Scotiabank is cutting approximately 3% of its global workforce due to changes at the bank, evolving customer banking preferences, and ongoing streamlining efforts. This move is aimed at optimizing operations and improving efficiency.
The bank will also incur charges totaling $590 million after-tax in the fourth quarter, which are directly related to the staff reductions and other restructuring measures it is implementing. These charges include $247 million after-tax for restructuring and severance provisions, $63 million after-tax for the consolidation and exit of certain real estate premises and service contracts, and a $280 million after-tax impairment charge related to its investment in Bank of Xi’an Co. Ltd., as well as the impairment of certain intangible assets including software.
Scotiabank will provide further details regarding these changes when it releases its fourth-quarter results on November 28.
The bank had 19,275 employees in its third quarter.
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