Scotiabank

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Weighting the Strengths and Weaknesses

Account Officer (Current Employee) Tokyo (Japan)

ProsScotiabank is a great place to work for anyone who is looking for a good balance between working life and personal life. As the norm for financial institutions in Japan, employees often work 10-12 hours a day. At Scotiabank, at least in Tokyo office, upper management stresses efficiency during the day and getting off on time (i.e. 5pm).

In the current credit market, when financial giants like Lehman Brothers, Merrill Lynch, and Citibank, to just name a few, have been downgraded by rating agencies such as S&P and Moody due to its huge subprime related write-offs and Scotiabank is able to maintain its ratings (S&P: AA/Stable and Moodys: Aa1/Stable) with minimal subprime write-offs says a lot about the senior leaderships and its commitment to adhere to its credit guidelines. Senior management is quick to respond to changing markets with strategies well communicated to international units.

ConsWhile there are strengths about one company, there are also weaknesses. While there are strengths about one company, there are also weaknesses: weak salary structure and weaker career development programs. The salary structures at its international units are not inline with market norms. I understand it is every Branch Manager’s (especially expatriates) goal to look good and show his/her ability to make a turnaround by keeping cost low and improve profitability but that should not come at the expense of its employees. The last time I compare the salary structure, it is about 12-30% lower than market norms

Employee development programs/opportunities at the International units level is either not available or it is not communicated very well. Since I have joined the bank and I have not received any notice or email from the HR department in regards to employee development. In my view, if a company is not willing to spend its resources on an employee or a group of employees then the company views you or the group as expendable asset. So I guess the lack of development funding makes all of us in the international units very expendable.

Advice to Senior ManagementStrengthen career development programs for employees at the International unit level and offer rotational programs at locations worldwide.

    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    Intern to Full Time - Mission Impossible

    Intern (Former Employee) Toronto, ON (Canada)

    I worked at Scotiabank


    Pros: The company has a strong presence in the Canadian market. Once the name Bank of Nova Scotia is on your resume it will at least… Cons: The major problem is there is no streamlined recruiting procedure for summer students. Once you get in, you are on your own to ensure that… Advice to Senior Management: As a whole the company is moving in the right direction with sound expansion into… More
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Approves of CEO

     

    Could always be better, but still very good.

    In-Branch Sales (Current Employee) Toronto, ON (Canada)

    I have been working at Scotiabank


    Pros: Lots of opportunites to move ahead within the branches. Strong support for career advancement within company. As long as you're in a branch… Cons: Workload can get heavy. Not for those who do not like dealing with customers. You would have to consider what the… Advice to Senior Management: Senior Mgmt shoud constantly put themselves in others' shoes to… Yes, I would recommend this company to a friend More
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