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Scotiabank plans to shut 120 branches

Staff writer |
Canada's Scotiabank has announced plans to shut or shrink 120 branches, largely in Mexico and the Caribbean. The company plans to save CAN$120 million.

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The bank said it would close down 35 of its 200 branches in the Caribbean and would sever 1, 500 full-time employees, including 500 from its international operations.

“In some of these countries, we are just over-branched and we have to size it to the economic realities of these economies. The frustration for us across the international footprint is we've had very solid asset growth over the last three or four years, and not all of that has dropped to the bottom line,” said Scotiabank chief executive officer, Brian Porter.

Scotiabank said the closure of the Caribbean branches were due “to the prolonged economic recovery and continued uncertain outlook” and that it had started restructuring initiatives “in order to improve the speed and quality of service it provides its customers, to reduce costs in a sustainable manner, and to achieve greater operational efficiencies.

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