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By Christine Dobby<\/em><\/strong><\/p>\n (Bloomberg) <\/em>\u2014 Bank of Nova Scotia is cutting jobs across its Canadian banking division as part of the firm\u2019s effort to boost long-term profitability.\u00a0<\/p>\n Changes at the bank announced \u201cover the last few weeks\u201d are designed \u201cto prioritize only those activities that drive the most meaningful impact for our business,\u201d Aris Bogdaneris, who leads the division, said in a Thursday memo to staff seen by Bloomberg.<\/p>\n \u201cI want to acknowledge that a\u202ftransformation of\u202fthis\u202fscale is not easy, especially when it means saying goodbye to valued colleagues,\u201d Bogdaneris said in the memo, but didn\u2019t specify how many roles are being cut. The memo was first reported by the Globe and Mail.\u00a0<\/p>\n \u201cAligning 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,\u201d spokesperson Clancy Zeifman said in an emailed statement.<\/p>\n Scotiabank will continue investing in and prioritizing areas that meet client needs and can produce sustainable growth, Zeifman said.\u00a0<\/p>\n In 2023, Scotiabank said it was eliminating 3% of its workforce as part of a broad restructuring. Later that year, the lender unveiled a new strategy that included a focus on selling customers multiple banking products \u2014 a goal Bogdaneris reiterated this week.\u00a0<\/p>\n \u201cWe\u202fwill\u202fcontinue\u202fto de-prioritize and eliminate\u202factivities\u202fthat take up too much of our time and\u202fadd\u202flittle value to our clients and employees,\u201d he said in the memo.<\/p>\n
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