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Scotiabank to record C$275M restructuring charge in Q2

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Scotiabank to record C$275M restructuring charge in Q2

Toronto-based Bank of Nova Scotia expects to record a restructuringcharge of approximately C$275 million, or C$375 million before tax, in thesecond quarter.

The charge, equivalent to 22 Canadian cents per share, ispart of the bank's "strategic efforts to enhance customer experience,drive a digital transformation and improve its productivity, to better positionthe bank for long-term growth," Scotiabank said in a May 2 press release.