June 7, 2018 / 4:39 PM / in 5 months

Two more staff leave Scotiabank's metals unit: sources

FILE PHOTO: The Scotiabank logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 7, 2017. REUTERS/Brendan McDermid/File Photo

LONDON (Reuters) - Two more staff members on Thursday resigned from ScotiaMocatta, the metals arm of Canada’s Bank of Nova Scotia (Scotiabank), following an exodus of senior management as the bank embarks on a radical restructuring, sources said.

Scotia intends to halve the size of Mocatta, the largest financier of the global precious metals industry, and has already begun to limit lending, sources earlier told Reuters.

More than ten sales and trading staff including Mocatta’s managing directors in Europe and North America were already leaving or have left, sources have said.

On Thursday precious metals trader Ian Penney and precious metals director Anton Down resigned and left ScotiaMocatta, two people familiar with the matter said.

Reuters was unable to immediately contact either Penney or Down. Scotia declined to comment.

Reporting by Peter Hobson; Editing by Elaine Hardcastle

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