Scotiabank to record $275M restructuring charge in second quarter

TORONTO – Scotiabank says it will record a restructuring charge of about $275 million after taxes due to efforts to better position itself for long-term growth.

The charge amounts to $375 million pre-tax or 22 cents per share in the second quarter for 2016.

Scotiabank (TSX:BNS) says the charge is related to productivity, digital and customer service improvements.

Further details will be released when the bank reports its quarterly results on May 31.

Scotiabank has 23 million customers and operates in North America, Latin America, the Caribbean, Central America and Asia.