From the article, the layoffs are happening because of the Chinese economy.
According to Chinese language media, it appears ScotiaBank is laying off their "global workforce" (read: Chinese operations)
They had to do a significant writedown because they were overexposed to Bank of Xi'an, whose share price has collapsed 75% from their peak, around which time ScotiaBank began overhiring.
Furthermore, Bank of Xi'an is a commercial bank, so it is overexposed to the ongoing real estate bust.
This isn't the first time something likr this happened in China - there was a similar recession in 2015-16 - but it seems Western institutions are much more exposed now in spite of the ongoing trade war.
It's because of the Chinese economy. They had to do a significant writedown because they were overexposed to Bank of Xi'an, whose share price has collapsed 75% from their peak, around which time ScotiaBank began overhiring.
According to Chinese language media, it appears ScotiaBank is laying off their "global workforce" (read: Chinese operations)
They had to do a significant writedown because they were overexposed to Bank of Xi'an, whose share price has collapsed 75% from their peak, around which time ScotiaBank began overhiring.
Furthermore, Bank of Xi'an is a commercial bank, so it is overexposed to the ongoing real estate bust.
This isn't the first time something likr this happened in China - there was a similar recession in 2015-16 - but it seems Western institutions are much more exposed now in spite of the ongoing trade war.