Scotiabank to Cut Jobs in Canadian Banking Unit
Bank of Nova Scotia is reducing its workforce in the Canadian banking division to increase long-term profitability.
According to a memo by Aris Bogdaneris, the division leader, the changes aim 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 job cuts was not specified, the decision is part of the firm's effort to boost profitability.
Author's summary: Scotiabank cuts jobs for profitability.