Scotiabank Drops Coverage of 37 Stocks as Two Analyst Brothers Exit

Jun 11, 2024

(Bloomberg) — Bank of Nova Scotia dropped research coverage of 37 stocks in a single day as two brothers who both worked as equity analysts exited the firm, according to people familiar with the matter.

George and Michael Doumet, who were based in the Montreal office, have left the lender, the people said, asking not to be identified discussing internal matters. 

The Toronto-based bank stopped covering dozens of consumer and industrial stocks on May 28, according to data compiled by Bloomberg.

George Doumet, who had been with the bank since 2007, according to his LinkedIn profile, was responsible for Canadian consumer companies including the country’s biggest grocer, Loblaw Cos Ltd., as well as t-shirt maker Gildan Activewear Inc. 

Michael Doumet handled industrial stocks, including Stelco Holdings Inc. and Finning International Inc. He started working for Scotiabank in 2011, according to his LinkedIn profile. 

“Scotiabank does not comment on personnel matters,” spokeswoman Katie Raskina said by email. 

George and Michael Doumet didn’t respond to emails or LinkedIn messages seeking comment. 

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