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Vancouver-based Vancity credit union lays off 200 employees

The credit union has more than 50 branches in B.C.

Vancity's president says seven per cent of its staff has been laid off. 

The Vancouver-based credit union described the layoffs as organizational changes in a statement Thursday (June 13).

Vancity president Wellington Holbrook said earlier in the day the leadership team held an all-staff meeting "to announce difficult changes involving organizational restructuring." Nearly 200 of Vancity's 2,500-plus employees have been laid off. 

In the statement, Holbrook said the layoffs are essential for two reasons: "to align Vancity's business with our current market conditions and we also need to support a future-focused renewal of our commitment to members and community."

Vancity is a cooperative with more than 560,000 member owners. There more than 50 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay.

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