAB’s proposed legislation is a step backwards and will be a disaster for the Canadian broadcasting industry.
The CAB stated that it will also be making decisions to cut jobs in the areas of consumer products, internet, technology, advertising and distribution, in addition to consumer and business services.BSK, which is the second largest Canadian provider of consumer broadband service, has a revenue of about US$5 billion, and as such is considered a major player in the industry.
BASIC’s position is clear, and that is why the CSA has issued a statement condemning the regulatory changes, saying that it “does not agree that the proposed legislation will help consumers”.