Description: Despite the fact that profits are up, Scotiabank announced that it is cutting jobs and closing branches. With consumers moving more and more transactions online, and banks bracing for Uberization of the banking world, Scotia is looking towards an uncertain future. But Scotia is not alone. Other banks have been cutting as well, and last year TD Bank booked a restructuring charge of almost $700 million while cutting 1,600 employees.
Date: April 13, 2016; updated April 14, 2016
1) What percentage of your banking do you actually do at a branch these days? Have you seen any impact of the bank cuts on the way you do your banking?
2) Do you think the banks have hooked onto the right strategy for dealing with the influence of tech upon the industry?
3) The article states how TD Bank incurred a major restructuring charge last year. What would be some of the conditions that a company would have to meet to record such a restructuring charge?