The Bank of Nova Scotia (Scotiabank) has been laying off employees across Canada in recent weeks as part of a restructuring effort to improve efficiency and refocus on core growth areas. While the bank did not disclose how many workers were affected, internal communications suggest the cuts span multiple departments. In a memo to staff, Scotiabank’s head of Canadian operations, Aris Bogdaneris, acknowledged the “difficult” nature of the transformation but said the bank must streamline operations and eliminate low-value activities.

The layoffs follow Scotiabank’s new return-to-office policy and align with a broader trend of job reductions across Canada’s financial sector. Earlier this year, TD Bank and EQB Inc. also announced workforce cuts amid rising costs and slowing economic growth.

These developments reflect a shift in the Canadian job market, particularly in banking and finance, where institutions are prioritizing cost control, digital transformation, and operational efficiency to maintain profitability in a high-interest-rate environment. For affected workers, the trend underscores growing uncertainty in once-stable white-collar sectors as automation and restructuring reshape the employment landscape.

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.

Naimul Karim’s original article, “Scotiabank is laying off employees across departments” was published in Financial Post on October 17, 2025. Read the Full Financial Post story.

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