Scotiabank to take $275M restructuring charge in second quarter

Scotiabank warned Monday it is taking a $275 million after-tax restructuring charge in its second quarter.

The bank said it taking the charge  as "part of its strategic efforts to enhance customer experience, drive a digital transformation and improve its productivity."

"These strategic efforts will better position the bank for long-term growth," it said.

The charge works out to 22 cents per share.

The bank said more details will be included with the release of its second-quarter results on May 31, 2016. 

Shares of Scotiabank were down just under one per cent on a day when all the big Canadian banks were trading lower.

Scotiabank was off 61 cents at $65.19 on the TSX.

Royal Bank was down by 21 cents at $77.71, while CIBC was off 65 cents at $100.69. Bank of Montreal was off three cents at $81.80, and TD slipped by six cents to $55.79.

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