Scotiabank Confirms 2,500+ Job Cuts Across Canada, Part of Major Restructuring

What’s Happening at Scotiabank?

Samfiru Tumarkin LLP first reported in September that Scotiabank was restructuring its Canadian operations, with early indications of job cuts across multiple divisions. Those reports have now been officially confirmed — and new government documents suggest the scale of the cuts is significant.

According to The Globe and Mail and Toronto Star, Scotiabank is laying off up to 2,500 employees in Toronto and additional staff across the country as part of a multi-year plan to streamline costs and refocus operations.

What the Latest Reports Reveal

The Toronto Star uncovered a federal government briefing note prepared by Employment and Social Development Canada (ESDC) that detailed Scotiabank’s intent to terminate nearly 2,500 employees.

Key details from the ESDC document include:

• Scotiabank notified the federal government in February 2025 that it planned to terminate up to 2,495 employees in Toronto, effective June 1, 2025
• The bank reportedly requested waivers for several Canada Labour Code obligations, including:
  • Providing 16 weeks’ written notice to the Head of Compliance and Enforcement
  • Establishing a joint planning committee to minimize job loss impacts
  • Supplying a statement of benefits to affected workers at least two weeks before termination
• The group termination notice was later removed from the government website, with ESDC confirming the posting was made “in error”
• A redacted version of the document is expected to be re-released soon.

Scotiabank’s Response

In a statement to the Toronto Star, Scotiabank spokesperson Claire Dawson said that finding ways to operate more efficiently is “part of managing the bank effectively.”

“We will continue to prioritize and invest in areas that best meet the needs of our clients and deliver sustainable growth,” Dawson said.

Meanwhile, The Globe and Mail previously obtained an internal memo from Aris Bogdaneris, Scotiabank’s head of Canadian banking, confirming that the restructuring aims to:

• Improve collaboration and efficiency
• Enhance its mobile banking capabilities
• Focus growth on acquiring “primary clients”
• Reduce administrative work that “adds little value”

Bogdaneris acknowledged that “a transformation of this scale is not easy,” and thanked departing employees for their contributions.

• SEE ALSO: Layoffs in Canada: Which Employers are Slashing Staff?

Broader Context

The bombshell confirmation follows Scotiabank’s decision earlier this year to require many employees to return to the office four days per week — adding stress for workers already concerned about job stability.

📺 WATCH: Everything You Need to Know About Mass Terminations

Lost Your Job? Get Help Now

📞 Contact Samfiru Tumarkin LLP: 1-855-821-5900 or request a consultation online.

Our experienced employment lawyers in Ontario, Alberta, and British Columbia (BC) have helped tens of thousands of non-unionized individuals resolve their workplace issues, including wrongful dismissals.

If you’ve lost your job at Scotiabank for any reason, don’t panic. We can review your situation, assess your legal options, and help you secure the compensation you’re legally entitled to.

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.