Nov 04, 2014
By Scott Walker
Scotiabank is reducing its payroll by a thousand positions in Canada as it works to rein in costs.
The pink slips will go out to all divisions within the bank’s workforce.
The bank will also re-structure its foreign operations after losses in Mexico and the Caribbean. 120 foreign branches will close, and Scotiabank will re-focus its offshore operations on growing markets such as Chile and Colombia.
The re-structuring will result in a hit to the bank’s bottom line in the short term. They’re expected to cost $451-million.
Scotiabank CEO Brian Porter has been preaching cost efficiencies since he took over a year ago, even though the bank made a record profit of $6.7-billion last year.