Thread regarding Scotiabank layoffs

Scotiabank Cutting Contractors

Scotiabank is reducing its contractors this fiscal year. Any contractor that has been with the bank for more than 24 months are being told to leave. They will recall those that they want albeit at a 10-15% rate reduction (at a minimum from their previous rates).

Contractors must take 20 furlough days which are officially published and given to the contractors via their agencies. They also added 4 "down-time days" that were not officially communicated via the agencies but the manager they report to at the bank.

Some managers are so disorganized and lack respect for their contractors at the 12 hour (on the day of the downtime that they have to take two days off unpaid). It shows a lack of respect regardless of FTE or contractor. Blaming problems on Outlook or using the "scramble scramble" (which basically means the director is disorganized) is not respectful.

Expect deep cuts for contractors in fiscal year 2020.

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Post ID: @OP+16kmlv7W

7 replies (most recent on top)

As it is almost the end of November, the Bank will most likely cut the contracts in the new year. They don't want the optics of being seen as cutting so close to Christmas.

Barb Mason could not care less about any of the contractors or what they are going through.

  1. 21 furlough days per fiscal year
  2. 4 additional "down-time" days tacked on without proper communication
  3. rate reductions - expect more in 2021.

If you are looking to accept a contract role at BNS stay away for the next few years.

There is talk that once they get rid of the contractors (regardless of what they make) they will start cutting the FTEs starting with llevel 9's and 8s. (anyone who is below a level 7 is safe from these cuts at this time). Any other full time employee should worry.

Post ID: @1Bmfh+16kmlv7W

The bank has already told some contractors that they are ending their contracts if they aren’t willing to take the 30-45% discount the bank needs as they “only made“ cdn$1.3billion this quarter. They believe their contractors are “richer than you think”.
They accepted or proposed another counter offer (which must be accepted). It’s good to know the bank is here for its contractors during recession/pandemic - shows the integrity of the bank.

Post ID: @sdlu+16kmlv7W

Part of the reason is the Bank is maintaining it's dividend policy. In order to pay for it, contractors are being told they will be run over by a 16 wheel truck effectively. Deep cuts to contractor rates and early termination expected by October 31, 2020. Scotiabank was the only bank to miss its earnings target. Expect the cuts to be deep!

No official word about cuts to FTEs in the new year, or about the bonuses that FTEs are expected to get.

If you are looking for a job stay away from Scotiabank right now things are too unstable.

Post ID: @kkdh+16kmlv7W

I got an email that my rate will be cut by 38%, some people have rate cuts of 45% That is a lot. The bank really thinks its contractors are "richer than you think". I expect they will also cut loose a lot of contractors during Corvid19. The contractors are going through a lot of stress at the current time. As we aren't employees these cuts will not be shown in the P&L. I expect a lot of contractors to quit and their contracts ended early.

Barb Mason promised no cuts to FTEs this year so the bank is running over its contractors with a 16 wheel truck before the end of the fiscal year.

FTEs will be cut as well in the new year.

BNS - We are not richer than you think!

Post ID: @hhnx+16kmlv7W

Our director at the bank gave us three weeks notice of these mandated extra “downtime” days, however our agency knew nothing about them. Technically the bank should inform the agency about those extra furlough days (which they are referring to as downtime days). Micheal Zerbs / Brian Porter have already stated that contractor who have been with the bank more than 2 years will be effectively kicked out during the pandemic.

The reason is a legal thing so that they can effectively avoid hiring the contractors who will be told to sit on their hands and wait for a recall which may or may not happen 14 weeks later.

There is a lot of uncertainty for the contractors at Scotiabank (in Canada) at this time

Post ID: @aflu+16kmlv7W

I can confirm this. People on contract have received emails stating that their rates maybe cut. They will be given the option of accepting the cut or quitting. Because the contractors are not employees the rate reduction can’t be seen as a constructive dismissal because contractors are not employees.

The bank has contractors who have been with the bank 4-8 years, however they have not been converted to fulltime. In order to legally protect the bank from any sort of labour action the contractors were forced to incorporate. That incorporated company bills another company, which bills another which bills scotiabank. By having these layers the bank is able to protect itself (its a legal thing). A lot contractors will be thrown under the bus before the end of the fiscal year.

FTEs will be cut in fiscal 2021.

Post ID: @5zpn+16kmlv7W

The jobs are moving to Bogata Colombia. The work will still be done by Scotiabank employees but in Colombia. Because contractors are not employees the bank can reduce costs and say no employees have been cut.

Barb Mason has promised that no FTEs will be cut this fiscal year, however, expect cuts to FTEs in the new fiscal year. No job is safe at the time of fiscal restraint for the bank.

Post ID: @dfx+16kmlv7W

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