Scotiabank can’t yet say whether a company-wide restructuring will mean job losses at its Flin Flon branch.
The banking giant announced Tuesday it will slash roughly 990 positions in Canada by boosting efficiency, cutting head office positions and changing its leadership structure.
Scotiabank spokesperson Andrew Chornenky said that due to the company’s ongoing efforts to place affected employees, there is no detailed information on local impacts at this time.
Chornenky said the restructuring is part of a continuing initiative that has been communicated to employees for “quite some time.”
The process has now been accelerated, he said, with many of the job reductions managed through attrition and job placement.
While Scotiabank is trying to place impacted employees elsewhere within the company, Chornenky said a provision has been set aside for a severance and transition program.
Enhance service
He said the restructuring is about “enhancing service to our customers while reducing structural costs,” adding the company will invest in efforts to improve the speed and quality of service for clients.
In a news release, Scotiabank said changes at Canadian branches will relate to recent initiatives to centralize and automate several mid-office functions, as well as reductions in wealth management operational support.
In addition to job cuts in Canada, Scotiabank expects to trim about 510 positions at international locations. It will also downsize or close about 120 non-Canadian branches.
The complete restructuring is expected to save Scotiabank about $120 million in ongoing costs, benefits that will be partially realized in 2015 and fully realized in 2016.
