Bank of Nova Scotia to let wealth management brokers go

Bank of Nova Scotia to let wealth management brokers go

Bank of Nova Scotia to let wealth management brokers go Restructuring efforts at the Bank of Nova Scotia have spread across to its wealth management arm – with many brokers to be let go.

According to a report at The Globe and Mail, the bank, which has already announced several changes to its retail advisor network as it seeks long-term success, has now targeted its wealth management unit. The publication quotes sources “familiar with the decision” and outlines that seven per cent – or more – of the brokers in the unit will be released, as well as their assistants.

The report states that the Bank of Nova Scotia did not reply to a request for comment.

Despite this, the Bank of Nova Scotia enjoyed a stock increase yesterday – with a climb of 0.29 per cent to $65.43. Overall, the bank has enjoyed a rise of 10.31 per cent since September last year and is continuing an uptrend, outperforming the S&P500 by 3.97 per cent.

Currently, the bank offers a range of products including investment banking, corporate, commercial and retail. It has more than 21 million clients across 55 countries.
  • Mark Matsumoto 2016-04-28 10:27:23 AM
    I remind people that "the bank is not your friend". It seems that they're not even friendly to their employees!
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  • Jean Michel 2016-04-28 11:56:15 AM
    How surprising...banks do not like financial advisors unless on salary (low) in their bank branches. Our profession will cease to exist in the next decade if they continue down this path
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  • Niki 2016-04-28 6:39:05 PM
    The banks priority is, bar none, profitability. Do customers come first? No. Do employees come first? No. Even shareholders come in second place. So we are surprised because?
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