Scotiabank takes C$232m hit as it shuts historic gold unit

Bank of Nova Scotia has set aside C$232-million to cover the cost of winding down its historic precious-metals unit as well as a potential settlement of US investigations into the unit’s trading activities.

The charges this year, which the bank disclosed in its quarterly earnings report on Tuesday, mark an ignominious end to what was once one of the world’s top gold-trading businesses, with a history dating back to the 17th century.