Some might call me blind or an id--t, but I didn't see it coming. I certainly didn't expect that nearly 3k people will be laid off. I know one thing for sure, after this, I'll be expecting layoffs every week. Which is a problem in itself, but that's how it feels at this moment at least.
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I'm not surprised at all by this. Over the years the Bank acquired multiple companies in numerous countries without necessarily integrating or reducing headcount along the way. There are duplicate roles/positions across the Bank as a result. BNS stock price lagged the rest of the street the entire time Brian Porter was in charge. So this shouldn't come as a surprise. I expect this may become a yearly thing (different areas of the Bank) and there are always selected reductions happening across the Bank (just not publicized in the media).
@OP when? I never heard it...