Scotiabank

  www.scotiabank.com
  www.scotiabank.com

Scotiabank Reviews

Updated December 15, 2014
Updated December 15, 2014
561 Reviews
3.4
561 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

Employee Reviews

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  1.  

    Outdated Technology, Demeaning managers, low salary based upon industry average, micro managed and no training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    lots of outdated technology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
  2.  

    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.

  3.  

    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
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  5.  

    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
  6. 1 person found this helpful  

    Management is full of **it

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

    I have been working at Scotiabank part-time (more than an year)

    Pros

    -Colleagues are generally a great set of people, willing to engage and be friendly

    Cons

    -Same colleagues can also act like they're in high school

    MANAGEMENT

    -Management is a huge problem, from managers sitting there on facebook/having loud conversations with employees while others are on calls/working to simply throwing you under the bus when it comes to taking criticisms (ex. one of their employees needs to be trained on something, but they take it as a personal attack, clients don't get great service and analyst keeps making the same mistake).
    -spend a lot of time micromanaging analysts that do better than most, instead of managing those that aren't pulling their weight
    -Worse thing about management is that they make promises but never do anything. Currently part time, however instead of hiring me as fulltime, they've decided to hire several new analysts through contracts (and they've hired several previously while I was partime) when it makes more sense to increase the hours given to someone who has already worked the job and as per reviews one of the top people there
    -They promised another analyst that if he worked lateshift it would work to his benefit to get fulltime with Scotiabank, instead after a getting an extension on his contract he was forced to find another position because they wouldn't hire him fulltime.
    - Management takes credit for all these statistical improvements, when really it simply a matter of hiring more employees(half of them are not even the right ones) because they were extremely understaffed before (department went from 20 employees to 41 at last count)

    Advice to ManagementAdvice

    Keep talent, and let it grow. Hiring them just to work them into a corner and do nothing with them, means that talent won't stay and you will do horribly when reviews come.

    You are doing an absolutely terrible job and I can't wait to leave.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  7. 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
  8. 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
  9.  

    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
  10.  

    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
  11. 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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