Scotiabank’s Workforce Transformation: A Year of Layoffs Amid Corporate Restructuring
Scotiabank Announces Layoffs Across Multiple Departments Amid Organizational Transformation
By Naimul Karim | Published October 17, 2025
Scotiabank—the Bank of Nova Scotia—has started layoffs in Canada. The bank did not reveal the number of positions. Sources confirm that layoffs have run since September.
A Strategic Shift Towards Efficiency and Growth
The bank shifts focus. Scotiabank uses its resources to grow and work more efficiently. In a statement late in September the bank said it must manage resources well to serve clients and keep growth steady.
“Aligning our organization and our resources around our focus areas for growth, including finding ways to be more efficient, is a part of managing our bank effectively,” the bank said. “We will continue to prioritize and invest in areas that best meet the needs of our clients and deliver sustainable growth.”
Aris Bogdaneris, head of Scotiabank’s Canadian business, sent a memo to staff. He said a change this big is hard. He noted the bank must cut back on tasks that take time and add little value.
Employee Experiences and Communication
Employees got short, tight messages. One HR team member said a call informed them about the staff cuts, but there was little chance to ask questions. Staff talk shows that cuts come from many parts of the bank.
Return-to-Office Policy and Broader Industry Context
The layoff news came after a return-to-office announcement. This marked a big change after long remote work. Scotiabank is not alone. In May, Toronto-Dominion Bank cut about two percent of its workforce as changes began.
Looking Ahead
Scotiabank now aims to blend efficiency with client needs and growth. The bank has not given more details on further cuts or future changes.
These events mark a clear shift in Canada’s financial world. Banks adjust as economic and work-place trends evolve.
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