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Scotiabank cutting jobs in efficiency push

The Bank of Nova Scotia is cutting jobs across its Canadian banking unit, with an internal memo not revealing how many roles will be eliminated.
In recent weeks, Scotiabank has been shedding roles to reorganize the division and accelerate execution of the strategic refresh launched in late 2023, targeting primary clients and enhancing mobile capabilities.
Restructuring included exiting real estate holdings and a write-down of the Bank of Xi'an Co. Ltd. investment, marking Scott Thomson's first major expense-cutting move since becoming CEO.
Aris Bogdaneris told staff the bank will provide regular updates in the coming days and months about changes to improve collaboration and speed while eliminating low-value activities, and Clancy Zeifman said efficiency and client-focused investment remain priorities.
Two years ago, Scotiabank reduced headcount by about 2,700 positions as it shifted resources, with 87,317 employees as of the third quarter ended July 31.

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