Scotiabank Trinidad announced on Thursday (26th January 2022) that 149 workers will be targeted for retrenchment and two (2) of its branches will be closed between March and April 2022. The bank said the move was necessary due to its digital transformation.
In an email on Thursday, Scotiabank said, “A total of 149 employees will be impacted over the period March - May 2022. These decisions were not taken lightly, and we will ensure all employees are treated fairly and with respect as they transition employment.”
Scotiabank added, “Upcoming changes will result in the consolidation of certain support services and back-end functions, including the consolidation of a part of our collections unit into our global business services hub in the Dominican Republic – which also currently services our Canadian operation. Over the next few months, OSSCL (Operations and Shared Services Company Ltd) will also be impacted by the expiry of some operations functions that support the divested Eastern Caribbean territories.”
Addressing the changes in banking trends, Scotiabank noted, “Customers are using our branches differently today – less frequently, as they complete more transactions online, and more for complex needs.”
Scotiabank announced that its Cipero and Rushworth Streets branch in San Fernando will be closed as of 18th March 2022 and the operations will be consolidated into the High Street, San Fernando branch. Also, effective on 14th April 2022, its Park and Pembroke Streets branch will close and the operations will be consolidated into the Independence Square, Port-of-Spain branch.
The ATMs at Cipero and Rushworth Streets and Park and Pembroke Streets would remain operational and customer accounts will be transferred automatically.
The Cunupia sales centre will also be consolidated into the Cunupia branch as of 25th March 2022.
Scotiabank is undertaking these changes following a year of improved profitability, with the bank recording an after-tax income of $604 Million as of 31st October 2021 — an increase of $83 Million, or 16%, when compared to $521 Million the previous year.
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