The Bank of Nova Scotia is cutting jobs.
Spokeswoman Claire Dawson said in a statement that finding ways to be more efficient are a part of managing the bank effectively.
Dawson said the bank will continue to prioritize and invest in areas that best meet the needs of clients and deliver sustainable growth.
She did not provide details on the scale of the cuts.
In 2023, Scotiabank cut about 3% of its global workforce, or about 2,700 positions.
The bank had 87,317 employees as of its third quarter, which ended July 31.
Separately, Scotiabank said it expects its investment in U.S. bank KeyCorp will contribute about $74 million to its net income for the fourth quarter.
It projects KeyCorp’s contribution to its adjusted net income will be about $82 million after adjusting for the amortization of acquired intangible assets.
Scotiabank bought a 14.9% stake in KeyCorp in 2024 in a bid to grow its foothold in the U.S. market, paying US$2.8 billion.
KeyCorp reported Thursday net income from continuing operations attributable to shareholders of US$454 million or 41 cents US per diluted common share.
The U.S. bank operates in 15 states and has a network of roughly 1,000 branches.
Scotiabank expects to release its fourth-quarter financial results on Dec. 2.