Tuesday, November 4, 2014

Scotiabank Canada comes out with dismal report

When banks start having woes, that's the time to be very, very, very vigilant about the economy. This is not good for Canada. After Scotiabank, which other bank will come clean?  I was beginning to think we were immune, but this will bring many who think like me back to earth with a thud.  Just go take a peek  at our Oil and Metal companies today and be prepared to see a huge downward trend on your mutual funds account come year end. 

Thank you dear PM Stephen Harper for the cheerleading you did for imposing sanctions on Russia after you and your sidekick went to Ukraine and performed monkey tricks for the protesters. Besides that, we know you and your government had a huge role to play in the collapse of the Ukrainian government and the subsequent ongoing destruction of that country.  The world economy has been going downhill since then. Thank You O great Economist Leader of Canada.

From YahooFinance:
 Scotiabank to cut 1,500 positions worldwide, take profit hit in fourth quarter
Scotiabank (TSX:BNS) plans to cut 1,500 jobs — about two-thirds of them in Canada — as it restructures its operations and closes 120 branches at its international banking arm.
The bank said Tuesday it will take a $341-million hit after taxes to its fourth-quarter earnings as a result of the changes, but expected to remain on track to meet its 2014 financial objectives.
No branch closures were announced in Canada, but the bank said some of the job cuts will be at its head office.
Scotiabank said it will also centralize and automate some branch functions and make changes to its wealth management business.
"We're comfortable with our footprint here in Canada, so I wouldn't anticipate any branch closings here," Porter told analysts in a conference call.
The situation is different internationally. Scotiabank plans to close about 10 per cent of its branches outside of Canada, including in Mexico and the Caribbean region......

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