Scotiabank has decided to reduce its workforce by almost 3% of its 90,000 employees worldwide.
The Toronto-based bank made the announcement on Wednesday morning.
This layoff is explained in particular by the financial institution’s “complete digitalization and empowerment initiatives” as well as new customer preferences for everyday banking.
The restructuring costs and provisions for severance payments – amounting to $247 million – will be covered by Scotiabank.
At the time of writing, Scotiabank was unable to indicate how many jobs in Quebec will be affected by this restructuring.