Scotiabank has confirmed new job cuts as part of efforts to improve operational efficiency. While the bank has not disclosed the number of positions affected, the move follows a 2023 workforce reduction that saw roughly 2,700 jobs—about 3% of its global staff—eliminated.

As of July 31, 2025, Scotiabank employed over 87,000 people worldwide. The bank says it will continue to invest in areas that align with client needs and support long-term growth, despite the job cuts.

This announcement comes amid broader uncertainty in the Canadian job market, where high interest rates and global economic pressures have led several financial institutions and corporations to trim workforces. Analysts suggest the cuts reflect both cost-control measures and the ongoing digital transformation across the banking sector, which is reducing demand for some roles while increasing emphasis on tech-focused talent.

Have you been laid off by Scotiabank in Canada? Contact our employment lawyers today. Our legal team offers a free consultation and works on a contingency basis—there are no fees unless you win your case.

The Canadian Press’ original article, “Scotiabank cutting jobs in efficiency push” was published in CTV on October 17, 2025. Read the Full CTV News story.

We cannot assist unionized employees, and if you are a member of a union, you should speak to your union representative before consulting with a disability lawyer about your workplace issue.