Thread regarding Scotiabank layoffs


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.

Can anybody confirm this?

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Post ID: @OP+17ldhp5J

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I’m not sure about the person commenting who got their bonus but the ratio was noted this week not the actual bonus. It’s 88% for Scotiabank and 110% for RBC which means Scotiabank employees will get 88% of the bonus they will normally get.

It also means that Porter will slap and cut the rates of contractors many of which were forced to take 35-45% rate cuts even further. After all contractors are “richer than you think”. Contractor jobs especially project manager roles are potentially moving to Colombia in the new year.

Departments with too many level 9s and 8s without underlying staff (including directors without too many FTEs and mostly contract staff) are set to be cut as well. The gravy train of slow work and inefficient work for these employees is over.

Also as noted and confirmed cuts are coming mainly to level 9s and 8s. Anyone who is a level 6 or below is safe at this time.

Post ID: @Wahl+17ldhp5J

We got our bonuses! It wasn't as large as previous years due to the decline in profits. Scotiabank was able to beat market expectations on it's earnings!

Thank you Scotiabank for making our Christmas merry this year. We appreciate the cuts you made to the contingent/contractors in order that we can have a fantastic Christmas to celebrate with our family. Scotiabank truly cares about it's employees.

Post ID: @Vydf+17ldhp5J

The bank has been here for it’s employees. They added extra stress days, monies so we could get a comfortable chair etc. They are truly here for every future of their employees. They are truly a top 50 employer in Canada.

To those contractors complaining, you are not employees, so quit complaining.

Post ID: @zoxl+17ldhp5J

We will still get our bonuses but it will be slightly less.

Christmas parties will be virtual. Some departments are planning to courier tokens of appreciation to their employees (sorry does not include contractors).

The rate reductions that the contractors were forced to take will in part pay for our bonuses. Thank you Scotiabank for looking after your employees during this pandemic. A great employer indeed. The bank has really looked after its own during the pandemic.

Post ID: @svti+17ldhp5J

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