- Part of an effort to improve productivity and drive "digital transformation" - otherwise known as job cuts - Bank of Nova Scotia (BNS -0.8%) will take a C$275M, or $0.22 per share restructuring charge in FQ2 (results due May 31).
- CIBC analyst Robert Sedran warns of more to come: "Given the underlying trends and the need to deal with legacy systems and processes that will preoccupy bank management for the next several years, this type of charge has a run-rate feel to it."