Tag Archive: Scotiabank Cuts 1

on November 4, 2014 in World News

Scotiabank Cuts 1,500 Jobs Amid Venezuela, Caribbean Charges

Scotiabank Cuts 1,500 Jobs Amid Venezuela, Caribbean Charges Bank of Nova Scotia, Canada’s third-largest lender by assets, will take a C$451 million ($396 million) charge as it cuts about 1,500 jobs, writes down its investment in Venezuela and loans sour in the Caribbean. Two-thirds of the job losses will be in Canada, including some head-office positions, the Toronto-based company said in a statement today. Scotiabank will also close or shrink about 120 international branches. Scotiabank also said the charge, which will be taken in the fiscal fourth quarter, reflects a lower exchange rate used to value its stake in a… View Article

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