Petrolia Scotiabank closing as bank cuts 2,700 jobs nationwide

The Scotiabank building in Petrolia was built in 1911 and has been home to the bank for 112 years. Heather Wright Photo

Heather Wright/The Independent

A fixture in Petrolia’s downtown for more than a century will be closing its doors in the next six months.

While the company has yet to publicly announce the closure, employees were told last week the branch on Petrolia Line is closing.

The news came around the same time Scotiabank announced it would be cutting about three per cent of its global workforce. That works out to about 2,700 staff members across the country.

A company news alert says the changes are being made “as a result of the Bank’s end-to-end digitization, automation, and changes in customers’ day-to-day banking preferences, as well as ongoing efforts to streamline operational processes and create capacity to invest in key growth opportunities.”

Scotiabank alerted stockholders of the news saying the layoffs would cost about $247 million in restructuring charges such as severance and about $63 million in charges “related to the consolidation and exit of certain real estate premises and service contracts. We expect the savings on the above items to be achieved throughout fiscal 2024 and anticipate full run-rate benefits in fiscal 2025,” the bank said in a statement.

In August, Scotiabank released its third quarter profits; it made $2.2 billion in the three months, down from $2.61 billion the year before.

The Independent reached out to Scotiabank to find out when the bank would close, how many people work at the Petrolia branch and whether they would lose their jobs or go on to work at another branch. At press time, Scotiabank had yet to respond to emails and phone calls.

Two sources with knowledge of the announcement confirmed the branch would be closed, possibly in the next six months. Customers looking to open accounts were told any new business would soon merge with Scotiabank in Bright’s Grove.