It is rumored that Scotiabank Canada (BNS.US) will close investment business in Hong Kong and Australia

The Zhitong Finance App learned that according to media reports quoting people familiar with the matter, Scotiabank Canada (BNS.US) has carried out a series of layoffs in investment banking departments in the US and Asia Pacific, and will close small investment banking businesses in Hong Kong and Australia. Allegedly, Scotiabank cut positions this month, including several managing directors, and drastically cut the US medical team.

A Scotiabank spokesperson said in a statement that the bank will continue to focus on the growth of US business. As part of the regular business planning process, the company has minor personnel changes that will affect a small group of employees. These changes reflect the company's continued efforts to ensure an effective team structure to support long-term business goals.