To the Editor,
This month, the Bank of Nova Scotia reported, once again, record annual profits of $8 billion, along with reports of similar record profits by all of Canada’s big five banks.
That same week, customers of the Scotiabank branch at Nanaimo North Town Centre received a letter informing them that their branch would be ‘moving’ to a new location. However, it turns out that this new location already has a Scotiabank branch, and that the ‘move’ is, in fact, a closing of the branch at Nanaimo North Town Centre. While customer accounts at this branch will be moved to the new location, that will not be true for all of the staff (a merry Christmas gift, indeed).
If Canada’s big banks are proud of their continual record profits, they should also be clear about how these profits are in part achieved. When a bank branch is closed, the banks need to be honest about what is happening and what is happening to the staff, and not disguise it as a move.
It is unfortunate that there is no real competition, and therefore customer choice, among Canada’s big banks.