Job losses coming as Scotiabank closes two branches, converts six to digital model
Scotiabank says it has started discussions with the union representing its employees about potential job losses with the impending closure of its Black River, St Elizabeth and Old Harbour, St Catherine branches next year.
In a statement Tuesday evening, the bank said it will be closing the Black River branch in February 2021 and the Old Harbour location in April 2021.
At the same time, Scotiabank said by January 2021, six other branches will be converted to a digital operating model.
The operations at the Black River branch will be consolidated into the Santa Cruz location in St Elizabeth, while the Old Habour operations will be shifted to May Pen in Clarendon.
According to Scotiabank, these impending changes are to better to align the bank with current revenues as well as the shift in customer preferences especially since the onset of COVID-19.
Scotiabank branches to be converted to digital
- Port Antonio
- Port Maria
- St Ann’s Bay
The bank said, in some locations, branch traffic has been reduced by as much as 50 per cent as customers continue to use digital banking platforms.
Scotiabank transaction log as at September 2020
- Branch transactions – 6 per cent
- Online and mobile transactions – 30 per cent
- ABM and point of sale transactions – 64 per cent
President and CEO of Scotia Group Jamaica David Noel said the changes are necessary for the long-term success of the business.
"In order to preserve employment, wherever possible, we will seek to find alternative roles for affected staff," he said.