ScotiaBank Absorbs $275 Million Charge
CBJ — Scotiabank will absorb a $275 million after-tax restructuring charge in its second quarter as part of its efforts to enhance customer experience will continue to drive a digital transformation leading to improved productivity. In financial circles it’s a statement that is often soon followed by the words “job losses”.
The charge works out to 22 cents per share.
The bank said more details will be included with the release of its second-quarter results on May 31.
Shares of Scotiabank lost just under 1% on a day when all the big Canadian banks traded lower.
Scotiabank lost 63 cents to close at $65.17 on the TSX.