Scotiabank

701 reviews

Scotiabank Employee Reviews

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Senior Personal Banking Officer (Current Employee), Quebec, CanadaMay 21, 2013
Pros: free breakfasts during meetings
Cons: long hours, unpaid work, sales focused rather than client focused
I am an employee who consistently, along with other colleagues, surpass sales objectives during the year. I am frequently solicited by management to make sales presentations due to my high product knowledge. I routinely participate at numerous charitable events throughout the year also. Despite my active involvement in the community and excellent sales track record, many of my colleagues and I have not been happy to work for Scotia for many years now. Below are some of the reasons:

- Employees are expected to work late to meet job demands. Overtime policies, such as requirements to secure approval before working extra hours, make it difficult for employees to get paid.

- It has a very poor record-keeping system for overtime.

- Unpaid overtime has been a complaint from employees working in all provinces

- Some branches pay employees overtime while others do not. Management denies it.

- Employee salaries are well below the average in the industry, despite record sales. Some competing banks offer up to $10,000.00 more a year for candidates with the exact same qualifications and position.

- Being short staffed is a common problem at most branches due to its high turn over rate.

- Administrative support staff in branches are being eliminated making the overwhelming job demands even worse and increasing the long unpaid work hours.

- The focus on sales is tremendous. For example, I've been asked to request some brand new clients I meet to come back to see me at my branch for certain products/services that they could easily get at a Scotiabank closer to their home. However, – more... in order to increase my branches sales, my branch manager specifically told me not to mention that they can get the same things done at the branch closer to their home or work. Making things more convenient or practical for clients is not as important as our branch sales volume. Colleagues from other branches confirm to me that the pattern is the same at their branches.

- Employees are promoted as managers more based on their knowledge of products and policies rather than their people skills. Many employees are also promoted based on favoritism.

- Yearly bonuses are kept at a minimum level even for many employees that surpass sales objectives assigned by management and even if these same employees are active in all of the banks community events.

Basically, I would never refer anyone to this bank for these reasons and so many others. – less
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Not the best place
Mortgage and Loans Officer (Current Employee), Toronto, ONMay 9, 2014
Pros: some free banking/learning about money and the shares plan
Cons: workload is stressful, vacation time is based on the centre, not the department, system is slow/keeps crashing, unable to email statements to customers who request them
Scotiabank's best feature are the people that work there, which to me is a little disheartening. Their business practices are a little off in my eyes, such as their training. For example, I am a new employee and was thrown on to live calls with real customers, dealing with their live accounts, while in training. I was not comfortable with that at all. Coming in from being unemployed and knowing how sensitive an issue money is to alot of people, that was very surprising.

I now help support the loans and mortgages department, which I took because I needed the full time hours/salary. If I had known the training would have just been one week, three days of which, were spent reading manuals and having MAYBE one hour of computer "play time" to learn processes and procedures, I might have stayed in the entry level role a little longer to get used to the system, which is VERY outdated.

The workload is not very "employee friendly". Not that I'm at work to breeze by, but there is something to be said about making the employees happy by not treating them like dogs and just expecting them to take hours upon hours of calls, back to back to back, without room to leave a note on a customers account. Our time is counted against us by the minute, even if we take a 10 second breath between calls, which goes against our statistics, which goes against our merit increase. That's just one of the measures that we have to compete with.

I feel that if Scotiabank was to really look at how they do things, they would see that they would need to;

1. Bring in an updated system that is more user friendly – more... and easier to navigate, would make calls go faster, which would in turn lessen the amount of call wait times for our customers.

2. Train new hires THOROUGHLY with "dummy" accounts and not throw them on the phones while they are in training just to help alleviate some of the call volume, which would help them make less mistakes and increase confidence in the customers when they speak to an agent.

