Scotiabank is reportedly restructuring its Canadian operations, resulting in job cuts across multiple divisions. While exact numbers and divisions have not been confirmed in Canada, the bank has already reduced roles in its US and Asia-Pacific investment banking teams.
The layoffs come just weeks after Scotiabank required many staff to return to the office four days per week, adding pressure for employees already facing uncertainty about their future.
This latest move has already prompted a number of Scotiabank workers to reach out to Samfiru Tumarkin LLP for advice about severance pay and employment rights. For non-unionized employees in Canada, a layoff or termination often comes with significant legal entitlements — in many cases up to 24 months’ pay.
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If you’re let go from Scotiabank — without cause, for cause, or as part of a broader restructuring — you may be owed up to 24 months’ pay as severance. This amount includes:
Even if you’re pressured to “resign” or accept a new position that feels like a step down, you can treat it as a constructive dismissal and claim severance with our help.
Whether you’ve already been let go or suspect it’s coming soon, here’s what to do right now:
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