Scotiabank – To cut 1,500 jobs

Scotiabank (TSX:BNS) warns that it’s cutting the equivalent of 1,500 jobs companywide – about two-thirds of them in Canada – and taking a number of accounting measures that will cut about $341 million from its profit for the fourth quarter.

Despite the magnitude of the announcement, the bank said it remains on track to meet its 2014 financial objectives. Like Canada’s other major banks, Scotiabank has been extremely profitable – with a total $5.57 billion of net profit in the first three quarters of 2014.

“Today’s announcement is a result of making some difficult but necessary decisions to support our long-term goals,” said Brian Porter, Scotiabank’s president and chief executive officer.

“We are confident that these initiatives will allow us to continue investing in high-growth areas of the bank. Notwithstanding these unusual charges, we remain confident that our 2014 reported results will be within our financial objectives for the full year.”

Chosen excerpts by Job Market Monitor. Read the whole story at Scotiabank to cut 1,500 positions worldwide – National | Globalnews.ca.