Jamaica: Job losses coming as Scotiabank closes two branches, converts six to digital model
(Jamaica Gleaner) 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 last 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.
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 longterm success of the business.
“In order to preserve employment,
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wherever possible, we will seek to find alternative roles for affected staff,” he said.