The

Bank of Nova Scotia

let go at least 3,000 people through a restructuring program that took place late last year.

“The restructuring charge, which was a multi-month, probably multi-quarter effort to make sure that we did this the right way, was significant,” Scott Thomson said at an event on Tuesday. “Three thousand people ended up leaving the building.”

The bank disclosed the move to lower its workforce late last year.

Thomson said the

layoffs

were in areas where the lender had the “opportunity to rationalize, given the focus going forward.” The affected employees were mainly from areas the bank didn’t expect to grow at “outsized rates.”

In December, the bank said during its quarterly results that it recorded a “restructuring charge and severance provisions” as well as other related charges worth $373 million primarily due to workforce reductions across its global operations.

“While these types of decisions are always difficult, they are nevertheless necessary as we work to boost the value of the Canadian bank,” Thomson said in December. “We do not anticipate additional charges, but will remain focused on running our bank as efficiently as possible, including taking full advantage of emerging technologies.

Prior to the quarterly results, at least five Scotiabank employees, who spoke on the condition of remaining anonymous, said there were layoffs in October.

Despite the restructuring charge, Scotiabank beat analysts’ expectations in the last quarter, which ended on Oct. 31, 2025, as it posted higher profits in its global banking and markets segment.

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