ScotiaMocatta Metals Business Undergoes Significant Changes

ScotiaMocatta's metals business has undergone significant changes in recent years, with a major overhaul of its operations and structure.

The company has reduced its staff and operations in the London Bullion Market, a move that is expected to improve efficiency and cut costs.

This restructuring effort is part of ScotiaMocatta's larger strategy to adapt to changing market conditions and customer needs.

The company has also expanded its reach into new markets, including the Asia-Pacific region, to better serve its clients and stay competitive.

ScotiaMocatta's reason for closure is closely tied to the global economic downturn of 2008. The bank's silver business was significantly impacted by the decline in demand and prices.

The parent company, Barclays, decided to close ScotiaMocatta in 2017 due to a lack of profitability. This decision was made after a thorough review of the business.

The closure of ScotiaMocatta resulted in the loss of 50 jobs. The bank's employees were offered severance packages and support to find new employment.

ScotiaMocatta has been at the forefront of innovation, introducing various initiatives to stay ahead in the market.

One notable initiative is the launch of the ScotiaMocatta London PM Fixing, which provides a more transparent and efficient way for clients to trade gold.

This service has been well-received by clients, who appreciate the convenience and reliability it offers.

In addition to this, ScotiaMocatta has also expanded its physical gold storage capabilities, allowing clients to store their gold in secure facilities around the world.

I've got a fascinating story to share with you about ScotiaMocatta, one of the oldest precious metals companies in the Western world. It's located in Canada, which might seem surprising at first.

Canada is home to a rich history of corporate acquisitions, and ScotiaMocatta is a prime example of this phenomenon.

ScotiaMocatta has taken its base metals platform live, with a staff of nine based in London, New York, and Hong Kong managing transactions in copper, aluminum, lead, nickel, tin, and zinc.

The platform was launched in response to ScotiaMocatta's growing client base asking to play a more significant role in base metals.