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Scotiabank to Lay Off 3% of Workforce, Take $432M Charge – BNN Bloomberg

• ilrwbwrkhv 3y ago
  In Canada banks do layoff. Such is the shitshow in the Canadian economy.
  • alephnerd 3y ago
    It's because of the Chinese economy. They had to do a significant writedown because they were overexposed to Bank of Xi'an, whose share price has collapsed 75% from their peak, around which time ScotiaBank began overhiring.
• throwaway19423 3y ago
  Canadian banks are kind of bloated. The amount they spend on branch design is insane.
• downboots 3y ago
  So many layoffs
• alephnerd 3y ago
  From the article, the layoffs are happening because of the Chinese economy. According to Chinese language media, it appears ScotiaBank is laying off their "global workforce" (read: Chinese operations) They had to do a significant writedown because they were overexposed to Bank of Xi'an, whose share price has collapsed 75% from their peak, around which time ScotiaBank began overhiring. Furthermore, Bank of Xi'an is a commercial bank, so it is overexposed to the ongoing real estate bust. This isn't the first time something likr this happened in China - there was a similar recession in 2015-16 - but it seems Western institutions are much more exposed now in spite of the ongoing trade war.