Scotiabank (TSX: BNS) employees are reporting a fresh wave of job cuts at the bank’s corporate offices at 44 King Street West, according to social media posts and online forums, though the bank has not officially confirmed the cuts.
Multiple employee accounts posted Thursday describe layoffs affecting information technology departments, particularly staff at levels 6-9, with some reports indicating early retirements are being pushed. The reports suggest cuts have been unfolding for several weeks.
The Bank of Nova Scotia, which ranks as Canada’s third-largest bank by assets, has not responded to requests for comment about the reported layoffs. The bank’s media relations team could not immediately be reached.
The reports emerge during broader restructuring at Scotiabank. In August, the bank cut positions in its US and Asia Pacific investment-banking units, dismissing several senior executives. That followed a major October 2023 announcement in which the bank said it would eliminate approximately 2,700 jobs — representing roughly 3% of its global workforce.
Bank employees posting on TheLayoff.com and other forums have indicated that IT departments face substantial cuts as divisions prepare budgets for the new fiscal year.
Canadian banks have been reducing expenses amid economic headwinds and regulatory pressures. Scotiabank maintains a global workforce of approximately 90,000 employees.
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