Scotiabank Analysis
Executive Summary This report provides an analysis and evaluation of the Bank of Nova Scotia’s primary business operations including their marketing and information technology (IT) systems and the company’s overall financial status and profitability. The methods of analysis used include secondary research of industry data, company reports, recent financial disclosures, as well as inquiries in various electronic databases. The purpose of this report is to determine whether or not the Bank of Nova Scotia, more commonly known as Scotiabank, is a good employer for recent and future Haskayne School of Business graduates. Extensive research has determined that the banking industry is in an unstable state. The industry’s profits have declined over the last few years mainly as a result of bad debt resulting from the US subprime issues as well as the recent global economic downturn. With many competitors, competition has increased in recent years to attract younger customers who historically have less loyalty towards banks. Scotiabank is Canada’s most international bank as well as a major player in the international banking industry. Their mission is to provide exceptional products and services to their clients around the world in addition to the general business goal of earning a profit. The company targets the major markets with their Canadian Banking, International Banking, and Scotia Capital segments. Scotiabank incorporates sophisticated technology in their operations systems in order to provide exceptional customer service as well as reliable accurate services. This technology is used effectively in bridging the gap between customers and branches spread out around the globe. Scotiabank offers various banking and financial products and services to individuals as well as businesses. The services offered are partly determined by consumer preferences as well as other internal and external factors. The societies in which they operate reap significant financial
References: Bank of Canada. (2009). Monetary Policy. Retrieved March 10, 2009, from http://www.bankofcanada.ca/en/faq/faq_bank_monetary.html#6 Bao, J. (2008, August). Time is money. Canadian Business, 81(12/13), 14. Retrieved March 16, 2009, from ABI/INFORM Global database Buckstein, J. (2008, September 11). Online banking faces new threats. Calgary Herald,A.16. Retrieved April 2, 2009, from Canadian Newsstand Core database Bureau of Labour Statistics. (2007, December 17). Career Guide to Industries. Retrieved March 17, 2009, from http://www.bls.gov/oco/cg/cgs027.htm Canada Newswire. (2008) New Scotiabank Environmental Paper Policy Helps Promote Sustainable Forestry and Reduced Paper Consumption NewsWire. Retrieved March 20, 2009, from CBCA Complete database. Canadian Bankers Association Department of Finance Canada. (2001). Canada’s Banks. Retrieved February 24, 2009 from http://www.fin.gc.ca/toc/2001/bank_-eng.asp Department of Justice Canada. (2009, March 30). Bank Act (1991, c.46). Retrieved April 1, 2009, from http://laws.justice.gc.ca/en/showdoc/cs/B-1.01/bo- ga:l_XIII//en#anchorbo-ga:l_XIII Dhesi, Daljit. (2007, April 13). Banks Target Young. Retrieved April 5, 2009 from http://biz.thestar.com.my/news/story.asp?file=/2007/4/13/business/17227349&sec=business Google Inc. (2009). The Bank of Nova Scotia. Retrieved April 1, 2009, from http://www.google.ca/finance?q=TSE:BNS Himmelsboch, Vawn. (2006, March 17). Scotiabank writes a new chapter in data capture. Retrieved March 20, 2009 from ABI/Inform database. Jantzi Research Inc. (2008, August). Bank of Nova Scotia (The)(BNS). Retrieved April 5, 2009, from Canadian Social Investment database. MarketWatch Inc. (2009). The Bank of Nova Scotia Retrieved April 1, 2009, from http://www.marketwatch.com/tools/quotes/financials.asp?symb=BNS&sid=46168&report=2&freq=1 Menon, V. (1999, March 20). No slips at paperless bank branch: [Final Edition]. Niagara Falls Review,p Mergent Inc. (2008). Bank of Nova Scotia Data Report. Retrieved March 20, 2009 from Mergent Online database. Mint Global. (2008). Company Report for The Bank of Nova Scotia. Retrieved April 1, 2009, from Mint Global database. Newman, K. (2008, October 9). Confidence Crisis. Global News Transcripts, p. 2. Retrieved March 8, 2009, from CBCA Complete database Norris, G. (2009, February 27). Canadian banks still cashing in big profits; Finance But bankers also acknowledge 2009 will be tough, and even maintaining flat earnings for the year will be hard. Telegraph-Journal,B.1. Retrieved March 8, 2009, from Canadian Newsstand Core database Racanelli,V.J. (2009, February). A Canadian Bank Plays It Safe...and Smart Scotiabank. (2008). CSR Reports. Retrieved March 25, 2009, from http://scotiabank.com/cda/content/0,1608,CID12041_LIDen,00.html Scotiabank. (n.d.). Home page. Retrieved Mar 8, 2009, from http://www.scotiabank.com Scotiabank seal $480 million IT pact March 17, 2009 from Canadian Newsstand Core database. Simon, B. (2008, November). Canadian lenders not immune. FT.com. Retrieved February 23, 2009, from ABI/INFORM Global database Whitnall, C. (2000, June 20). A different kind of bank green: [Final Edition]. Lindsay Daily Post,p