Topic: How To Invest

The Successful Investor Hotline – Friday, October 20, 2023

Article Excerpt

BANK OF NOVA SCOTIA, $56.68, Toronto symbol BNS, is still a buy. The bank now plans to cut 3% of its global workforce. That’s mainly because more of its customers now use the Internet and mobile platforms to manage their accounts instead of visiting a branch. It’s also writing down the value of its stake in Chinese lender Bank of Xi’an Co. Ltd. In all, Bank of Nova Scotia expects severance payments, the cost to exit real estate contracts, and the writedown itself will cut overall earnings in its fiscal 2023 fourth quarter, ending October 31, 2023, by $590 million, or $0.49 a share. To put those charges in context, Bank of Nova Scotia earned $2.10 billion, or $1.73 a share, before unusual items in its fiscal 2023 third quarter. The bank expects that savings from these moves will begin contributing to its earnings in fiscal 2025. Bank of Nova Scotia is still a buy. Bank of Nova Scotia recent coverage: Hotline for September 1, 2023 June…