SCOTIABANK is restructuring the operations of its contact centre via an affiliate company – Finbiz.

The restructuring, which will take effect on March 2, 2015, is expected to affect 200 employees currently working at the company’s contact centre over an 18-month period.

In a release yesterday, Scotia stated that the restructuring forms part of continuous reviews of its operations on a local and global scale to ensure that the company meets the demand of its customers while maximising operational efficiencies.

Last November, the bank’s head office in Canada announced a US$451-million global restructuring which would include the loss of 1,500 jobs. The bank explained that about 1,000 of those jobs will be cut in Canada, mainly in mid-office functions, as well as the Toronto head office, while the remaining 500 job cuts will involve branch closures in Latin America, Mexico and the Caribbean, where it says that acquisitions have led to duplication in some areas.

“The staff will still be employed,” public and corporate affairs manager, Hope McMillan-Canaan told the Business Observer. “However, under the redundancy process, the staff can choose if they want to stay with the new company or sit out for the 18 months.”

The operational structure of Finbiz is expected to be more closely aligned to other contact centres in Jamaica, with competitive compensation and benefit packages, according to Scotiabank.

“Scotiabank is now focused on supporting employees through the transition and staying true to our principles of treating employees fairly, equitably and with respect,” the bank added.

Currently, Scotiabank employs 87,000 people, more than half of whom are outside Canada. Last year the bank indicated that it plans to close or downsize 120 branches outside of Canada, which runs about 10 per cent of its international branch network.

According to reports in the Canadian press, the bank also said it is boosting its loan loss provisions on some hospitality properties in the Caribbean, saying they are taking longer than expected to recover from the impact of the 2008 financial crisis on tourism. The moves will save the company about $120 million a year in annual operating expenses when fully implemented over the next two years.