The Globe and Mail reports in its Wednesday, Nov. 1, edition that Canadian Tire has bought back a minority interest in its financial services division from Bank of Nova Scotia in an all-cash $895-million deal. The Globe's Susan Krashinsky Robertson and Stefanie Marotta write that Scotiabank bought a 20-per-cent interest in Canadian Tire Financial Services in 2014 for $500-million. Scotiabank is working to cut costs as part of a broader strategic overhaul under the new leadership of chief executive officer Scott Thomson. In a statement on Tuesday, Canadian Tire also said it will "evaluate strategic alternatives" for the financial services arm in 2024, hiring Goldman Sachs to advise Canadian Tire on "the optimal ownership structure" for the business. The deal was reached as consumers tighten their wallets under the pressure of high interest rates, while banks set aside more provisions for loans that could default and reduce their staff in an attempt to cool rising expenses. While the financial services segment makes up less than 10 per cent of Canadian Tire's annual revenue, it is a contributor to profit: In fiscal 2022, financial services accounted for 28.7 per cent of the company's income before taxes.