Sunday, August 24, 2025

Latest

Scotiabank To Cut 3% Of Staff Globally

Scotiabank (TSX: BNS) is expecting a rough fourth quarter financially, disclosing this morning that it will be taking several charges as it looks to right size its operation.

First and foremost, the company anticipates a restructuring charge of $247 million to be taken during the quarter on a post-tax basis, which relates to workforce reductions of 3% globally. The reductions, which are not believed to have been previously disclosed, is a result of end-to-end digitization, automation, and a change in day to day banking preferences among consumers.

As of July 31, Scotiabank had 91,013 full time equivalent employees, meaning a 3% reduction would amount to an estimated 2,730 jobs.

At the same time, the company will see post-taxes charges of $63 million related to the consolidation and exit of certain real estate locations and service contracts. Savings from both efforts are expected to be achieved through fiscal 2024.

READ: Scotiabank Falls Short Of Q3 2023 Earnings Estimates

Separately, an impairment charge of $280 million related to an investment in Bank of Xi’an Co Ltd is also expected to be taken during the quarter, as a result of the market value remaining below the carrying value for an extended period of time.

The total impact is said to be $590 million on an after-tax basis, or $0.49 per share.

Further details are slated to be provided at the time of release of the firms fourth quarter results.

Scotiabank last traded at $59.95 on the TSX.


Information for this briefing was found via Cedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

G Mining Q2 Earnings: Costing Gone Wild

Aya Gold Q2 Earnings: Production Slips Amid Ramp Up

i-80 Gold Q2 Earnings: Better, But Not Great

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

Related News

The Canadian Banking Oligopoly

When the Bank of Canada paused its overnight rate last week at five percent, it...

Saturday, September 16, 2023, 09:00:00 AM

Scotiabank Skips Regular Dividend Increase Amidst Weaker Q2 2024 Earnings

The Bank of Nova Scotia (TSX: BNS), commonly known as Scotiabank, has decided to forego...

Tuesday, May 28, 2024, 10:26:57 AM

Scotiabank Q4 Earnings: A Mixed Bag

Well folks we’ve got our first set of bank earnings out and the market didn’t...

Saturday, December 7, 2024, 03:37:00 PM

Scotiabank Calls for 100 Basis-Point Rate Hike, Warns of Recession in Early 2023

Scotiabank is sounding the alarm over the downward trajectory of the Canadian economy, warning of...

Tuesday, October 18, 2022, 05:35:56 PM

Scotiabank Q2 2025 Profit Dips as Credit Provisions Surge 39%

Scotiabank (TSX: BNS) has reported their Q2 2025 financials, headlined by a net income of...

Tuesday, May 27, 2025, 10:27:04 AM