By Christine Dobby
(Bloomberg) — Bank of Nova Scotia is cutting jobs across its Canadian banking division as part of the firm’s effort to boost long-term profitability.
Changes at the bank announced “over the last few weeks” are designed “to prioritize only those activities that drive the most meaningful impact for our business,” Aris Bogdaneris, who leads the division, said in a Thursday memo to staff seen by Bloomberg.
“I want to acknowledge that a transformation of this scale is not easy, especially when it means saying goodbye to valued colleagues,” Bogdaneris said in the memo, but didn’t specify how many roles are being cut. The memo was first reported by the Globe and Mail.
“Aligning our organization and our resources around our focus areas for growth, including finding ways to be more efficient, are a part of managing our bank effectively,” spokesperson Clancy Zeifman said in an emailed statement.
Scotiabank will continue investing in and prioritizing areas that meet client needs and can produce sustainable growth, Zeifman said.
In 2023, Scotiabank said it was eliminating 3% of its workforce as part of a broad restructuring. Later that year, the lender unveiled a new strategy that included a focus on selling customers multiple banking products — a goal Bogdaneris reiterated this week.
“We will continue to de-prioritize and eliminate activities that take up too much of our time and add little value to our clients and employees,” he said in the memo.
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Last modified: October 17, 2025
