$6.7 Billion profit in 2013 . . . Scotiabank to cut 1,000 Canadian jobs

[(ಠ_ಠ)]

I dumped ING Direct as soon as it was bought up by Scotiabank . . . . the greed
of banks never ends. And I don't want to be contributing to their profit lines.
_____________________________________________________

December 6, 2013:
^^^^^^^^^^^^^^^^

Scotiabank Reports Record 2013 Annual Net Income of $6.7 Billion
http://www.cbc.ca/news/business/scotiabank-annual-profit-hits-record-6-7b-1.2453416


Today: CBC News Posted: Nov 04, 2014
^^^^^


Scotiabank to cut 1,500 jobs amid restructuring charges

Scotiabank will cut 1,500 jobs, including about 1,000 in Canada, as it reduces
head-office staff and eliminates some of its international branches.

The bank said Tuesday it will take a total of $451 million in pre-tax charges
in the fourth quarter.

The bank plans to centralize and automate some of its Canadian branch
functions, and reduce some of its wealth-management operational support.

Scotiabank will also close or downsize approximately 120 branches in its
international banking division.

Analysts said the move is probably the right one in the long run, but expected
some weakness in the stock as a result of the dour job news on Tuesday.

"The charges come at a time when the Canadian banks have seen an almost
wholesale changing of the guard at the top of the house," Barclays analyst John
Aiken said in a note to investors. Many of Canada's big banks have changed CEOs
in the past year, so a move to fire people early in the tenure of the new CEO
by Scotiabank could be a sign that others are planning similar moves.

"This is the close of his first fiscal year at the helm," Aiken said.
"Investors may rightfully be concerned that Scotia’s announcement may signal a
greater than usual house cleaning in the fourth quarter, in order to set the
stage for the new class of CEOs."

The bank said it will book a restructuring provision of approximately $148
million in the fourth quarter, mainly to cover employee severance costs.

The bank expects to save $120 million annually as a result of the
restructuring, but the full benefits won't be seen until 2016.

As of the end of the bank's third quarter, it had almost 87,000 employees
worldwide, including more than 36,700 in Canada.
________________________________

BMO quietly cut 1,000 jobs at end of 2013
Bank job cuts have little to do with sky-high profits

[Alan Baker]

Post by (ಠ_ಠ)
I dumped ING Direct as soon as it was bought up by Scotiabank . . . .
the greed of banks never ends. And I don't want to be contributing to
their profit lines.

So your contention is that no profitable company should ever eliminate a job?

Do you ever change where you shop, Karen?

Do you pick where you shop in the first place based on how many people
you're dollars are keeping employed?

Somehow, I doubt it.

Post by (ಠ_ಠ)
_____________________________________________________
^^^^^^^^^^^^^^^^
Scotiabank Reports Record 2013 Annual Net Income of $6.7 Billion
http://www.cbc.ca/news/business/scotiabank-annual-profit-hits-record-6-7b-1.2453416
Today: CBC News Posted: Nov 04, 2014
^^^^^
Scotiabank to cut 1,500 jobs amid restructuring charges
Scotiabank will cut 1,500 jobs, including about 1,000 in Canada, as it
reduces head-office staff and eliminates some of its international
branches.
The bank said Tuesday it will take a total of $451 million in pre-tax
charges in the fourth quarter.
The bank plans to centralize and automate some of its Canadian branch
functions, and reduce some of its wealth-management operational support.
Scotiabank will also close or downsize approximately 120 branches in
its international banking division.
Analysts said the move is probably the right one in the long run, but
expected some weakness in the stock as a result of the dour job news on
Tuesday.
"The charges come at a time when the Canadian banks have seen an almost
wholesale changing of the guard at the top of the house," Barclays
analyst John Aiken said in a note to investors. Many of Canada's big
banks have changed CEOs in the past year, so a move to fire people
early in the tenure of the new CEO by Scotiabank could be a sign that
others are planning similar moves.
"This is the close of his first fiscal year at the helm," Aiken said.
"Investors may rightfully be concerned that Scotia’s announcement may
signal a greater than usual house cleaning in the fourth quarter, in
order to set the stage for the new class of CEOs."
The bank said it will book a restructuring provision of approximately
$148 million in the fourth quarter, mainly to cover employee severance
costs.
The bank expects to save $120 million annually as a result of the
restructuring, but the full benefits won't be seen until 2016.
As of the end of the bank's third quarter, it had almost 87,000
employees worldwide, including more than 36,700 in Canada.
________________________________
BMO quietly cut 1,000 jobs at end of 2013
Bank job cuts have little to do with sky-high profits

[Barry Bruyea]

Post by (ಠ_ಠ)
I dumped ING Direct as soon as it was bought up by Scotiabank . . . . the greed
of banks never ends. And I don't want to be contributing to their profit lines.

Then I guess you don't want the largest taxpaying entities in Canada
to continue to help maintain your lifestyle. Do you ever get tired of
shooting yourself in the foot?

Post by (ಠ_ಠ)
_____________________________________________________
^^^^^^^^^^^^^^^^
Scotiabank Reports Record 2013 Annual Net Income of $6.7 Billion
http://www.cbc.ca/news/business/scotiabank-annual-profit-hits-record-6-7b-1.2453416
Today: CBC News Posted: Nov 04, 2014
^^^^^
Scotiabank to cut 1,500 jobs amid restructuring charges
Scotiabank will cut 1,500 jobs, including about 1,000 in Canada, as it reduces
head-office staff and eliminates some of its international branches.
The bank said Tuesday it will take a total of $451 million in pre-tax charges
in the fourth quarter.
The bank plans to centralize and automate some of its Canadian branch
functions, and reduce some of its wealth-management operational support.
Scotiabank will also close or downsize approximately 120 branches in its
international banking division.
Analysts said the move is probably the right one in the long run, but expected
some weakness in the stock as a result of the dour job news on Tuesday.
"The charges come at a time when the Canadian banks have seen an almost
wholesale changing of the guard at the top of the house," Barclays analyst John
Aiken said in a note to investors. Many of Canada's big banks have changed CEOs
in the past year, so a move to fire people early in the tenure of the new CEO
by Scotiabank could be a sign that others are planning similar moves.
"This is the close of his first fiscal year at the helm," Aiken said.
"Investors may rightfully be concerned that Scotia’s announcement may signal a
greater than usual house cleaning in the fourth quarter, in order to set the
stage for the new class of CEOs."
The bank said it will book a restructuring provision of approximately $148
million in the fourth quarter, mainly to cover employee severance costs.
The bank expects to save $120 million annually as a result of the
restructuring, but the full benefits won't be seen until 2016.
As of the end of the bank's third quarter, it had almost 87,000 employees
worldwide, including more than 36,700 in Canada.
________________________________
BMO quietly cut 1,000 jobs at end of 2013
Bank job cuts have little to do with sky-high profits
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