Scotiabank Reviews

Updated July 18, 2015
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Scotiabank President and CEO Brian J. Porter
Brian J. Porter
13 Ratings

Pros
  • work/life balance is exceptional (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)

  • Actions and Words of Senior Management hardly match (in 9 reviews)

More Pros and Cons

82 Employee Reviews

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  1. Helpful (2)

    Unjust Termination Practices

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

    I worked at Scotiabank as a contractor (Less than a year)

    Doesn't Recommend
    Neutral Outlook
    Doesn't Recommend
    Neutral Outlook

    Pros

    In general there is good morale among employees

    Cons

    Misguided and under-informed management when dealing with general practices of regulatory issues.

    Advice to Management

    Consider all manners of employment contracts and give grounded and proven reasons before termination


  2. Helpful (1)

    I've worked 3 years at Scotiabank

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

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

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

    Pros

    Good work life balance. Great clients to work with. Excellent peers and internal staff to work with. Really just enjoyable day in and day out.

    Cons

    Downsizing in the US. Company has no interest in the US and is fading away fast. Last two years have been spent worrying about when the company is pulling out of the US.

    Advice to Management

    It's time to stop repeating the bank is Canadian's most International Bank. Besides Canada and Mexico the bank is sporadically located.


  3. Helpful (1)

    Associate Director - Corporate Banking

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

    I worked at Scotiabank full-time

    Recommends
    Neutral Outlook
    Recommends
    Neutral Outlook

    Pros

    Work - Life balance and great colleagues.

    Cons

    Limited resources in the U.S.


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  5. One big pro, several cons, look elsewhere

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

    I worked at Scotiabank full-time (More than a year)

    Doesn't Recommend
    Positive Outlook
    Doesn't Recommend
    Positive Outlook

    Pros

    - The work life balance is unreal -Relaxed environment

    Cons

    -Pay is definitely not competitive with the market, raises are joke -You notice people do not get promoted, lateral moves are very rare and management sometimes prevents these moves -Technology is horrible, systems are antiquated -Sometimes too relaxed an environment -Lack of cross training -Lots of office politics -Functions and departments keep getting move back to Canada


  6. Avoid if you can

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

    I have been working at Scotiabank

    Doesn't Recommend
    Disapproves of CEO
    Doesn't Recommend
    Disapproves of CEO

    Pros

    - Work life balance - Low stress - Capital markets are the only area in the bank that's being invested in, however the business is stifled (see cons)

    Cons

    - Pay below market - Outdated managerial practices - Conservative approach to doing business - Uncompetitive vs. US banks - US Corporate bank in decline - Low employee morale

    Advice to Management

    Comp fairly.


  7. Helpful (3)

    Top tier Canadian Bank - bottom tier US/Global bank

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

    I have been working at Scotiabank

    Doesn't Recommend
    Disapproves of CEO
    Doesn't Recommend
    Disapproves of CEO

    Pros

    great work life balance (no weekends, very rarely late nights) good place to learn efficiency/cost reductions recently purchased a commodity trading team from UBS, rates trading unit too - took advantage of US bank environment over past year to snatch up competitors

    Cons

    inverted pyramid - a lot of chiefs running around, very few junior staff to develop and support poor technology (since its a Canadian bank, its IT is similar to US co's 10+ years ago) very small platform in US, so hard to cross sell and generate corporate interest lack of investment on corporate banking side - 4 years ago 46% investment grade, now 80+% investment grade clients; lots of layoffs in NYC, San Fran, Chicago, and more to come!? Very few resources compared to competitors - embarrassing on pitches to see co's reaction to lack of analysis compared to other large firms

    Advice to Management

    invest in technology, junior staff, and infrastructure in US...plus pay in line with US banks in the US


  8. Senior Relationship Manager

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Relationship Manager in Vancouver, BC (Canada)
    Current Employee - Senior Relationship Manager in Vancouver, BC (Canada)

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

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Defined benefit pension plan Dental, Health, other benefits Cash bonuses that are based on performance

    Cons

    Senior executives in charge of commercial banking do not have any background or knowledge in the area which makes it difficult to implement effective strategies Feels as though you are constantly under a microscope


  9. BNS going down hill fast - get out when you can!

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

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

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Multiple locations, many great staff members, some benefits

    Cons

    Weak management, CEO too focused on global expansion/many layoffs in Canada, salary/benefits minimal, only butt kissers promoted, life/work balance nonexistent, favouritism

    Advice to Management

    Happy employees are more productive, stop bullying & be professional, the better your employees look the better you look, try being supportive, stop the gossip


  10. Financial advisor level 4

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

    I have been working at Scotiabank full-time (More than a year)

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    Pros

    Easy work Lots of free time

    Cons

    Low salary Managers dont have degrees and hence it feels as though more educated people are working under the, Some managers micromanage


  11. Not the best place to work

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Customer Service Representative in Vancouver, BC (Canada)
    Former Employee - Customer Service Representative in Vancouver, BC (Canada)

    I worked at Scotiabank (More than 3 years)

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

    Pros

    The coworkers made it great. NOT the company. I had good managers.

    Cons

    Even for a corporate structure, it was rigid beyond reason. My dept. had a very good manager for 10 years. Once she left, the dept. hit the gutter. Almost the entire staff roster has been replaced from people quitting and fed up with how terrible the system is. The computer hardware is truly embarassing for a bank that claims it wants to stay relevant with technology. I am not even exaggerating. The pay is pretty low.

    Advice to Management

    This bank will probably go down under soon.



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