Pascal Cormier discusses Desjardins’ IT investments, $500 tax break’s limitations
Quebec’s Desjardins Group has made significant strides in technology following a 2019 data breach, committing to substantial IT upgrades. The financial cooperative plans to invest over $8 billion in information systems by 2024, focusing on cybersecurity and customer service improvements.
CEO Pascal Cormier highlighted the group’s efforts post-breach, noting increased cybersecurity spending of about $375 million annually, up from $100-$150 million. With nearly 1,200 employees dedicated to security measures, Desjardins aims to stay ahead in fraud prevention and customer support.
The CEO also addressed the $500 tax break for Quebecers intended to alleviate inflation. While effective as a short-term measure, Cormier emphasized that it won’t solve long-term issues like housing affordability. He’s exploring collaborations with Montreal and the Quebec government to develop affordable housing options, including co-ops and dedicated funds for first-time buyers.
Cormier stressed the importance of preserving housing affordability, warning against intergenerational inequities. He outlined Desjardins’ plans to build affordable homes through innovative solutions like co-operatives, aiming to provide alternatives for those struggling with rising real estate prices.
The article concludes with recommended reading on Desjardins and mortgage rates, offering readers more insights into the cooperative’s strategies and market presence.
