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.Ā  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 moreĀ details will be included with the release of itsĀ second-quarter results on May 31.

Shares of ScotiabankĀ lostĀ just under 1% on a day when all the big Canadian banks tradedĀ lower.

ScotiabankĀ lostĀ 63Ā cents to close at $65.17Ā on the TSX.