Scotiabank restructuring causing jitters in Jamaica

News that Scotiabank, Canada's number two lender,  will cut about 1500 jobs in the Caribbean and Latin America is reportedly causing jitters at its Jamaican operations.

The Bustamante Industrial Trade Union (BITU) which represents workers at Bank of Nova Scotia Jamaica is worried there could be implications for local staff.

Senator Kavan Gayle, President-General of the BITU told RJR's Financial Report that union has been in contact with its union partners in those Latin America countries in which Bank of Nova Scotia operates, "and we do know that they have started already to restructure the business throughout , and it has led to the outsouring of certain services."

The union will meet with the bank's management on Monday to discuss the matter, to discuss its concerns, "and we also have some recommendations as to how we can mitigate against any possible job loss."

The union represents more than a thousand BNS workers. 

Scotiabank Canada says it expects to save about $120 million from the restructuring. It is predicting that savings from the exercise will be modest next year but will be fully realised in the 2016 financial year.

The bank will close or reduce staff at about 120 branches, primarily in Mexico and the Caribbean.

Chief Executive Brian Porter told analysts the changes will affect about 10 per cent of its international operations.