3. Change their branch hours to help accommodate our changing customer base. There are too many branches that don't have hours that are conducive to the way our customers lives are, terrible hours and an inconsistency in the practices that they offer. – less
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Bank is innovatively growing, career growth opportunities within the bank, Managment in a nascent stage
Manager - Fixed Income, Product Control (Current Employee), Toronto, ONFebruary 7, 2016
Pros: Part of huge change, and opportunities in various parts of the bank
Cons: Mismatch of talent and deliverables
Scotiabank is growing while the other banks are showing signs of slowing down. The bank is developing a fresh vision and the bank is trying to venture in to some unique endeavours. The vision however needs to seep in to other groups.

A typical day at work requires time sensitive reports to be delivered to trading floor, risk management and finance. Month end and quarter ends are particularly busy and require working over the weekends for timely reporting to upper management. This requires attention to detail and sensitivity to time given the information is published for the investors of the bank.

The co-workers are hard working however, some times skills do not match the work that they are asked to deliver. Training opportunities have been made available to the staff .The staff has varying levels of competencies. Its a challenge and an opportunity for personal growth.

Hardest part of the job is to get timely approvals from the front desk and risk management on the month end valuation adjustments. It needs to ensure that the analysis reflects the market conditions and is conservative enough to protect the bank at large on any adverse market movements. Being a part of a big organisation also requires ability deal effectively with internal business partners who might be apathetic to the requirements of my group. This also create opportunities for improvements in the processes and sensitising staff to changing requirements. The banks are all heading towards tight operational requirements and differentiation has become complicated. Hence, during my time Scotia I have – more... seen and been part of huge improvements.

The enjoyable part of the job is that I feel I have earned my living successfully and rightfully every day. I have been given an opportunity to create a difference every day. – less
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Wish I Left Sooner
Small Business Advisor (Former Employee), Kelowna, BCMay 5, 2015
Pros: Coworkers
Cons: Too many to list
Scotiabank can be a very difficult company to work for. I worked in 5 different branches during my 4 years there, progressively working my way up through the sales roles. I can't believe how political the company is. Many of the people in upper management don't deserve their positions at all. There is such great disconnect between them and the retail branches. Also, Scotiabank is notorious for paying much less than its competitors, and the benefits are not as competitive. For example, everyone's base pay is based off the average "market reference" for a similar job in the industry. I didn't know a single person who made the market reference or anywhere near it, and that is just the industry average. The closest I got is when I went to the extent of getting a competitor offer, and then trying to get them to match it. I only got 95% of the market reference. The last year was horrible and the drastic changes they made during the "One Customer One Bank" caused almost 100% of the sales team at my branch to quit, along with many other branches, which also negatively effects the customers. The amount of people who have gone on long-term disability and have taken early retirement due to the working conditions is scary. The pressure and stress to pay ratio the bank is putting on its employees just isn't right. However, on the bright side they are so desperate to hire new sales members that it's a great "in" to Financial Service and anybody who sticks around for a year or two can quickly move up within the branch because there are constantly openings due to people leaving.

I did work – more... with many amazing people though during my time with the bank, and had some great managers, who I will remain friends with. – less

June 29, 2015

Hello, we’re sorry to learn that your past work experiences with Scotiabank weren’t entirely positive. We sincerely wish we could have helped you be better prepared for the transition to the “One Customer One Bank” business model as we have successfully done so with many other employees. As you mentioned, Scotiabank has many amazing employees and we are confident in the strides we have taken to enhancing our leadership depth and diversity. We appreciate you taking the time to give us your candid feedback and wish you all the best in your future endeavours.

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Productive WorkPlace
Manager Documentation - Regulatory Compliance (Current Employee), Toronto OntarioMay 26, 2014
I have been working with Scotiabank for almost 10 years. My most recent position is Manager Documentation where I am managing documentation projects, to be sure that all the onboarding documents we use in the English and Spanish Caribbean countries are following the Customer Acceptance, KYC/AML, and risk management. I deal with different kind business activities, products and services offered by different business units.

