The Bank of Canada is planning to eliminate hundreds of jobs, about 10 per cent of its workforce, as part of Prime Minister Mark Carney’s bid to reduce government expenses.

About 225 employees at the central bank will be affected, according to a memo seen by Bloomberg News. The cuts will take place “over the next few months” and be completed by June, it said.

In the note, the bank said it has already lowered non-salary budgets, closed job vacancies and extended early retirement options to employees. But that won’t be enough to reach the 10 per cent budget cost savings the bank committed to by the end of 2026.

A spokesperson for the Bank of Canada said the organization will align with Carney’s request to save money, as it has done with similar programs in the past.

The central bank is c

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