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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,245,509,843
Close 2025-01-24 C$ 74.49
Market Cap C$ 92,778,028,205
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Globe says Scotiabank, CIBC benefited from slavery

2025-01-27 09:41 ET - In the News

Also In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Globe and Mail reports in its Monday edition that the Black Lives Matter protests that began in 2020 sparked international calls for reparations, and many companies and governments responded with apologies and new programs focused on diversity, equity and inclusion. The Globe's Dominique Gené writes that five years on, that momentum has stalled, resulting in renewed calls to Canadian companies with historic ties to slavery to repair the resulting generational harm. Hudson's Bay, known for shaping Canada's economy through the fur trade, is one of them, owing to its historic involvement in the slave trade. Joseph Lewis, a Black man from New England, worked for HBC as a slave in Manitoba, according to research into the company's archives published in 2022 by Dr. Anne Lindsay, a settler scholar at the University of Manitoba. While other Canadian companies, including Scotiabank and CIBC, did not have slaves working in Canada, research shows that the companies' wealth is rooted in the selling of goods produced by slaves in the West Indies. As historians and researchers make new discoveries, they are advocating for these companies to acknowledge their pasts and make reparations to Canadians of African descent.

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