Scotia announced layoffs globally - have you been impacted? What area of the bank are you in?
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Commercial banking
With the new way forward strategy announced at Investor Day, expect more cuts in 2024 to standardize the operating model and create efficiencies. The bank is bloated and unproductive and needs to break down silos if it stands a chance to compete.
Anyone with a new manager in Technology following recent layoffs is a target for future cuts - admin senior managers in particular. Too many employees doing duplicate roles and creating confusion. As a first step, all roles in comms, change, HR, DEI, project management, etc should be centralized and rolled up into enterprise or removed from the organization. Then after centralizing BNS needs to take a hard look at how many functional and cost centre roles are actually needed - they need to create a MVP. With revenue down, they need to cut cost and BNS should start with all function roles not contributing to top line.
We just saw bad earnings. Expect deeper cuts to occur.
Areas of inefficiency noted such as in tech areas such IT&S, IS&C etc which have had hardly any shakeup will occur.
IS&C had been protected from deeper cuts from the previous SVP. The new in IS&C SVP got a promotion and is looking to cut. Expect deeper cuts most likely starting with “admin assistance directors”, basically a note taker at level 9 - yes that exists under their deputy CISO (He’s a VP).
He also has a director that is a “principal security architect” that knows nothing about security I kid you not.
He also has a security consultant under one of his directors that has another full time job as a city councillor. - all this under the same VP. How is it possible to have two full time roles without the bank giving a dam? Quality of service is at risk. This is for a job paying at least $120k, plus his full time role as a city councillor.
There is a lot of opportunity to cut in IS&C without sacrificing security and ensuring the bank is protected. Hopefully they cut in the right areas.
As you can see these are just a few examples of where cuts can be correctly applied without putting security at risk.
Keep tight this Xmas. Cuts will occur in the new year.
This is in reply to the person who says the systems are complicated ...hence the excuse for the outages. Im from IT...spent 25 years in IT (outside of the bank) and have for the last 10 plus years been at scotia...with the business. There is nothing unique about the technology at the Scotia. Its used "everywhere". What is different...is Scotia's IT folks... there is plenty of opportunity to reduce the inefficiencies in the IT departments. A LOT OF IT folks are too far removed from business. Our systems are only as good as the techs that write the code..operate the boxes...and there are outages weekly. IT folks wake up...you are not immune to future layoffs.
Is it done or more layoffs coming ?.
In review of below comments - I can see a general negative connotation to IT people. To the ones complaining - I challenge you to work a single day in IT and see how it is. U have absolutely no knowledge of what is involved and sadly based on the comments - never will.
As mentioned the outage was with a vendor and non IT people jump on the wagon blaming the wrong people due to lack of knowledge and understanding - hard to believe these people can even do their own jobs.
For the "insider" that responded about the outage. It was from a vendor not the it team. More layoffs depend on how well the company does in their quarterly reports
So it’s mid November. What’s going on with the additional cuts to technology? We are sitting on the edge of our seats.
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We had a few layoffs, the contractors are on edge if they will be renewed. Some have been begging to be FTE but have been on contract more than 3 years.
The comments is true. If you are in the good books with a VP you are protected. A lot of companies are cutting. We are all worried about our jobs (FTE and contractor “contingency workers” etc. )
Wake up Scotia IT folks... there will me more layoffs coming. I am an insider, and we just went through yet another major outage ... caused by IT. IT fumbles all the time.. IT needs to work with the business. We are not your enemy. We need to work together to generate revenue. It should be that simple.
One of the VPs in ISC just got canned today Nov 7 2023. Expect more directors under him to get cut in the next following days and weeks.
ISC used to be a safe haven, not anymore.
IS&C is very bloated. We have several directors that do nothing. They were not cut and will most likely be safe because they are protected by a VP / deputy CISO. These include directors who are literally admin assistants that are level 9 director support, directors that have titles like “principal information security” that don’t even know what a vulnerability is. Others are slow to deliver on analytics reports.
Cuts will occur in ISC but directors “protected” by VP will continue to stay. A lot of hardworking level 6, 7 and contract (who have to take endless forough) will be cut. It Pays to be a butt kisser to a VP in ISC.
Following up with another comment on in efficiency at Scotiabank. It's true. Many people do not try to do their job and were there only because they were liked. Security, DevOps, and some engineers were absolutely wasting people's time to justify their paycheck. Scotia Digital has become bloated and forgot about the massive layoffs that happened not too long after they moved into that location on King St. Likely more will come next quarter. I foresee more management going.
The people complaining about IT being slow; are people who have absolutely no idea how complex and old the framework is at the bank…. Education is a privilege and sadly not everyone has one.
i am also an insider..... for the folks that are complaining... they need to get a grip... there are a LOT of inefficient processes...and people at Scotia (at all levels). My experience is dealing with the IT folks, especially...and the labs... security... software currency folks... there is so much inefficiency. They are pretty much paper pushes and do not fully appreciate their impact to the bottom line. Hopefully this serves as a wake up message to them. Be efficient...be more customer focused...work with the business to generate revenue.
More IT should be cut. The IT folks are slow to deliver...and cause too many outages. Cut more.
This was a cleanup of a bloated bank. There are so many managers and excessive hiring during the pandemic it was going to come. Canadian banking was bloated with way too many layers
In GBM in the US. There were cuts here although from what I have heard they were concentrated in Toronto. I did not get cut but the way these were apparently handled (indiscriminately) I am definitely looking elsewhere, and I know others who are doing the same.
won't hear much from laid off employees because people are scared by the terms in the package. can't think any of this is good for existing employee morale. many layoffs weren't performance based so expect layoffs have left SME holes.
Agree with the last comment. The lack of brainpower starting from the ceo (he’s a construction guy and only knows how to demolish), and the sad looking stock price since he joined (wasn’t like that when porter was around) …is proof that a bunch of clowns are running the show. Now - those of us left behind have to pick
Up pieces that are so broken that it’s nearly impossible. Perhaps in the long term they hope the new and young hires will help them drive business forward and all I see is the how quickly they jump jobs not learn.
Perhaps with barb mason gone HR has gone to the sh--s too. Lol. They have no idea what they did. When they do - the mess will be too big to clean up. I am not working harder (already stretched and doing 3 peoples jobs) to help normalize what they just did.
Absolutely wreckless.
Try coming into work the next day pretending nothing happened and be expected to be business as usual… but the organization just created a ton of chaos as some of these people they let go did actual functions for the customer, regulatory to keeping the bank safe… however, they are no longer here to do their jobs… ZERO AUTOMATION was deployed here… this was a mass culling across all areas of the org… mostly in Canadian Banking… expect delays in Service Level Agreements.
VP, numerous directors, peers, reports all laid off. yes severance
Investment support in Mississauga walked multiple people, including a whole department, out.
CMU in stratford walked people out the doors today. 1 had been there 20 years. Staff at their desks bawling their eyes out as they packed up.
for those who were FTE and got laid off, is there a severance package?
my VP and one of my direct reports were impacted.
I didn't know my direct was being laid off.