Scotiabank Cuts 3% of Staff, Streamlining Banking Operations

The Bank of Nova Scotia (Scotiabank) is scaling back its staffing levels.

In a news release on Oct. 18, the bank announced that it’s reducing its global workforce by approximately three per cent.

Scotiabank said the decision to lay off staff comes as “customers’ day-to-day banking preferences” continue to change and the company looks for ways to “streamline operational processes.”

The restructuring charge is one of several charges that are expected to impact the bank’s fourth-quarter results by roughly $590 million after-tax.

While $247 million after-tax will involve “severance provisions“, other charges include:

• $63 million after tax related to the consolidation and exit of certain real estate premises and service contracts.
• An impairment charge of $280 million after tax related to Scotiabank’s investment in Bank of Xi’an Co. Ltd.

The bank said that it will provide more information when it releases its fourth-quarter results on Nov. 28.

According to reports, Scotiabank employed more than 19,000 people in its third quarter.

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