Scotiabank plans to dismiss up to 2,700 workers

The job cuts illustrate the scope of CEO Thomson’s challenges in the face of sluggish revenue growth and rising deposit costs. — Bloomberg

Toronto: Bank of Nova Scotia will dismiss 3% of its employees and take a writedown on its investment in a Chinese bank in a broad restructuring that underscores new chief executive officer Scott Thomson’s focus on cutting costs.

It could also be sign that job cuts are coming at other Canadian lenders.