Research and Market Commentary

A message from Scotiabank about COVID-19

March 16, 2020

 

At Scotiabank, we are monitoring the COVID-19 (Coronavirus) situation closely and continue to implement protocols and processes to protect our employees, our clients and our business. We have a cross-functional senior response team that meets daily to monitor developments related to the spread of the virus and we are acting on the advice of health authorities to protect the wellbeing of our employees, the continuity of our business and our ability to serve our clients.

 

Work arrangements and business continuity measures

We regularly test our business continuity plans (“BCP”) to ensure that our business and our teams are available, even during unexpected circumstances. These plans have ensured that we have continued coverage for our business in all key functions (trading, funding desks, etc.) at all times. Select employees in critical functions across our footprint are working from our BCP sites or from home to support social distancing and ensure minimal business disruption while mitigating risk for our employees.

 

Travel restrictions

As a precautionary measure, we have restricted all non-essential travel, including domestic travel, for all of our employees and we are asking employees to self-isolate and/or work from home for 14-days if they have travelled internationally, or domestically by air travel. We have reminded employees to stay home if they feel unwell, and to seek medical advice as necessary. We have also increased preventative measures such as deeper cleaning and disinfection procedures in our offices.  

 

Events

We have postponed or moved events with audiences larger than 25 people to webcast-only. In some instances, Scotiabank-sponsored external events, such as Investor conferences, have been moved to webcast-only to limit travel and the need for large gatherings.

 

Employee and client communications

We are communicating regularly with our employees, providing updates to help them best manage through these challenging circumstances. Their safety, and that of our clients and our business, remains our utmost priority.

 

These are exceptional times for all of our businesses and we are committed to supporting your business and your needs. If you have any additional questions, we welcome you to contact your relationship manager directly.

 

Sincerely, 

 

Jake Lawrence                                     James A. Neate

Co-Group Head                                   Co-Group Head

Global Banking and Markets           Global Banking and Markets