Published On: Mon, Mar 27th, 2017

Jobs on the line as Scotiabank restructures

scotiabank-JCA-photoKINGSTON – Close to 100 Jamaicans could lose their jobs as Scotiabank embarks on a restructuring exercise.

Bank officials confirmed the staff cuts but declined to announce the number.

However, according to President General of the Bustamante Industrial Trade Union (BITU) Kavan Gayle, about 100 positions would be made redundant by the Canadian bank.

The Jamaica Observer reported that the posts were being transferred from Jamaica and Trinidad and Tobago.

According to Gayle, the workers to be affected include support staff that deal with certain services right across the region.

The bank justified the move saying the plans were in line with its focus to develop centres of excellence to establish best practices and improve efficiency.

However, Gayle challenged the bank to clarify what it meant by “centres of excellence”.

Meantime, Scotiabank assured that it would engage in fair and transparent negotiations with the BITU, which represents the majority of the affected employees in the units to be consolidated.

The company assured it would do all in its power to minimize the impact on employees

Three years ago, Scotiabank announced plans to conduct a US$451 million restructuring, which included closures and job losses in the Caribbean.

Scotiabank said it plans to close or downsize 120 branches outside Canada, largely in Mexico and the Caribbean, in a bid to save CAN$120 million (US$90 million) annually.

It said it would close down 35 of its 200 branches in the Caribbean and would sever 1,500 full-time employees, including 500 from its international operations.

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