The Bank of Canada will lay off 10% of its employees, while the country's Prime Minister, Carny, seeks to reduce spending in the fall budget report.

A memo shows that the Bank of Canada plans to lay off 10% of its workforce, affecting around 225 employees, in response to Prime Minister Carney's request to cut government spending. The layoffs will take place over the next few months and are expected to be completed by the end of June 2026. This is part of the bank's efforts to achieve a 10% reduction in budget costs by the end of 2026. The bank is also committed to achieving a 15% budget cut from 2026-28, and has promised to further reduce company-level spending by 5% by the end of 2028.