Monday, September 15, 2025

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

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

Scotiabank Sees 55% Drop In Q1 2025 Net Income Following Latin American Sale

Scotiabank (TSX: BNS) reported in Q1 2025 a sharply lower net income of $993 million,...

Tuesday, February 25, 2025, 09:52:00 AM

Scotiabank Falls Short Of Q3 2023 Earnings Estimates

The Bank of Nova Scotia (TSX: BNS), operating as Scotiabank, released its fiscal Q3 2023...

Tuesday, August 29, 2023, 08:19:21 AM

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 Falls Short of Investor Expectations Despite 5.9% Annual Earnings Jump

The Bank of Nova Scotia (TSX: BNS), commonly known as Scotiabank, has released its fiscal...

Tuesday, December 3, 2024, 09:11:48 AM

Scotiabank CEO Sees Canada’s Economic Revival Under Carney

Scotiabank‘s chief executive expressed strong optimism about Canada’s economic prospects, citing recent policy initiatives and...

Wednesday, June 18, 2025, 02:16:00 PM