Latest news with #KatieRaskina
Mint
6 days ago
- Business
- Mint
Scotiabank Lays Off Investment Bankers in US, Asia Pacific
(Bloomberg) -- Bank of Nova Scotia has carried out a series of layoffs in its US and Asia Pacific investment-banking divisions, according to people with knowledge of the matter. The Canadian lender cut a number of jobs this month, including multiple managing directors, and made major cuts to the US health-care team, said the people, who asked to not be identified discussing private information. 'We continue to remain focused on growing in the US. As part of our regular business planning process, we have made a limited number of personnel changes affecting a small group of employees,' Scotiabank spokesperson Katie Raskina said in an emailed statement Wednesday. The changes 'reflect ongoing efforts to ensure that our teams are structured effectively to support our long-term business objectives.' Scotiabank is also closing small investment-banking operations in Hong Kong and Australia, one of the people said. 'This strategic decision to align our business in Asia Pacific to our global strategy is not a reflection on the current market environment or our employees,' Raskina said. 'We are being proactive and transparent with our employees and clients as we manage their needs through this transition.' Under Chief Executive Officer Scott Thomson, Scotiabank has prioritized capital deployment to its businesses in Canada, the US and Mexico while re-evaluating international operations. Travis Machen, a former Morgan Stanley banker, took over as group head of Scotiabank's global banking and markets unit more than a year ago and has since recruited several high-level managers to his team. The bank hired former UBS Group AG executive Matt Eilers in April as global co-head of corporate and investment banking, based in New York. Eilers' co-head is Dany Beauchemin, who is based in Toronto. Separately, Mark Mulroney, who had been vice chair in Scotiabank's global banking and markets division, left the firm this week for rival Canadian Imperial Bank of Commerce. Mulroney, son of former Canadian Prime Minister Brian Mulroney, is joining CIBC as global vice chair in the office of its chief executive officer in November. --With assistance from Linus Chua. More stories like this are available on
Hamilton Spectator
10-06-2025
- Business
- Hamilton Spectator
Scotiabank ramps up return-to-office mandate to four days a week
Scotiabank is changing its return-to-office policy to require some employees to work in-person four days a week. In an internal memo shared last week, Scotiabank told staff the new mandate will apply starting in September. Teams that have limited office space will be expected to be present three or more days, with the goal of eventually having all employees based at the head office on Bay and King streets in four or more days each week, according to the memo seen by Bloomberg. And some employees won't be affected by the changes at all due to the nature of their work, with those on the global client-experience centre and Canadian banking collections teams seeing no change in their work arrangements. 'We know having our teams working together in-person has many benefits — greater collaboration, higher engagement, more career development opportunities, and a stronger culture and sense of belonging — and we are already seeing the positive impact this is having across the bank as we focus on executing on our strategy,' Scotiabank spokesperson Katie Raskina wrote in an emailed statement to the Star. 'We will continue to build on this impact as we bring our teams on-site more often, with the goal of reaching four days on-site across the bank over time.' One of the Big Six banks said it would tighten lending criteria for self-employed borrowers in Canada's Big Six banks, which have the largest presence in Toronto's financial district among other industries, have been leading the pack in the return-to-office movement . Since the COVID-19 pandemic, they started having workers back in the office as early as February 2022 — ahead of most companies. In May, it was reported that RBC has also asked its staff to work from the office four days a week, beginning in the fall. 'RBC is a relationship-driven bank, and in-person, human connection is core to our winning culture,' spokesperson Jeff Lanthier said in statement Monday. 'We have important commitments to our clients and bold goals for the future. We are confident that prioritizing working together in-person is a vital component in setting us up for continued, long-term success. Starting in September, we expect our employees around the world to be in the office, with flexibility to work remotely one day per week.' The Star contacted TD, CIBC, BMO and National Bank for their most recent return-to-office policies. National Bank spokesperson Alexandre Guay said each team has a different mandate depending on their needs — some employees work entirely in-person, while others follow a hybrid model. A CIBC spokesperson provided a similar statement. TD and BMO did not immediately respond to requests for comment. Last summer, the Star reported that Toronto Mayor Olivia Chow had met with several bank CEOs to discuss ways to get Torontonians back in the office at least four days a week, if not five, 'to make sure our financial district is vibrant.' She also said the banks had been calling on City Hall to 'set a good example and get all your workers back in.' With files from Bloomberg.
