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Scotiabank announces layoffs

By Adam Riley Oct 19, 2023 | 2:08 PM

PiggyBank / Unsplash

Canada’s third largest bank has announced it will be cutting back on its workforce in an effort to restructure.

Approximately 2,700 people or three percent of Scotiabank’s workforce will be laid off as the financial institution attempts to navigate the economic challenges Canadian banks currently face.

Additionally the layoffs come as a result of its push for end-to-end digitization, automation and adapting to the day-to-day banking preferences for customers.

It will also be consolidating its real estate and contract costs of its branches, which could lead to the amalgamation or closure of some branches, however there is no indication at this time as to where they may occur.

Scotiabank says the restructuring comes amid efforts to streamline its operations and create capacity to invest in growth opportunities.

This marks the latest bank to announce job cuts, as RBC earlier this quarter it would be shedding two percent of its full time staff.