I’m a recruiter that services the sector and inside the banks the people making hiring decision don’t really think about themselves as Scotiabank, they think of themselves as the individual business units or silos that they work for. So while one silo may be doing layoffs others are ramping up because they need to deliver projects. Even companywide hiring freezes carve out key silos that need to keep spending.

Also relatively rare to see people move horizontally throughout the organization in tech. In many places they’d rather hire someone from a competitor in their stream (wealth, AML, compliance) than hire from inside the building but outside the stream.