Scotiabank is reducing its payroll by a thousand positions in Canada as it works to rein in costs.

The pink slips will go out to all divisions within the bank’s workforce.

The bank will also re-structure its foreign operations after losses in Mexico and the Caribbean. 120 foreign branches will close, and Scotiabank will re-focus its offshore operations on growing markets such as Chile and Colombia.

The re-structuring will result in a hit to the bank’s bottom line in the short term. They’re expected to cost $451-million.

Scotiabank CEO Brian Porter has been preaching cost efficiencies since he took over a year ago, even though the bank made a record profit of $6.7-billion last year.