Scotiabank

  www.scotiabank.com
  www.scotiabank.com

Scotiabank Reviews

Updated December 14, 2014
Updated December 14, 2014
560 Reviews
3.5
560 Reviews
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Scotiabank President and CEO Brian J. Porter
Brian J. Porter
88 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

51 Employee Reviews Back to all reviews

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  1. 6 people found this helpful  

    Scotiabank is not invested in it's people.

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

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

    Pros

    -Good work life balance
    -Multi-cultural - lots of 'fun' events for employees to attend.
    -Nice looking Logo. The color red was a great choice.
    -Great cafeteria

    Cons

    -Lowest compensation/benefits of all the banks

    -They will not pay for your professional development (even if you're in Finance and want to pursue a CPA)

    -They do not support your personal growth. There is no formal mentorship program. There is no leadership development program. It is all lip service.

    -With the new CEO, it is not longer a 'safe' workplace anymore. There have been lots of job cuts.

    -You will not be promoted based on merit. Make sure to buy your boss lots of coffees!

    Advice to ManagementAdvice

    Invest in your people. A fancy memo to employees does not count. Actually support their professional growth...once again, lip service doesn't count.

    The mentorship program is a complete joke. Once again, a fancy memo with photoshop pictures. What does it translate to?

    "Find someone who is more senior than you, ask them for coffee and talk about your career". Once again, you can not call this a mentorship program. That's Networking 1.0. Everyone does it anyways. With or without bank support.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  2.  

    Worst experience of my life.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Senior Personal Banking Officer in Salmon Arm, BC (Canada)
    Former Employee - Senior Personal Banking Officer in Salmon Arm, BC (Canada)

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

    Pros

    Competitive products, ease of processing credit restructures. Difficult to express many positive facets to this company

    Cons

    Salary below competitive, sales quota pressure and encouraged tactics were unethical, negative working environment, dated/non-functional hardware/software/procedures/policies, expected to stay long hours and come in early, health and medical benefits were both more expensive and less comprehensive than competitor banks I have worked for. Unattainable sales goals means for diminished bonus potential.

    Advice to ManagementAdvice

    If you hire staff under false pretenses, they will quit. If you treat your best employees like children that need to be condescended to, they will quit. If you are reading this and considering a career in retail banking, please strongly reconsider this establishment as your starting point- You are very likely to have a tainted image of the industry.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  3. 2 people found this helpful  

    Not much to say If you know anyone to put you in you can get paid higher than other even can promote in no time

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

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

    Pros

    After 5 years of employment no Pros to say there are still honest working good people but they are all minority among the corrupted ones

    Cons

    You need a hook up to get a job You need a hook up to get paid more the others you need a hook up to promote if you don't have any hook up you can even get fired regardless how hard you work to open a space for a new hook up

    Advice to ManagementAdvice

    When you say "Equal opportunity employer make sure mean it

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
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  5. 1 person found this helpful  

    Vindictive and Incompetent Senior IT Management

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

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

    Pros

    Big Brand Name, reasonable benefits

    Cons

    A number senior level Managers, Directors, and VPs are highly incompetent, they operate without adequate accountability and hide behind sustained chaos. As a result the poor performing staff continue to flourish and get promoted. Actions and Words of Senior Management hardly match. One of the worst places one could work for unless you enjoy looking busy, fire fighting to be the theme of the day - day after day and you don't mind 'boot licking' to get ahead.

    Advice to ManagementAdvice

    Senior Execs from Business should look for value and not cost of IT

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

    Senior Manager

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

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

    Pros

    Working at Scotiabank dose not have any pros.

    Cons

    Lack opportunity for growth, low salary compare to others

    Doesn't Recommend
    Neutral Outlook
  7. 5 people found this helpful  

    A great place to work; for sociopaths and sycophants.

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

    I worked at Scotiabank full-time

    Pros

    No pros come to mind.

    Cons

    Pitiful benefits. Antiquated technology. Management`s behaviour completely inappropriate and unprofessional. Blatant favourtism for the chosen few. Demeaning, scapegoat tactics for individuals who refuse to conform to the drone mentality.

    Advice to ManagementAdvice

    Grow up.

    Doesn't Recommend
    No opinion of CEO
  8. 2 people found this helpful  

    Hierarchy Prevails

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Non Management, HUman Resources Umbrella in Toronto, ON (Canada)
    Current Employee - Non Management, HUman Resources Umbrella in Toronto, ON (Canada)

    I have been working at Scotiabank full-time (more than 8 years)

    Pros

    If you learn to ask "How high?", when management says jump, your job should remain secure.

    Cons

    Strong emphasis on hierarchy. Highly political and bureaucratic environment. Management isn't held accountable and job satisfaction for non management is irrelevant. The hiring process is prejudice and favours women. Career advancement opportunities for males who don't already hold senior positions is limited. There isn't an effective process for conflict resolution in place. Favouritism, Cronyism, Nepotism and sexism towards men is highly rampant under Human Resources.

    Advice to ManagementAdvice

    Hold management accountable. Stop promoting people who aren't good at their jobs. Stop promoting people, non Management do not like. Make Management accountable for employee satisfaction. Seek the opinion(s) of non Management and improve conflict resolution. Fix your hiring practices and stop the discrimination.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  9.  

    If I could turn back time.....

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

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

    Pros

    You always get paid on time, and the work conditions are stable.

    Cons

    - Company culture works to hold back good quality workers for fear of losing their skills, while promoting bad workers in order to pass the "dead weight" to someone else. There are no systems in place to provide adequate training the higher you go in the organization, and there is no method of retaining knowledge from valuable employees.
    - Pay is not competitive. The company provides a pay base point in terms of "market reference" for your position. In almost all cases you will be paid far below the market reference listed. I have never met anyone who is paid 100% of the market reference. It's a backwards and broken system.
    - benefits are not competitive

    Advice to ManagementAdvice

    Provide training to management. The higher you go int he company the less training employees/management receives and the more unprofessional it becomes. When starting at entry level you receive good training and reinforcement. The higher you go in the company the less you receive. This results in senior management without management skills, and who are severely uneducated on HR and corporate policies and procedures. This does not promote confidence in leadership and management, and results in poorly run departments.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  10. 1 person found this helpful  

    Broken Work System

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

    I have been working at Scotiabank as a contractor (more than an year)

    Pros

    - Fast-paced work environment
    - Established company
    - Various community contributions, charity events, and social events
    - Promotes from within

    Cons

    - Values start employees but over works them, giving poor annual reviews to keep them in the department so no manager will hire internally. Good reviews are given to poor employees as a means to get rid of them.
    - Very, uneven distribution of work
    - Managers promotes favouritism
    - A lot of red tape and process to get anything done which delays pressing matters.

    Advice to ManagementAdvice

    Value employees who contribute to the organization. Stop trying to operate as a fast-pace startup and ignore policy when it's convenient.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  11. 1 person found this helpful  

    It depends on which sector you work for.... the bank is known for one of the cheapest banks to work for....

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Loan Officer in Toronto, ON (Canada)
    Current Employee - Loan Officer in Toronto, ON (Canada)

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

    Pros

    You would never get fired

    Cons

    -Favoritism
    -Hard to move up
    -They want you to give everything and expect nothing

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

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