The Bank of Nova Scotia is set to trim its global workforce by about three percent, equating to approximately 2,700 jobs, in response to operational shifts and changing customer preferences. This decision stems from an ongoing initiative to streamline operations.
The restructuring move will lead to a $590 million hit to earnings in the fourth quarter, encompassing a restructuring charge, severance provisions, and a writedown on an investment in a Chinese bank.
Royal Bank of Canada analyst, Darko Mihelic, views these measures as part of Scotiabank’s strategic realignment, not raising concerns about capital impact.
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