Pros
Scotiabank is a great place to work for anyone who is looking for a good balance between working life and personal life. As the norm for financial institutions in Japan, employees often work 10-12 hours a day. At Scotiabank, at least in Tokyo office, upper management stresses efficiency during the day and getting off on time (i.e. 5pm). In the current credit market, when financial giants like Lehman Brothers, Merrill Lynch, and Citibank, to just name a few, have been downgraded by rating agencies such as S&P and Moody due to its huge subprime related write-offs and Scotiabank is able to maintain its ratings (S&P: AA/Stable and Moodys: Aa1/Stable) with minimal subprime write-offs says a lot about the senior leaderships and its commitment to adhere to its credit guidelines. Senior management is quick to respond to changing markets with strategies well communicated to international units.
Cons
While there are strengths about one company, there are also weaknesses. While there are strengths about one company, there are also weaknesses: weak salary structure and weaker career development programs. The salary structures at its international units are not inline with market norms. I understand it is every Branch Manager’s (especially expatriates) goal to look good and show his/her ability to make a turnaround by keeping cost low and improve profitability but that should not come at the expense of its employees. The last time I compare the salary structure, it is about 12-30% lower than market norms Employee development programs/opportunities at the International units level is either not available or it is not communicated very well. Since I have joined the bank and I have not received any notice or email from the HR department in regards to employee development. In my view, if a company is not willing to spend its resources on an employee or a group of employees then the company views you or the group as expendable asset. So I guess the lack of development funding makes all of us in the international units very expendable.