Scotiabank Cuts 827 Jobs Over Three Months in Restructuring
Toronto-based lender has 1.7% fewer employees than year ago
CEO Brian Porter has been pursuing digital transformation
Bank of Nova Scotia eliminated 827 jobs since the end of April, mostly in its Canadian business, as the lender reorganized to adapt to consumers embracing digital technology.
The company had 88,783 workers in the fiscal third quarter, which ended July 31, down from 89,610 in the second quarter, when the bank took a C$278 million ($213 million) restructuring charge to cover the cost of job cuts and other productivity measures. The Toronto-based bank had 1,571 fewer employees than a year ago, a 1.7 percent reduction, according to financial disclosures Tuesday.
Chief Executive Officer Brian Porter said in April that he’s reorganizing to address “significant ongoing shifts” by consumers toward banking by mobile phones, tablets and computers while streamlining the lender’s operations. Those efforts included unspecified job cuts across the firm, including Canadian banking and wealth management, as well as 400 jobs in information technology.
Canadian banking had 25,436 employees at the end of April, down 929 from the second quarter, while international banking had 114 fewer workers. The capital-markets business was up five employees to 2,587.
Bank of Montreal was the only other company among Canada’s five biggest banks to reduce its ranks in the third quarter, with 102 fewer employees since the end of April, according to financial statements.