The Globe and Mail reports in its Friday edition that Laurentian Bank of Canada's profit plummeted as it booked fourth quarter charges tied to a September system outage that led to the ousting of its chief executive officer, and restructuring efforts as it prepares to release an updated plan aimed at cutting expenses. The Globe's Stefanie Marotta writes that the bank's net income slid 45 per cent to $30.6-million for the quarter ended Oct. 31 after it reimbursed customers that were unable to access their accounts during a multiday systems crash, and adjusted its strategy after years of underperformance. In mid-October, the bank removed chief executive officer Rania Llewellyn. Newly installed CEO Eric Provost said Laurentian will launch a new plan in the spring of 2024 that will focus on improving its performance after "many years without results." The updated strategy would see the bank become more customer-focused, cut costs by simplifying its operations and improve technology platforms that could also boost revenue. Laurentian posted adjusted profit of $1 per share, missing the $1.16 that analysts expected. A pretax charge of $5.3-million linked to the system outage reduced its earnings by 99 cents a share.