Reduction to FTE staff in new fiscal year.

Scotiabank is preparing to cut it's FTE staff in the new fiscal year as departments prepare the new budgets. The bank has already determined which contractors to cut including rates. Management meetings are on-going to determine which FTEs to cut in the new fiscal year.

Cuts to FTEs will occur not only due to COVID19, but also as part of the cost reduction related to the US$127.5 million fine they have to pay related to the metals markets manipulation. This may cut significantly into the EPS of the bank which is expected to be down as a result in the downturn in the market.

The bank has asked it's FTE staff not to comment or forward any articles related to fraudulent activities (published in the Media) conducted by the bank. I suppose the bank is "Richer than you think".

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In our meeting for our section the VP brought up the fact that people are worried about layoffs/cuts. The VP has indicated that there are no layoffs that they are away off. This doesn’t seem consistent from what I have been hearing in other sections at the Bank and from various website blogs. I think our VP is lying. We will most likely hear in the new year about these cuts after the Christmas holidays.

Cuts to FTEs in the new calendar year confirmed. The Bank is completing the list of employees that it will cut in the new year. If you aren’t “buddy buddy” with your VP you will more likely be cut (applies to level 9 and 8).

As part of the fiscal restraint these cuts will occur in January. Don’t spend your Christmas bonus all in one place. Remember the bank isn’t your friend and it isn’t there “For every future”. Scotiabank will toss you out like yesterday’s newspaper.

Our VP said employees will still get payouts (bonus etc). It will be less than previous years. I was worried we wouldn't get any bonuses because of the cuts to the contractors. Scotiabank thanks for looking after us as we look forward to this bonus at Christmas time.

Any word about cuts in the new calendar year?

At bankers meeting Porter confirmed they will resume paused job cuts. Per internal messaging it will occur in the new year. Executive bonuses are on schedule to be payed out.

https://ca.finance.yahoo.com/news/canadian-banks-return-focus-cost-164203148.html

Scotiabank workers don’t spend too much on Christmas gifts. You aren’t richer than you think.

Any details regarding cuts to FTEs in the new year? We know the Bank is making cuts to the contractors to show good results and to help with the exec bonuses.

FTE = Full-Time Employee (An employee with regular pay, benefits, bonus, and pension etc.)

What's FTE

Thread regarding Scotiabank layoffs

Reduction to FTE staff in new fiscal year.

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