TORONTO Bank of Nova Scotia is expected to sign a seven-year, $600 million outsourcing agreement with International Business Machines Canada Ltd. on May 1.
IBM Canadas Global Services group is to manage the banks domestic computer operations, including data centers, branches, automated banking machines, and desktop computer systems for 24,000 employees.
As a result of the agreement, about 450 bank employees will be removed from the banks payroll. All of them will be offered equivalent positions at IBM.
We looked to IBM because of their global expertise, innovative technology services and solutions, and their capability to provide absolute security and privacy of customer data, said Peggy Mulligan, executive vice president of systems and operations at $273 billion-asset Bank of Nova Scotia.
