Scotiabank to take $275M restructuring charge in second quarter

Scotiabank warned Monday it is taking a $275 million after-tax restructuring charge in its second quarter.

The bank said it taking the charge  as "part of its strategic efforts to enhance customer experience, drive a digital transformation and improve its productivity."

"These strategic efforts will better position the bank for long-term growth," it said.

The charge works out to 22 cents per share.

The bank said more details will be included with the release of its second-quarter results on May 31, 2016. 

Shares of Scotiabank were down just under one per cent on a day when all the big Canadian banks were trading lower.

Scotiabank was off 61 cents at $65.19 on the TSX.

Royal Bank was down by 21 cents at $77.71, while CIBC was off 65 cents at $100.69. Bank of Montreal was off three cents at $81.80, and TD slipped by six cents to $55.79.

Let's block ads! (Why?)

Share on Google Plus

About Quang

My blog is the place to update the latest information on sports, science and technology ... If you found this article good, useful please the share for others to see, even if you want to design a ecommerce website or web edit or set a special plugin functionality, please contact us now (Information in the footer)