Scotiabank Makes Cuts in US and Asia Pacific Investment Banking Divisions

What’s Going on at Scotiabank?

The Bank of Nova Scotia has carried out a series of cuts in its US and Asia Pacific investment banking divisions, sources told Bloomberg News. The layoffs will likely impact a number of Canadian employees.

Cuts this month included multiple managing directors and significant reductions to the bank’s US health-care team.

The Canadian lender also confirmed it is closing smaller investment banking operations in Hong Kong and Australia as part of its international restructuring.

Official Statements and Internal Context

In an emailed statement, Scotiabank spokesperson Katie Raskina said:

“We continue to remain focused on growing in the US As part of our regular business planning process, we have made a limited number of personnel changes affecting a small group of employees. These changes reflect ongoing efforts to ensure that our teams are structured effectively to support our long-term business objectives.”

On the Asia Pacific changes, Raskina added that the closures are a “strategic decision to align our business to our global strategy” and not a reflection on market conditions or employees.

Under CEO Scott Thomson, Scotiabank has prioritized Canada, the US, and Mexico, while reevaluating its global footprint.

Recent leadership changes include:

• Travis Machen, former Morgan Stanley banker, as Group Head of Global Banking and Markets.
• Matt Eilers, former UBS executive, hired as global co-head of corporate and investment banking in New York.
• Dany Beauchemin as co-head based in Toronto.

Meanwhile, Mark Mulroney, vice chair of global banking and markets and son of former Prime Minister Brian Mulroney, left this week to join CIBC as global vice chair.

Industry-wide Trend

Scotiabank joins other global financial institutions trimming headcount as they respond to market uncertainty, rising costs, and the growing role of technology.

In 2024 and 2025, firms including Morgan Stanley, Edward Jones, and UBS have implemented similar job cuts in international markets.

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Your Severance Rights as a Scotiabank employee in Canada

If you’re a non-unionized Scotiabank employee in Canada impacted by a layoff or restructuring — fired without cause or for cause — you may be owed as much as 24 months of severance pay.

A fair package should include:

• Salary
• Bonuses or commissions
• Pension and benefits contributions
• Stock options or incentive pay
• Vacation pay and allowances

What to Do If Scotiabank Cuts Affect You

Whether you’ve already been let go or suspect it’s coming soon, here’s what to do right now:

1. Do not sign anything without legal advice — severance packages in Canada are often inadequate.
2. Collect documents, including your employment contract, offer letters, termination notices, text messages, and internal emails.
3. Use our FREE Severance Pay Calculator to estimate what you’re actually owed.
4. Talk to Samfiru Tumarkin LLP employment lawyer who understands the tech sector.

Protect Your Career — Before It’s Too Late

At Samfiru Tumarkin LLP, we’ve represented more than 50,000 Canadians, including Scotiabank employees and people at other major banks and financial institutions. Our team has recovered tens of millions of dollars for our clients since 2007.

Our nationally recognized employment lawyers in Canada secure stronger severance packages and resolve workplace disputes — usually without going to court.

📞 Call us today at 1-855-821-5900 or request a consultation online today.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and SHOULD NOT be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.