Central Banking

Bank of Canada outsources 500 jobs

CANADA - The Bank of Canada said on 27 June it has hired Electronic Data Systems Corp. to help run a program that sells Canada Savings Bonds and other types of debt to the public, cutting the central bank's payroll by a third.

The central bank will sack about 55 staff and transfer about 500 to EDS Canada Inc. as part of a $400-million, 9 1/2-year contract that begins on 1 Sept.

EDS, the number two U.S. computer-services company, will provide "back office support," including operating call centr