Scotiabank to Shrink Banking Support Operations in Next 2 Years

  • Toronto-based lender doesn't disclose how many jobs affected
  • Closures come as bank shifts more toward digital banking

Bank of Nova Scotia, Canada’s third-largest lender by assets, will close some back-office support operations in the next two years as it shifts more to digital banking.

The bank’s shared services group, adjudication centers and mortgage operations will face consolidation and closures in “certain locations” as it seeks to bring employees together primarily in two new technology-enhanced hubs in the greater Toronto area, Scotiabank said Thursday in an e-mailed statement. The lender said it didn’t know how many jobs will be affected.

“This is about increasing our ability to serve our customers quickly and efficiently and increasing our use of technology to do that,” bank spokeswoman Diane Flanagan said in a telephone interview. “At the same time, we’re going to be working closely with our employees throughout this transition process to assist them as much as we can.”  

Scotiabank had more than 28,000 employees in its Canadian banking unit as of July 31. The firm said it’s working to increase the use of technology, reduce duplication and shorten turn-around times while minimizing risk to improve customer experience.

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