To manage our projects with efficiency is important to have great attention to details to assure accuracy of the information that is being created and published; another important skill is organization to manage the assigned projects. I created a SharePoint portal that help us to manage priorities, to facilitate team work and to keep track of the different projects and how there are being managed by different member of our team. (Efficiency) (Team Focus)

I always maintain awareness of the changing compliance environment and provide suggestions to improve documents to enhance them to manage better AML/ CFT Risk. (Forward Thinking)

While dealing with the different projects and countries I use my flexibility and adaptability to find alternatives and adapt to views of different people and different regulations according with the country. At the same time I am always trying to build and maintain a positive rapport, because I have to identify interest of needs of the other departments, and to create strong relationships.

I create manuals and guidelines to communicate clearly and concisely the functionality of the different documents and forms that we manage.
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You lose some and you win some...
Customer Contact Officer (Former Employee), Scarborough, OnMay 18, 2015
From the get go I was enthused of being able to work with Scotiabank however as time went by I got this nagging feeling that what I will do is a repetitive task. It is okay at first if you want to use it as a stepping stone however advancement within can be a bit tedious.

1. The system used is a bit outdated. It is so old school and that you have to learn to navigate the system in 1 week and then afterwards take live calls.

2. Not enough numbers of computers for use during training. Hence you need to buddy up with someone. Sometimes the trainer is lazy and he/she expects that after reading the manual you are going to be an expert in navigating the system.

3. You have to be mindful of whatever you say or do (even if it is a joke) during your probationary period. "They" may be offended by it and this will result in an immediate termination of your contract. I have personally seen people sent home during training for supposedly having conduct that is not within their parameters and they find "offensive".

4. People come and go quite frequently. You will see new faces on the floor almost every month.

5. Sooner or later you will feel like a robot with what you are doing.

6. There are certain things that the branch does which is not inline with the process of the customer contact center (vice versa)

7. Benefits can be customized depending on your needs however you would have to pay an extra premium and these are readily available to you from day 1.

8. There is an option for continuing education (which is cool).

9. Optional overtime if you need to earn – more... extra cash. (Subject to availability)

10. Over-all an okay job if you are used to drone and repetitive tasks. – less
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Terrible Place to work at
Financial Advisor (Former Employee), Toronto, OnFebruary 16, 2015
Pros: working at a financial institution
Cons: long hours, lack of transparency, management pressure
I went through 3 months of training at Scotia Bank and found that unlike what everybody thinks this organization lacks transparency and guidelines as to how trainees are supposed to be dealt with. Trainees are disrespected and are dealt with as if they are there to help out with Micky Mouse tasks like buying things from grocery shops and help move stuff around the branch. So called co-workers don't even say hello to the trainees and treat them with disrespect. And if the trainee objects to the situation he is blamed for objecting. I worked at 2 other major banks and had never seen anything as shameful as this bank. Nobody bothers to teach you anything and your in branch coach is always busy with other things and yet you are expected to learn everything on your own and they will make sure they will be there to criticize you as soon as you do something that doesn't please them. Pay is lower than competitors and work environment is terrible. There is constant pressure on the Financial Advisors to sell and achieve targets to the point of madness. All kind of psychological and sales techniques are used to force the customer to open an account or buy an investment product. Customers are tired of going through all of this pressure as soon as they walk into the branch. Overall, there is a lot of competition between co-workers and management is only interested in numbers and not the quality of interaction with the customers. If you are wise enough you don't put your career in their hands.

March 13, 2015

We’re very sorry to hear of the past personal work experience you’re describing. Employees are one of Scotiabank’s most valuable assets and we offer multiple channels and have dedicated teams to help current employees resolve issues and improve their work experience. The Financial Advisor training is a unique program Scotiabank offers and we’d welcome more of your candid feedback. We strongly encourage you to contact us at scotiabankhelps@scotiabank.com where we’ll be happy to converse further.

