Nov 2014 Financial News

Scotia: No info on T&T layoffs, branch closures

Nov 06, 2014

Scotiabank’s local subsidiary said yesterday that it did not have any “detailed information” on whether any of the bank’s 24 T&T branches would be closed or any of the bank’s 1,377 local employees would be laid off. 

Scotiabank Trinidad issued a statement yesterday concerning the press release and conference call distributed Tuesday by its parent company in Toronto, which outlined that 35 branches in the Caribbean would be closed and 1,500 employees throughout its Canadian and international network terminated.

The Guardian had sent the local corporate communications department of Scotiabank a request for information on the local relevance of the Toronto announcement on Tuesday morning, about two hours after its release. In its statement yesterday, Scotia T&T said the restructuring announcements on Tuesday were about enhancing service to customers while reducing structural costs. Scotia Trinidad explained that in recent years, 

This announcement is about enhancing service to our customers while reducing structural costs. In recent years, international banking has worked to build its market position, both through organic growth and selective acquisitions. That growth has served Scotiabank well, but has also created some overlap and duplication of services throughout our footprint.

“As a result, we undertook a review of our operating model and international distribution network and found opportunities to strengthen our retail presence by investing in areas that are going to improve the speed and quality of service for our customers. “Over the coming months, as we move forward, we will continue to provide our employees and customers with more information. 

“This will take some time and therefore we do not have detailed information on local impacts at this time.” Scotia T&T has 24 branches and five sales centres spread across the country Commenting on this announcement, managing director, Scotiabank T&T Anya M Schnoor said: “We have a long history in the Caribbean and we remain the pre-eminent Bank throughout the region. “This year we celebrate 125 years of operations in the region and 60 years in Trinidad and Tobago. 

“We have been implementing a number of operational efficiency initiatives for some time in the Caribbean region, and more specifically in Trinidad and Tobago and we will continue to do so to ensure that we can provide our customers with better service in the most efficient way.” In its 2013 annual report, Scotia T&T said that its productivity ratio—its operating expense as a percentage of total revenue—was 46.7 per cent, which it said “continues to be the best in class amongst our peers in the banking industry.”

Source:
Trinidad Guardian
Thursday November 6, 2014

http://www.guardian.co.tt/business/2014-11-06/scotia-no-info-tt-layoffs-branch-closures