Scotiabank (TSX: BNS) has begun cutting positions in its Canadian banking operations, the latest phase of a sweeping overhaul at the nation’s third-largest lender aimed at boosting profits.
The cuts, which began in recent weeks, are affecting multiple departments, with employees reporting layoffs in information technology roles at mid-level positions, according to social media posts and online forums. The bank has not disclosed the number of positions eliminated or officially confirmed which departments are affected.
Related: Scotiabank Employees Report New Round of Layoffs at Toronto Office
“While I am increasingly optimistic for the future that we are creating together, I want to acknowledge that a transformation of this scale is not easy, especially when it means saying goodbye to valued colleagues,” Scotiabank head of Canadian banking Aris Bogdaneris said in an internal memo seen by The Globe and Mail.
The layoffs come as Scotiabank reorganizes its Canadian operations to accelerate customer acquisition and enhance digital capabilities. The bank said it is eliminating activities that “add little value for clients and staff.”
The bank surpassed Wall Street forecasts in its August third-quarter results, posting adjusted earnings per share of $1.88 against analyst estimates of $1.73. Profitability also improved, with adjusted return on equity climbing to 12.4% compared with 11.3% the previous year.
Read: Scotiabank Grows Q3 2025 Profit 32% As Credit Provisions Ease
The current cuts follow Thomson’s October 2023 restructuring, which eliminated approximately 2,700 positions — about 3% of the bank’s global workforce — ahead of unveiling a strategic plan that shifted resources from Latin America to North American markets.
Scotiabank spokesperson Clancy Zeifman said the bank continues to “prioritize and invest in areas that best meet the needs of our clients and deliver sustainable growth.”
The bank employs approximately 90,000 people globally. Other major Canadian banks, including Royal Bank of Canada and Toronto-Dominion Bank, have also reduced staff this year amid economic headwinds and cost pressures.
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One Response
I think lay offs are meant for repositioning and renewing or refreshing work values that can get heavily personalised throughout careers. It’s very important to have stability in careers but for economic consistent mobility, flexibility and advancement, it would be better for it recycle workforce and invest in the layoffs. Maybe it would be important for them to seek other knowledge paths and contribute in a different form to society or economy. Maybe become consultants or make businesses, etc.