Bank of Nova Scotia (Scotiabank) has been laying off employees across Canada in recent weeks, though it has not disclosed the number of affected workers.
The bank stated in late September that it is “aligning our organization and our resources around our focus areas for growth” and prioritizing efficiency to support sustainable growth.
Aris Bogdaneris, head of Scotiabank’s Canadian business, acknowledged in a memo to staff that “a transformation of this scale is not easy, especially when it means saying goodbye to valued colleagues.” He added that the bank will continue to “deprioritize and eliminate activities that take up too much of our time and add little value to our clients and employees.”
According to employees, layoffs began in September and have affected multiple departments. Human resources staff reported receiving brief, scripted calls with limited opportunity for follow-up questions. Informal discussions revealed that other departments were also impacted.
The layoffs coincide with Scotiabank’s announcement of a return-to-office policy. Other Canadian banks have implemented similar measures; in May, another major bank said it planned to reduce about two per cent of its workforce as part of a restructuring initiative.
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