One of Canada’s largest mortgage lenders has brought in external consultants in a bid to cut costs. The Bank of Nova Scotia is looking to save in excess of $150 million through restructuring and there are growing fears that it could mean job losses. The big banks have been hit by the decline in oil and other commodity prices and there is a general wave of cost-cutting and efficiency-boosting in the banking sector. The Globe and Mail says that Scotiabank has hired McKinsey & Co as consultants; the firm offers various services including “driving operational improvement” and assisting with the application of “new working methods.” The firm says it has a “limited engagement” with Scotiabank.
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