BCE (BCE), the parent company of Bell Canada, is cutting nearly 700 jobs amid growing signs that the economy is slowing down.
In a statement, Quebec-based BCE said the job cuts are “difficult but necessary.”
BCE says that 650 manager positions at Bell Canada and 40 jobs at its Bell Media subsidiary are being eliminated as part of a corporate restructuring.
The job cuts represent less than 2% of Bell’s total workforce and less than 1% of the Bell Media team, respectively. No unionized workers are impacted by the layoffs.
The workforce reduction comes after BCE previously announced a goal to find $1.5 billion in cost savings by 2028 through a “focus on operational efficiencies.”
The cost savings figure was shared at the company’s investor day last month, where BCE outlined a three-year growth plan focused on fibre, wireless and digital media.
Earlier this year, Bell offered voluntary separation and retirement packages to its unionized employees, aiming to reduce its workforce by around 1,200 jobs.
In 2024, Bell cut 9% of its workforce, affecting about 4,800 jobs, as part of a shakeup that also saw it sell dozens of radio stations and shutdown multiple television newscasts.
BCE’s efforts appear to be working as the telecommunications company recently reported a profit of $4.50 billion for its latest quarter, compared with a loss of $1.24 billion a year earlier.
BCE stock is down 3% this year and down 42% over the past five years. The company’s shares currently trade at $32.37 in Toronto.