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Great workplace and experience
Financial Advisor (Current Employee), Edmonton, ABJune 18, 2014
My typical day started with doing gap analysis for customers coming in, making phone calls, doing follow up paperwork, transactions or calls. Reviewing credit and investment files to give to compliance officer. During the day, meeting with customers, completing financial reviews and plans, identifying their financial needs and goals to provide best customer solutions, referring to expert partners in or outside the branch, looking for referral opportunities and/or off us products to transfer in from other financial institutions. Marketing/cold calls to generate business. Creating campaigns, training and coaching other colleagues. Dealing with other departments to ensure processes and transactions were done correctly for customers. My satisfaction was to provide excellent customer service and advice, their compliments was my best reward. I extremely enjoy dealing with customers, relating to them, spending time with my colleagues and being able to help them on a daily basis. I've learned my passion for success, for doing things right at the first time, my dislike to making mistakes or disappointing customers, managers and colleagues; I grew my banking knowledge on different levels, became stronger person when dealing with difficult situations. I had the opportunity to act as acting manager when ours was away. I like being challenge on a daily basis, I motivate myself to be the best.
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fun workplace with great colleagues
Bilingual Bank Specialist representative (Former Employee), Halifax, NSSeptember 17, 2015
Pros: Great atmosphere, constant changes, helping customers and business is acknowledged
Cons: short lunches, difficult to see the end result of processing benefits
Typical day at work is to arrive on time for your work schedule. Review emails and respond time sensitively and by prioritize accordingly. Create/action/review/close cases build daily. Answer incoming calls from customer, listen and resolve with professionalism. look for new innovative ways to help the business and present to management as procedure requires. Follow rules and procedures according to business requirement. Time management and prioritize work and separate socializing time and work time and using it effectively are a few of the things I've learned through years and having a sense to better myself. I am very personable hence hardly have conflict with co-workers and teamwork is one of my biggest strength. Hardest part of the job is leaving things unfinished for the next day, I like to have things done or resolve within moments, so I can also say that patience has been build up for me as well in a sense. The most enjoyable part of the job is when the day is over, through no personal gain, realized that I have help so many today and being acknowledged by the business for it.
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Excellent company to work for
Senior Audit Manager (Former Employee), Toronto, ONAugust 10, 2013
Pros: very reputatable company, excellent culture and staff are treated fairly.
Demanding and rewarding work environment.
As a Branch Manager a typical day included providing excellent customer service, completing sales calls. Meeting with staff each morning, celebrating successes and working on areas requiring improvement from the day before.

We needed to ensure the work from the previous day was reviewed and balanced. Sales and service meetings are carried out at various times in the week. Individual sales meetings are held with each sales staff members once per week.

As an audit Manager, we would review work and files daily, conducting fact finding discussions with staff and management and completing reports.

I learned alot about managing staff, generating sales of Bank Products and services. Through audit I learned to review manuals, the procedures carried out by staff in various branches or departments.

The hardest part of auditing I believe is the flexibility required to quickly learn and understand many departments within the bank and often in a short period of time.

I enjoyed interacting with the staff the most. Scotiabankers are dedicated hard working individuals who truly care about their customers.
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Leaves a lot to be desired
Senior Admin Clerk (Current Employee), OntarioMarch 20, 2013
Pros: safe atmosphere (administrative building, no robberies!) and the team i work with is wonderful.
Cons: see below
It takes a minimum of 3 years to become a permanent employee (when starting from the bottom). Salary and benefits (recently changed and costing much more than previously) are at the very low end of the industry despite record profits. A lot of favouritism for advancement (if a manager doesnt want you in their department, you will never get in there even if you are the most qualified) or even starting out (eg current employees relatives somehow get in ahead of outside applicants). Posting of internal job opportunities, then applicants being told that the position isnt being filled due to low volumes. Management do not show any flexibility regarding family obligations such as ill children, snow days or restrictions on hours due to child care availablilty. Letting contract employees go with no notice is not unheard of.

