Scotiabank to Cut Jobs in Canadian Banking Unit
Bank of Nova Scotia is cutting jobs across its Canadian banking division to boost long-term profitability.
According to a memo to staff by Aris Bogdaneris, who leads the division, the changes are designed to "prioritize only those activities that drive the most meaningful impact for our business."
"I want to acknowledge that a transformation of this scale is not easy, especially when it means saying goodbye to valued colleagues,"
Although the exact number of roles being cut was not specified, the move is part of the firm's effort to increase profitability.
Author's summary: Scotiabank cuts jobs in Canada for profitability.