Scotiabank to close its metals business [Financial Post (Toronto, Ontario, Canada)]
Barclays PLC (BCS)
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Source: Financial Post
Scotiabank to close its metals business Scotia was for years the world's biggest lender to the physical precious metals industry, with a history that stretches to 1684 Bank of Nova Scotia is closing its metals business, a division whose origins date back centuries and that brought prominence — and then lawsuits — to Canada’s third-largest bank. Employees were informed of the decision to shutter the operation during a conference call Tuesday morning, sources told the Financial Post. The size and scope of the division had been scaled down in recent years to reduce risk in the metals business, a source said on condition they would not be identified. As a result, the operation was no longer core business. A spokesperson for Scotiabank declined to comment Tuesday. Reuters news agency, citing sources, said Scotiabank would not take on new business and would wind down existing activities by around the beginning of 2021. Some staff would be kept on until then while others would be made redu
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