Scotiabank - Weighting the Strengths and Weaknesses | Glassdoor
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There are newer employer reviews for Scotiabank

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"Weighting the Strengths and Weaknesses"

Star Star Star Star Star
  • Work/Life Balance
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Account Officer in Tokyo (Japan)
Current Employee - Account Officer in Tokyo (Japan)
Approves of CEO

Pros

Scotiabank 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.

Cons

While 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 Management

Strengthen career development programs for employees at the International unit level and offer rotational programs at locations worldwide.

Other Employee Reviews for Scotiabank

  1. "Intern to Full Time - Mission Impossible"

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Intern in Toronto, ON (Canada)
    Former Employee - Intern in Toronto, ON (Canada)
    Approves of CEO

    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 get some attention. I was able to move to another financial services company because of the experience I gained with BNS. They also have decent pay intern-wise and a number of benefits such as discounted tickets, a relationship with Famous Players etc. I would strongly advise against taking a summer internship here unless it was in the Scene Program or Scotia Capital. Even in Scotia Capital do not expect to gain a vast array of knowledge.

    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 you find a place to come back. Unlike other well defined intern programs there is simply no way to continue forward other then personal networking. However the roles that they have interns fill is typically pretty mundane. There is nothing but simple research and minimal analysis to be completed. There co-ops typically take up most of the intern spots at the firm with the "Scotia brats" taking up the rest. There are much better places to work.

    Advice to Management

    As a whole the company is moving in the right direction with sound expansion into the Latin American markets. The presence of TD and RBC is still of course overwhelming.


  2. "Could always be better, but still very good."

    Star Star Star Star Star
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - In-Branch Sales in Toronto, ON (Canada)
    Current Employee - In-Branch Sales in Toronto, ON (Canada)
    Recommends
    Approves of CEO

    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 that allows/encourages such improvement, it will be easy to move up. Staff are friendly, most are very easy to get along with. The vibe depends the most on how the branch manager wants the staff to behave.

    Cons

    Workload can get heavy. Not for those who do not like dealing with customers. You would have to consider what the job entails. In the branch you have constant customer enuiries in addition to your own customer files, and those handed down from management.

    Advice to Management

    Senior Mgmt shoud constantly put themselves in others' shoes to understand how diificult the job is.

There are newer employer reviews for Scotiabank
There are newer employer reviews for Scotiabank

See Most Recent

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