Scotiabank

  www.scotiabank.com
  www.scotiabank.com

Scotiabank Reviews

Updated December 17, 2014
Updated December 17, 2014
564 Reviews
3.4
564 Reviews
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Scotiabank President and CEO Brian J. Porter
Brian J. Porter
90 Ratings

Review Highlights

Pros
  • work life balance, position title is higher than other Canadian banks (in 80 reviews)

  • weekly team meetings which encourages a team-oriented work environment (in 30 reviews)


Cons
  • Was recruited with a promise of improved work life balance - this hasn't materialized (in 6 reviews)

  • Some office politics but nothing unlike other work places (in 9 reviews)

More Highlights

52 Employee Reviews Back to all reviews

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  1. 1 person found this helpful  

    The worst career decision

    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Scotiabank full-time

    Pros

    Work life balance is ok

    Cons

    Work life balance (you pay will be significantly less than market)
    It's too laid back here
    The company does not cross train employees
    Managers do not offer promotions
    Systems are antiquated
    Information is not shared with other groups
    There will be no one to train you and at the end of the year it will be held against you (because that makes sense)
    The bank is insanely cheap
    TAG is terrible responding to requests
    Knowledge and hard work does not translate to a better salary or bonus
    If you try to move to a different role your manager will block you
    If you come here negotiate as high as you can on both salary and title

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  2.  

    Boring workplace like a senior housing project

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Director in New York, NY
    Former Employee - Director in New York, NY

    I worked at Scotiabank full-time (more than 3 years)

    Pros

    work life balance is often cited. This is about the only thing worth mentioning..

    Cons

    Company values: keep your job security by not working or taking initiatives.
    Office culture: do not reward people who go out of their ways to help others

    Advice to ManagementAdvice

    An example of follower-culture that takes no risks in doing anything. Better re-start!

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3. 1 person found this helpful  

    Worked with sub par people

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Director in New York, NY
    Former Employee - Director in New York, NY

    I worked at Scotiabank full-time (more than 3 years)

    Pros

    There really are no pros

    Cons

    Low salary; if you pay peanuts you get monkeys

    Advice to ManagementAdvice

    Commit suicide

    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO
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  5. 1 person found this helpful  

    Not for hard workers

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Scotiabank

    Pros

    None (atleast in IT dept)

    Cons

    Several. Unqualified people holding senior position

    Advice to ManagementAdvice

    Its down the drain anyway.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  6.  

    Horrible experience

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Anonymous Employee in New York, NY
    Current Employee - Anonymous Employee in New York, NY

    I have been working at Scotiabank

    Pros

    Small close-knit friendly culture at the bank

    Cons

    Not the smartest people in the industry
    Do not get the best deals

    Pay is below-market
    New York corporate banking is shutting down and layoffs have started
    the NYC office is controlled remotely by Bank HQ in Toronto

    Doesn't Recommend
    No opinion of CEO
  7.  

    Low respect for Contractors

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Campaign Manager in Toronto, ON (Canada)
    Former Employee - Campaign Manager in Toronto, ON (Canada)

    I worked at Scotiabank as a contractor (less than an year)

    Pros

    Helpful colleagues and age average is trending lower. Matrix environment for the most part.

    Cons

    Its supposed to be a Matrix environment with campaign/project managers having some authority, but in reality everyone is micromanaged by bosses like typical old-fashioned financial company.
    There was absolutely no training for contract position, and at the end of contract, they dont renew without any reason/feedback/communication.

    Advice to ManagementAdvice

    Dont claim to be a Matrix organization when in reality team management is stuck in old century!

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8.  

    Outdated Technology, Demeaning managers, low salary based upon industry average, micro managed and no training

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Project Leader in Scarborough, ON (Canada)
    Current Employee - Senior Project Leader in Scarborough, ON (Canada)

    I have been working at Scotiabank full-time (more than 3 years)

    Pros

    there are average banking benefits

    Cons

    using timesheet system from 1980
    lots of outdated technology
    horrible choice of vendors
    no paid training
    old school management that micromanages you
    very low training based upon industry average and amount of work required of you
    no work/life balance and work from home policy
    workload unmanageable most people stay till 7:30 pm or go home and continue work in order to complete all duties
    people aren't very social
    benefits package not very good

    Advice to ManagementAdvice

    revise roles and responsibilities
    hire younger people and management
    change rule about not being able to leave job until you work for 3 years in the same position
    higher pay!
    please use updated tools and technology, using mainframe to do timesheet is just sad
    have a paid training program
    better head office location would help, old factory is just sad and theres nothing to do around there

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  9.  

    Stepping Stone

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Scotiabank

    Pros

    Willing to give you a chance to work there with limited job experience

    Cons

    Compensation is on the low end compared to other banks. Training program was horrible. Gave me a bunch of CDs to memorize then rushed through all the work functions in a matter of days.

  10.  

    Old fashioned management, conservative, horrible working environment

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Relationship Manager in Mexico City (Mexico)
    Former Employee - Senior Relationship Manager in Mexico City (Mexico)

    I worked at Scotiabank full-time (more than an year)

    Pros

    Scotiabank is a mediocre bank, so therefore workload is easily manageable and thus life/work balance is OK.

    Cons

    My experience is from directly in Global Transaction Banking. Old fashioned management in which bosses have the ultimate word not open to discussion. Working environment is terrible, people is not given the chance to grow or to even speak up their mind or ideas, so everybody is frustrated. There were people in their mid 40s with the same position as me, making less money. they've been in the same position for years. There are also limited growth opportunities. Salaries are way below industry average and perks and benefits are poor. When I gave notice I was insulted by my direct manager. If you are a well prepared, driven professional you should absolutely avoid this bank.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  11.  

    They preach work/life balance, but expect much, much more.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Financial Advisor in Calgary, AB (Canada)
    Current Employee - Financial Advisor in Calgary, AB (Canada)

    I have been working at Scotiabank full-time (more than 5 years)

    Pros

    Commute. Will remain a shareholder as they make so much money, cutting corners everywhere, especially with employees.

    Cons

    Poor pay, poor bonuses, terrible benefits, raises that don't even make up for inflation. Terrible ESOP program! They expect lots of overtime, even with exceptional sales numbers, if you want a good quarterly review. This is even after losing a class action suit for overtime. Promise promotions, always around the corner, but only to those that suck up and work 60+ hours a week. Branch was asked to bring in food from home on customer appreciation day as it "wasn't in the budget". Company makes billions a quarter, but won't pay for anything. I had to pay for my own office Christmas party!!!

    Advice to ManagementAdvice

    With better salaries you could attract better quality people and have less turn over. Pay for designations to advance their careers without management approval and red tape. Make employees feel valued by paying for their coffee and Christmas parties. Increase ESOP and take out that ridiculous max out amount (It says 4% but it isn't even close as you have this max out figure that doesn't even make sense). The change in benefits is horrible and was the last straw for me. Now looking elsewhere.

    Doesn't Recommend
    Positive Outlook
    Approves of CEO

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