Bank of Nova Scotia to let wealth management brokers go

Report reveals there will be major changes as restructuring efforts spread across company

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.