Scotiabank to cut 1,500 jobs, close 120 branches

Cuts hit mostly personal and commercial banking sectors

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.

About this article

By: Brad Garcia
Copy editor: Christopher Lum
Posted: Nov 5 2014 10:48 am
Filed under: Business News Briefs

1 Comment on "Scotiabank to cut 1,500 jobs, close 120 branches"

  1. Am curious if the Scotia CEO will also take a cut in his more than $ 10 million annual salary.

Comments are closed.