Scotiabank signage is pictured in the financial district in Toronto, Friday, Sept. 8, 2023. Scotiabank says it's cutting about three per cent of its global workforce as a result of changes at the bank and customers' day-to-day banking preferences, as well as ongoing efforts to streamline operations.THE CANADIAN PRESS/Andrew Lahodynskyj
TORONTO – Scotiabank says it’s cutting about three per cent of its global workforce as a result of changes at the bank and customers’ day-to-day banking preferences, as well as ongoing efforts to streamline operations.
The bank also says it will take several charges that total $590 million after-tax for its fourth quarter related to the cuts and other changes it is making.
The charges include $247 million after-tax for restructuring and severance provisions and $63 million after-tax related to the consolidation and exit of certain real estate premises and service contracts.
They also include an impairment charge of $280 million after-tax related to its investment in Bank of Xi’an Co. Ltd. as well as the impairment of certain intangible assets including software.
Scotiabank says it will provide further details when it releases its fourth-quarter results on Nov. 28.
The bank had 91,013 employees in its third quarter.
This report by The Canadian Press was first published Oct. 18, 2023.
Companies in this story: (TSX:BNS)
Note to readers: This is a corrected story. An earlier version incorrectly stated Scotiabank’s total workforce number.
