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Scotia cuts

Tony Best

Scotia cuts

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SOME OF SCOTIABANK’S branches here may be closed and workers displaced in a major restructuring plan announced by the Canadian bank.

As many as 35 branches of the bank’s 200 branches in the region are to be closed or downsized, said the bank. The bank will also be writing down CAN$109 million loan losses in the Caribbean.

In total, the restructuring plan will result in 1 500 staff being laid off in Canada, the Caribbean and elsewhere, and closure or shrinkage of 120 branches overseas.

The changes were announced by Brian Porter, Scotiabank’s chief executive officer, on Tuesday.

Please read the full story in today’s DAILY NATION, or in the eNATION edition.