More cuts in Canadian financial job market

TORONTO, Nov. 12 (UPI) -- The global financial crisis claimed more jobs in Canada's financial district in Toronto as a major mutual fund company announced 60 job cuts.

CI Financial, which employs 1,700 people, said it will spread out the layoffs in a bid to save $9 million in the fourth quarter, company President Stephen MacPhail told the Toronto Star.

He said Tuesday there were other plans to save $33 million next year after the company reported a year-over-year 18 percent decline in profits in the third quarter.

The international market instability in recent months has resulted in numerous other layoff's in Canada's financial capital known as Bay Street, the Star said.

Last month, the AIC privately owned mutual fund company cut 53 jobs from its 290-person workforce, while investment dealer GMP Capital laid off 37 people. Brokerage Canaccord Capital not only cut about 170 jobs but reduced executive salaries by as much as 20 percent, the report said.

Among major international financial firms, Royal Bank of Canada said it was outsourcing about 280 "back-office" jobs to India, while BMO Capital Markets and CIBC World Markets each announced cuts of 150 jobs, the Star said.