11/04/2014 07:17 EST | Updated 01/04/2015 05:59 EST

Scotiabank to cut 1,500 jobs amid restructuring charges

Scotiabank will 1,500 jobs, including about 1,000 in Canada, as it reduces head-office staff and reduces some of its international branches.

The bank said Tuesday it will centralize and automate some of its Canadian branch functions, and reduce some of its wealth-management operational support.

Scotiabank will also close or downsize approximately 120 branches in its international banking division.

The bank said it will book a restructuring provision of approximately $148 million in the fourth quarter, mainly to cover employee severance costs.  

As of the end of the bank's third quarter, it had almost 87,000 employees worldwide, including more than 36,700 in Canada.

Scotiabank CEO Brian Porter says he is confident the bank can make its financial objectives, despite the charges announced Tuesday.

More to come