Scotiabank Reviews

Updated March 28, 2015
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Employee Reviews

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  1. Happy I did it, but would never do it again.

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

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

    Pros

    Some of the individuals within the bank are extremely intelligent, and they give access to upper management. Similarly, they have international rotational opportunities.

    Cons

    Culture is extremely cutthroat in investment banking and their is no sense of teamwork. Virtually no access to upper management as was once praised.

    Advice to ManagementAdvice

    Take time to train Jrs.

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  2. Stable employment, balanced career advancement and life

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

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

    Pros

    No high stress typical in other wall street banks.
    management recognizes personal contributions.
    Stable employment, from prudent hiring and no-waste cost management.

    Cons

    Dated IT systems.
    Risk control is too stringent to grow business.

    Advice to ManagementAdvice

    Invest in profit generating infrastructures.

    Recommends
    Neutral Outlook
  3. One big pro, several cons, look elsewhere

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    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)

    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

    Doesn't Recommend
    Positive Outlook
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  5. Excellent work life balance

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

    I have been working at Scotiabank

    Pros

    Excellent work life balance, Excellent benefits and reasonable hours

    Cons

    Very limited US growth, lower salaries compared to competitors

    Recommends
  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. good life work balance

    • 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

    Very good work life balance. Usually 8~5 working hour. People are nice and easy to get alone with. location is good.

    Cons

    not good IT system. 3 level bank. The management level people think their target is number 3 in any area (not like other bank wants to be number one!)

    Advice to ManagementAdvice

    No too much I can say about it. Please keep the work and life balance, that's what attract people here!

  8. Review

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

    I have been working at Scotiabank

    Pros

    Excellent Benefits Excellent Benefits Excellent Benefits

    Cons

    Lower salary than the competition

    Advice to ManagementAdvice

    Raise salary!

    Recommends
    No opinion of CEO
  9. Avoid if you can

    • 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

    - 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 ManagementAdvice

    Comp fairly.

    Doesn't Recommend
    Disapproves of CEO
  10. 1 person found this helpful

    Top tier Canadian Bank - bottom tier US/Global bank

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

    I have been working at Scotiabank

    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 ManagementAdvice

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

    Doesn't Recommend
    Disapproves of CEO
  11. Good, solid bank with pleasant atmosphere.

    • 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

    The company is in good shape at a time when the financial sector as a whole is in chaos. Offices and branches around the world mean opportunities for working abroad. There is an atmosphere if healthy competition, without much of the eat-rocks-and-crap-fire, alpha-dog stuff you might find elsewhere.

    Cons

    A fair amount of second-guessing; lots of paperwork; some of the same territoriality you will find in any big organization. Office location next to WTC site will be a downer for some (at least until something is finally built there).

    Advice to ManagementAdvice

    Keep being cautious about risk and capital ratios. Maybe cut back a little on the strategic missives couched in wordy corporatese. When I read these, I'm not convinced that the thinking behind them is entirely clear.

    Recommends
    No opinion of CEO

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