Q: Hi 5i team
As a long-time BNS shareholder, I am disappointed to learn of the US$127 million settlement with the U.S. Department of Justice regarding manipulation in metal markets. As part of this, the bank admitted they (this surely involved senior management) made false statements (nice way of saying 'lied') to U.S. authorities in 2018 as part of a small settlement on the same matter. The bank stated "At Scotiabank, we understand that in order to maintain the trust of our stakeholders, we must adhere to trading-related regulatory requirements and compliance policies. We are committed to adhering to these standards."
How wonderful of BNS to say this (please forgive the sarcasm).
My questions are: What actions do you know of that BNS took to fire the people involved for cause, with no severance, AND to cancel stock options the perpetrators would have enjoyed, to send a crystal clear signal to every BNS employee that these sorts of actions will not in future be tolerated?
And finally, what is your view of BNS shares today?
Thank you.
Edward
As a long-time BNS shareholder, I am disappointed to learn of the US$127 million settlement with the U.S. Department of Justice regarding manipulation in metal markets. As part of this, the bank admitted they (this surely involved senior management) made false statements (nice way of saying 'lied') to U.S. authorities in 2018 as part of a small settlement on the same matter. The bank stated "At Scotiabank, we understand that in order to maintain the trust of our stakeholders, we must adhere to trading-related regulatory requirements and compliance policies. We are committed to adhering to these standards."
How wonderful of BNS to say this (please forgive the sarcasm).
My questions are: What actions do you know of that BNS took to fire the people involved for cause, with no severance, AND to cancel stock options the perpetrators would have enjoyed, to send a crystal clear signal to every BNS employee that these sorts of actions will not in future be tolerated?
And finally, what is your view of BNS shares today?
Thank you.
Edward