Does This Make Sense To You?

   One of Canada's big banks has announced the equivalent of 15 hundred jobs will be cut, and 120 international branches will be closed in an effort to save 120 million dollars a year.
   Scotiabank is (I believe) Canada's 3rd largest banking institution, and a release from them suggests most of the job loss will be in Canada. The banks president says the move will cut 341 million dollars from their profit in the 4th quarter of the current fiscal year.
   But here's my question. In figures publicly available on their own website, the bank has seen net earnings (not profits) of nearly 6 billion dollars in the first 3 quarters, and 2.4 billion in the 3rd. Even with expenses and other items factored in, earnings in the quarter that ended July 31st will be well over 1.5 billion. So, even if you factor in the 341 million cut in profit forecast for the 4th quarter, and even if that's a total loss, the bank still stands to make almost 5 billion. And even if the losses go higher than that, they still stand to make a tidy profit
   Now, I will freely admit I do not travel in the world of banking or high finance, and even need a calculator to do higher math, but it seems almost disingenuous to argue the need for job cuts to save 120 million dollars a year with earnings of even 1 billion.
   Or am I missing something here?

TTFN