The Laurentian Bank of Canada said on Thursday it was undergoing another strategic review and cutting staff as it works to overcome the effects of a major system outage in September and the subsequent ousting of its chief executive. "I know that the past few months have been a challenging period for the bank with the conclusion of the strategic review and an outage of our mainframe," said Eric Provost, the new CEO, on an earnings call.

The revamp efforts came as the bank reported earnings of $30.6 million, down from a profit of $55.7 million a year earlier. The financial results included a $5.3 million charge related to the mainframe outage and $15.9 million in restructuring and strategic-review related charges. Read more about this story on our LinkedIn page