Despite being on track to meet its 2014 financial objectives, Scotiabank, with a total $5.57 billion of net profit in the first three quarters of 2014, has announced it is cutting about 1500 jobs, two-thirds of them in Canada.
Said CEO and president Brian Porter,
“Today’s announcement is a result of making some difficult but necessary decisions to support our long-term goals”.Lest you think he forgot 'the little people' who are losing their jobs in the banks's quest for even greater profits, Porter did acknowledge them, saying that
“everyone impacted by these changes will be treated with fairness and respect and deserves our thanks for their important contributions to Scotiabank.”I guess that will put to the lie the stereotype of the heartless banker.
That's it for me. I got swept up into Scotiabank when it swallowed National Trust. It's time to pull my accounts and move everything to the credit union. I'll make sure they know why.
ReplyDeleteGood for you, Mound. Credit unions seem to be on e of the few institutions operating with at least a modicum of integrity.
DeleteScotiabank CEO and president Brian Porter : annual compensation package for 2013 - $6,902,242
ReplyDeleteThank you, Alison. That figure puts things in solid perspective, doesn't it?
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