Coaching and development is being pushed a lot lately (may be good or bad depending on your outlook). Very helpful Ombuds office. Many different committees, volunteer and charity activities available to take part in throughout the year.
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Great opportunity for interdisciplinary collaboration in an individual and team environment.
Customer Service Representative-Sales and Services (Current Employee), Burnaby, BCFebruary 20, 2013
Pros: chances to meet with different peoples in various backgrounds, learning financial knowledge.
Cons: difficult and demanding customers
• Contributing to the overall success of the branch by meeting negotiated goals through responding to customer requests
• Meeting walk-in customers' transactional needs, resolving their service and maintenance related inquiries and directing sales opportunities to the appropriate sales officer
• Generating quality referrals for the sales team, and contributing to the provision of human, straightforward and knowledgeable service through daily interactions to foster a relationship of mutual trust and confidence with customers

From this job I learned basic knowledge of banking products and how finance apply in real world, and how to communicate with customers effectively. The hardest part of the job would be handling demanding and difficult customers. The most enjoyable part of the job would be when I get compliments from customers for excellent customer service provided.
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A life learing experience
Currently retired (Former Employee), Gander, NLNovember 7, 2013
Pros: i met people from different countries. i was working during 9-11, heartbreaking but in goose bay, nl, we were a welcoming place .
Cons: long hours, but they were my choice. i wanted to do an outstanding job.
My days started early, ended late. From opening all of the cash safe for the various staff, reports, daily staffing, customer contact. Staff issues, customer complaints, turning lemons into lemonade is a great saying. I worked well with others including management. My co workers knew from day one, I was someone they could turn to, be objective, find a balance, and be trusted to keep a confidence, and have a silly song going on at the end of the day when the doors were closed. The hardest part of any job is trying to leave it at work. I retired too early, I miss the work environment. Definitely the most enjoyable part of my job was knowing I did my best each day, and tomorrow I got to do it all over again, with a few twists, with some great co workers. I would be remiss, if I did not say that meeting people, customers and staff, from all walks of life was the most interesting.
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Better than no job,worse than any same type alternative
Manager (Former Employee), TorontoJune 6, 2015
Pros: a job to pay some
Cons: Many
It's a poisonous workplace with cold and unsupportive management.If you just need a little money and not respect, you can choose to work here because it provides low level of pay and if you expect respect from your managers and you will be thought as one who is not easily managed and some day be kicked out.
At most a stepping-stone and leave as soon as you can.Most recently as a customer, I feel most service staff are new because they have almost no decent knowledge to finish their job.I just got to know from here that the bank fired a lot or a lot chose to leave the bank due to the bank's traditions of caring employees least. Correspondingly, they have many openings for green people who expect low pay but provide long-time working hours and lowest quality services to clients. But most low level workmates are kind and they just want the pay and not active in contributing to the bank in long term.
Less money and less fun and less respect, one of worst place to work in Canada Banking industry.
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Great place to work with ample opportunity for advancement and relocation
Lending Service Officer (Current Employee), Calgary,ABMay 23, 2012
Pros: great opportunity for advancement, good management, nice building with cafetaria & parking space, fully-equipped gym
Cons: pay/benefits could be better
A typical day at my job involves preparing collateral documents for different business customers, completing annual reviews on businesses to ensure that we have all the required security in place for their current credits and/or new credits. This requires attention to detail, efficiency, accuracy, organizational skills, decision-making skills and time -management skills. The most enjoyable part of this job is that there is always something new I learn everyday which keeps things interesting and challenging.The hardest part of my job is probably the learning curve, it takes a long time before one can perform the job well without assistance from co-workers and supervisors.The management in my department is very helpful and supportive.
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Overall a great entry level job
Customer Service Representative (Current Employee), North York, ONJanuary 23, 2013
Pros: benefits
Cons: no security
The company has potential for growth and is a great employer to work for as an entry level job. Unfortunately management within the company is stigmatized with favouritism creating barriers to success.

