The Bank of Nova Scotia
The Bank of Nova Scotia (Scotiabank) is a Canadian multinational bank providing a range of personal, commercial, corporate and investment banking, wealth management and insurance products and services. It operates globally with a strong presence in Canada, Latin America, the Caribbean and parts of the Asia-Pacific region.
Layoff timeline
2 EVENTSThe Bank of Nova Scotia (Scotiabank) completed a restructuring program late in 2025 that eliminated about 3,000 roles as part of a push to improve efficiency and reallocate capital. CEO Scott Thomson said the multi‑month effort resulted in "Three thousand people ended up leaving the building," and the bank recorded roughly $373 million in restructuring charges and severance tied primarily to global workforce reductions. The cuts were concentrated in parts of the business not central to the bank's new strategic priorities and intended to boost the value of the Canadian bank amid mounting cost pressures and shifting growth bets. Management said it does not anticipate additional charges and will continue focusing on efficiency and technology investments.
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