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.
If you’re a non-unionized employee, check out our Scotiabank Layoffs guide.
You can also use our free Pocket Employment Lawyer tool for real-time insights.
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About the Author
Lior Samfiru
Lior Samfiru is a Founding Partner at Samfiru Tumarkin LLP and the Practice Leader of the firm’s Labour & Employment Law Group. Known for his advocacy and success representing both employees and employers, Lior exclusively serves clients in Ontario, where his extensive experience has made him one of Canada’s most sought-after employment lawyers.
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