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Just a few months after mandating a return-to-office, Scotiabank staff across the country were handed layoff notices, as the company cuts jobs in multiple divisions.
And a Toronto-based law firm is working to represent some of those laid off workers to ensure they get paid any severance they are owed.
According to the Globe and Mail, Scotiabank sent an internal memo earlier this week to let staff know job cuts are coming as the company restructures.
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Metroland Media reached out to Scotiabank for a statement.
"Aligning our organization and our resources around our focus areas for growth, including finding ways to be more efficient, are a part of managing our bank effectively," manager of media relations Claire Dawson shared in an emailed statement.
"We will continue to prioritize and invest in areas that best meet the needs of our clients and deliver sustainable growth."
The company did not share how many positions were impacted by the decision.
Another round of restructuring
"Samfiru Tumarkin LLP first reported in September that Scotiabank was restructuring its Canadian operations," the law firm shared in a press release on its website. "Those reports have now been confirmed -- Scotiabank is officially laying off staff across its Canadian banking division as part of a multiyear plan to streamline costs and refocus operations."
Scotiabank's memo said it is reorganizing to improve collaboration and efficiency, the law firm noted.
"The bank will enhance its mobile banking capabilities and focus on primary client growth," the law firm said.
"A transformation of this scale is not easy, especially when it means saying goodbye to valued colleague," Scotiabank's head of Canadian banking Aris Bogdaneris said in the internal memo.
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On a Reddit thread, some staff shared they were part of the layoffs, first announced Wednesday, Oct. 15.
"Yup yup! I was one of the ones who got the Thanos snap over there," @why_oh_yyj shared. "I was in Scotia Digital, er, DDA, level 8."
And the layoff notices continued on Thursday, Oct. 16.
Job uncertainty for a few years now
Samfiru Tumarkin said this isn't the first time Scotiabank has restructured the company.
Back in October 2023, Scotiabank announced it was eliminating 2,700 jobs worldwide to streamline costs.
According to the CBC, it was about three per cent of the global workforce, and at that time, the bank had 91,013 employees at the end of its third quarter.
Staff ordered back to the office
Then in June of this year, the company told workers to return to the office at least four days a week. The announcement was made along with other Canadian banks like TD, RBC and BMO -- requiring workers to head back to work from the office in September.
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With this latest restructuring news, Samfiru Tumarking said a few Scotiabank employees have already contacted the firm to report they've been impacted by the layoffs.
"The confirmed layoffs come shortly after Scotiabank required many employees to return to the office four days per week, adding stress for workers already concerned about job stability," the law firm noted.
Scotiabank employees will learn more in the coming weeks, but they have severance rights, and may be entitled to up to 24 months of pay as severance, which includes salary, bonuses, vacation pay and pension contributions, the law firm said.