National Bank of Canada, the nation’s sixth-largest lender by assets, closed its institutional equities office in Geneva.
“The decision was made following a periodic review of our activities,” Claude Breton, a spokesman for the Montreal-based company, said today in an e-mailed statement. The closing, which happened yesterday, resulted in the dismissals of 10 employees at the lender’s investment-banking unit, National Bank Financial, Breton said.
“The bank remains firmly committed to the ongoing development of its European business, most notably through our London office with institutional client trading and corporate financing and in Paris for banking activities,” he said.
The Globe and Mail’s Streetwise blog reported on the closing earlier today.