Bloomberg ran the story last week. Cuts to the US and APAC investment banking businesses. Scotia is saying the cuts:
“reflect ongoing efforts to ensure that our teams are structured effectively to support our long-term business objectives.”
and that…
“This strategic decision to align our business in Asia Pacific to our global strategy is not a reflection on the current market environment or our employees. We are being proactive and transparent with our employees and clients as we manage their needs through this transition.”
However, they’ve hired various people, including Travis Machen from Morgan Stanley, who has hired his own people, so this might be read as a Citi-style firing after the new guy hires.