Scotiabank's Restructuring Results in 3,000 Layoffs: CEO

Scotiabank let go of 3,000 people in a restructuring program that took place late last year. The layoffs were mainly in areas where the bank didn't expect to grow at "outsized rates." The bank disclosed the move to lower its workforce in December, recording a restructuring charge and severance provisions worth $373 million. Despite the layoffs, Scotiabank beat analysts' expectations in the last quarter, posting higher profits in its global banking and markets segment.