Scotiabank eliminates about 3,000 roles in late‑2025 restructuring
SOURCENews reportView the filing ↗
What we know
Based on news reporting.
Summary
The 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.
The Bank of Nova Scotia cut 3,000 jobs.
That is roughly 3.3% of the 90,000 people The Bank of Nova Scotia employs.
LayoffTalk has tracked 2 layoff events at The Bank of Nova Scotia since June 2026, including 15 jobs documented in official WARN filings, with 1 additional event known from news reporting.
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