The Big Five bank announced Wednesday that it’s cutting three per cent of its global workforce. Scotiabank spokesperson Jennifer Dillabough declined to respond to The Logic’s request for comment, saying that more details will be provided in its fourth quarter results on Nov. 28. (The Logic)

Talking point: In a release, Scotiabank said the cuts are a result of the bank’s “end-to-end digitization, automation and changes in customers’ day-to-day banking preferences,” as well as efforts to streamline operational processes. The staff reductions mark Scotiabank CEO Scott Thomson’s bid to cut costs since taking the helm in February. The layoffs will impact approximately 2,700 employees based on its headcount as of the end of July, and come after RBC announced in August that it would cut about 1,800 jobs. The bank said it will take several charges totalling $590 million after-tax in its fourth quarter. Approximately $247 million is due to restructuring and severance provisions.