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A spokeswoman, Susan Terpay, declined to discuss the severance costs.
It also had $1 billion in severance costs.
The bank said it expected to take a charge to cover severance costs in 2004.
It said its recent loss included severance costs of $4.5 million, or 20 cents a share.
The Canadian union estimates that severance costs will total about 400 million Canadian dollars.
Severance costs, for example, proved to be lower than Nortel anticipated.
The company will also have $7 million in severance costs this year and next.
The company, based in Murray Hill, N.J., said most of the charge stemmed from severance costs.
Agilent Technologies Inc., a maker of testing and measurement equipment, had a fourth-quarter loss partly because of severance costs.
Excluding severance costs and write-downs, Reader's Digest said it would have had a profit of 5 cents a share.
AT&T said it would take a charge of about $600 million in the fourth quarter related to severance costs.
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