A typical day at work involves arriving to work 5-10 minutes before scheduled to ensure I am ready and prepared on time for the doors to open. Assisting customers with their needs and concerns and identifying ways to save them money is what the rest of the day consists of. Co-workers like any job can have its moments but overall working with everyone can be a pleasure aside from maybe one or two individuals who have a tendency to consistently make you feel inadequate. The most enjoyable part of my job is assisting the customers and seeing the various walks of life that come through the bank and their specific needs. A smile at the end of every transaction is truly fulfilling.
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Enthusiastic, goal oriented and result foucs Project Manager with blend knowledge and experience in Technical and Business side of Financial Industry.
Senior Manager Business Intelligence - MIS (Former Employee), Toronto, ONJuly 14, 2014
More than 20 years leading IT Projects in different financial institutions in Latin America and Canada, focus on productivity and efficiency generated as leverage on Technology implementation and change management.

Compelling Leader, devoted to the team ensuring problem solving and negotiation is on the table at all times, towards win-win situations. I used to empower and motivate my staff, true believer on development, career advancement and sense of achievement at all times.

Expert in Quality Assurance, Testing and Software Development control projects mainly for Retail and Credit related products.

Currently focus on Business Intelligence, Analytics and information management.

Availability to travel and fully bilingual English / Spanish
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It is really a great place to work and grow. Fun environment very professional. Scotiabank really value his employee and their customers
Customer Service Officer - Bilingual (Former Employee), Toronto, ONNovember 25, 2014
a typical day of work for me at the credit department was pretty much to assist customers with all inquires regarding revolving credits; day to day banking; branch and account information or redirect them to a different department if needed. There is so much to learn in term of products; systems; or even for your own financial habit. the management team is very accessible helpful and knowledgeable. my coworkers are great people. the hardest part depending of the department you work for, is to learn how to use the system. But there is a bunch of great facilitators there to help you get used to it. The Best part of the job, I believe was the training period where we all have the same schedule and can all share ideas. other than that, the job itself is just great and you get competitive benefits.
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Financial Advisor
Financial Advisor (Current Employee), Windsor, ENGMay 10, 2015
• Provided customers personalized financial plans tailored to their needs and goals in their day-to-day banking, borrowing, investing, and protection
• Identified benefits to customers by reviewing their accounts and providing solutions to save them time and money
• Recommended products and services that customers would provide long term benefit
• Maintained an organized agenda to disburse my daily activities so I may be able to identify and prioritize my customer meetings in person, by phone, or through email
• Focused on working as a team to achieve weekly targets and promote current bank initiatives
• Processed new product setups and prepared the documentation for customers to review
• Listened to the customer and discovered what goals they are looking to achieve and where they’d like to be within the next 3-5 years
• Reviewed action plans to reach weekly targets and identified where to make adjustments
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From Call Center to Account Manager Small Business
Account Manager Small Business (Former Employee), Calgary, ABApril 4, 2014
Pros: training, promotions, team that feels like family, managers who support you
Cons: pay is weak, weak resolution program for internal conflict with supervisors
I started with Scotiabank in their Calgary Call Center in 1999 and earned a promotion to Account Manager Small Business in the branch system.

Why did I leave? While the pay is the lower end of the big 5 Canadian banks, it was a poor fit with my supervisor that caused me resign from BNS. I took my issues through the resolution channels and they had nothing they could do and so rather than resent my career, I resigned, that aside, BNS is a phenomenal employer.

If you are looking for an organization that rewards performance with promotions and will provide you all the training you can take - Scotiabank is your spot. I loved my 5 years with Scotiabank and would go back in a second. Once a Scotiabank, always a Scotiabanker.
Claimed Profile
Headquarters
Toronto, ON
Revenue
more than $10bn (CAD)
Employees
10,000+
Industry
Links
Scotiabank website
Scotiabank one of 2014 World’s Best Multinational Workplaces