Bank of Nova Scotia announced Wednesday it will close all retail branches at the end “by the end” of 2017.
The bank said it expects to close about 400 stores, which include grocery stores and convenience stores, by the middle of this year.
It said the closures would not affect the number of stores in each location.
The announcement comes after months of criticism from the Nova Scotia government over the bank’s slow response to the provincial election in 2016.
The Nova Scotia Bank of Commerce and Industry (NSBC) said Wednesday it is reducing its workforce by more than half.
It said the job cuts are primarily in the retail and wholesale businesses.
The bank said its workforce will also be reduced in other areas.
The province announced in April it would eliminate 10,000 jobs and cut the annual workforce by about 3,200 people in the next three years.
The banks decision comes a day after the government announced it would end its contract with Bank of Montreal and CIBC to run the province’s retail banking services by the summer of 2021.
The federal government is also canceling a planned $15-billion loan from CIBC and Bank of Canada to help pay for the retirement of many seniors.