Scotiabank to Cut 3% of Staff as CEO Thomson Plots New Direction

Bank of Nova Scotia will dismiss 3% of its employees and take a writedown on its investment in a Chinese bank in a broad restructuring that underscores new Chief Executive Officer Scott Thomson’s focus on cutting costs. It could also be sign that job cuts are coming at other Canadian lenders.

The reductions amount to about 2,700 jobs, based on the Canadian bank’s staff count as of July 31. Toronto-based Scotiabank said it will take a C$590 million ($432 million) charge in its fiscal fourth quarter, equal to 49 Canadian cents a share.

Scotiabank CEO Scott Thomson

Source: Scotiabank

Shares of Scotiabank, Canada’s third-biggest ...