Christine Dobie
(Bloomberg) — The Bank of Nova Scotia is cutting jobs at its Canadian banking unit as part of the company’s efforts to improve long-term profitability.
Aris Bogdaneris, the unit’s head, said in a Thursday memo to staff seen by Bloomberg that the changes announced by the bank “over the past few weeks” were designed to “prioritize only those activities that have the most meaningful impact on our business.”
“I want to acknowledge that a transition of this magnitude is not easy, especially when it means saying goodbye to valued colleagues,” Bogdanellis said in the memo, without specifying how many positions would be eliminated. The memo was first reported by The Globe and Mail.
“Aligning our organization and resources around our key growth areas, including looking for ways to increase efficiency, is part of effectively managing our bank,” spokesman Clancy Zeffman said in an emailed statement.
Zeffman said Scotiabank will continue to invest and prioritize areas that meet customer needs and can generate sustainable growth.
Scotiabank said it will cut 3% of its workforce in 2023 as part of a broad restructuring. Later that year, the bank unveiled a new strategy that included a focus on selling a variety of banking products to customers — a goal reiterated by Bogdanis this week.
“We will continue to deprioritize and eliminate activities that take up too much of our time and add little value to our customers and employees,” he said in the memo.
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Last modified: October 17, 2025
