Scotiabank

Scotiabank is laying off staff across its Canadian banking unit as part of its multiyear strategic turnaround plan launched in late 2023. The restructuring aims to accelerate execution of the refresh and improve efficiency in acquiring primary clients and enhancing digital capabilities.

Headcount undisclosed

Scotiabank has reportedly conducted a new round of layoffs at its Toronto office, with positions being eliminated. According to reports, these roles are being outsourced to lower-cost foreign countries including India, the Philippines, and Latin American nations.

Scotiabank laid off approximately 2,495 employees in Toronto on June 1, 2025, after notifying the federal government of the group termination in late February. The bank had requested waivers from certain Canada Labour Code obligations, though the government confirmed the employer met its obligations under the code.