Canada’s Bank of Nova Scotia is set to lay off 1500 employees, and close or downsize about 120 of its international branches.
Two-thirds of the job cuts, equating to about 1,000, will be in Canada, which includes some head-office positions.
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The lender is planning to centralize and automate its Canadian branches and reduce operational support for its wealth management arm.
The bank expects to save approximately C$120m per year through the restructuring.
The bank, which recorded $109m of loan losses in the Caribbean business and a $129m writedown on an investment in Venezuela, has also announced a total of C$451m in pre-tax charges in the fourth quarter.
The charge will reduce the bank’s diluted earnings per share by 28 Canadian cents in the quarter.
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