Early Tuesday morning Scotiabank announced
an abrupt $451-million write-down, which will cut roughly 1,500 jobs in order to address cost-reduction plans.

According to the BNS, $148-million of the fourth-quarter provisions will be linked with restructuring and severance costs.

While two-thirds of the job cuts will affect Scotiabank’s Canadian employees, including head-office positions, the majority of the severance costs will be aimed at positions in personal and commercial banking.

Outside of Canada the lender plans to shut or downsize 120 branches in order to save $120-million annually.

The full effects of the write-down won’t be visible until November of the 2016 financial year.