Scotiabank cuts 1,500 jobs.

[ZenOps]

http://www.cbc.ca/news/business/scotiabank-to-cut-1-500-jobs-amid-restructuring-charges-1.2822896

"Scotiabank will cut 1,500 jobs, including about 1,000 in Canada, as it reduces head-office staff and eliminates some of its international branches."

Dun dun duhhh.

[killramos]

I knew those damn cineplex commercials were to expensive!

Who uses scotiabank?

[flipstah]

So I'm not richer than I thought. :(

[firebane]

Originally posted by killramos
I knew those damn cineplex commercials were to expensive!

Who uses scotiabank?

My girlfriend does and she's happy with them.

[JustinMCS]

They have my mortgage and one credit card... dont use them as my primary tho.

[msommers]

Have my mortgage and LOC through them.

Wow they only made 6.7 billion last year :cry:

[Thaco]

i have a credit card through them, the single most painful banking experience i have ever had.

did an online app, got approved, was told i needed to go to the branch to pick up the cards, showed up at the branch expecting to grab and go, ended up having to basically give them all the same info all over again, then they made my wife drive across the city to give her info all over again, then we had to wait 2 weeks to get the cards anyway!

BUT the cashback momentum is awesome.

[Deetz]

Switched to them 15 years ago for my regular banking, never any issues. They have been a lot better than Royal Bank I was with since I was a kid going back 20 years before

[msommers]

I have everything at the Bridgeland location and I really like the people and the service there. It's a really small branch though and just ~6 months ago finally got teller desks.

[Sugarphreak]

...

[403ep3]

What does snc have to do with scotia? I might be missing something here

[BigMass]

Originally posted by 403ep3
What does snc have to do with scotia? I might be missing something here

I think it's the overall trend of layoffs going on in our economy. Every company is doing this to boost growth numbers. The economy is stale and stagnant and the only way to boost profits is to increase efficiency through layoffs, borrow cheap money and buyback stock. It's standard, and every major company is currently doing this. It's really not a positive thing for the employment picture in Canada. That's why people have a tough time understanding why a company that made 6 billion dollars last year has to cut jobs to please their investors. But it's rather simple and this is the reality of the new economy.

[masoncgy]

Many moons ago, I walked into TD Canada Trust in Beddington where I had banked for a number of years, requesting a simple $5K LOC... denied... even though the financials were in reasonable shape... just not good enough, or so I was told.

Crossed the parking lot, went to Beddington Scotiabank, requested the same $5K LOC and was approved in minutes.

Walked back to TD, withdrew everything I had, closed my accounts and never looked back. I have been a loyal Scotiabank customer for many years and I have everything with them.

[msommers]

Originally posted by BigMass


I think it's the overall trend of layoffs going on in our economy. Every company is doing this to boost growth numbers. The economy is stale and stagnant and the only way to boost profits is to increase efficiency through layoffs, borrow cheap money and buyback stock. It's standard, and every major company is currently doing this. It's really not a positive thing for the employment picture in Canada. That's why people have a tough time understanding why a company that made 6 billion dollars last year has to cut jobs to please their investors. But it's rather simple and this is the reality of the new economy.

I guess I just don't understand how shareholders can be expecting more when they profited 6 billion. Down from 7 billion or something?!

[ercchry]

Originally posted by masoncgy
Many moons ago, I walked into TD Canada Trust in Beddington where I had banked for a number of years, requesting a simple $5K LOC... denied... even though the financials were in reasonable shape... just not good enough, or so I was told.

Crossed the parking lot, went to Beddington Scotiabank, requested the same $5K LOC and was approved in minutes.

Walked back to TD, withdrew everything I had, closed my accounts and never looked back. I have been a loyal Scotiabank customer for many years and I have everything with them.

yeah scotia loves handing out cash... gave me my first car loan when i had 0 credit history and everyone else said FO or that i needed a co-signer

[Sorath]

out of all the major lenders they definately buy the deepest

[rizfarmer]

Originally posted by ZenOps
http://www.cbc.ca/news/business/scotiabank-to-cut-1-500-jobs-amid-restructuring-charges-1.2822896

"Scotiabank will cut 1,500 jobs, including about 1,000 in Canada, as it reduces head-office staff and eliminates some of its international branches."

Dun dun duhhh.



Dun dun duhhh, what?

[masoncgy]

Uhh layoffs are bad, mmm'kay.

[ExtraSlow]

I always laugh when someone posts a story about a very large company, and then posts it raw profit numbers in BEEEELIONS of dollars, like that is supposed to mean anything.
I mean, if a company is making BEEEELIIONS, how could it lay off a single solitary harworking canadian taxpayer? Money grubbing corporate assholes!

Come on, CIBC has a capitalization of around $40 billion, so this may be a healthy profit margin, but it's hardly obscene.

[liquid1010]

Crazy thread is crazy....