Bank of Nova Scotia (BNS) Will Record $375M Pretax Charge in Q2

Scotiabank (NYSE: BNS) announced that as part of its strategic efforts to enhance customer experience, drive a digital transformation and improve its productivity, the Bank will record a restructuring charge of approximately $275 million ($375 million pre-tax) or $0.22 per share in the second quarter 2016. These strategic efforts will better position the Bank for long-term growth.

Further details on the expected timing and amount of associated benefits will be provided with the release of Scotiabank's second quarter results on May 31, 2016.

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