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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  The Bank of Nova Scotia    BNS   CA0641491075

THE BANK OF NOVA SCOTIA

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Canada's biggest banks join boycott of Facebook platforms

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07/03/2020 | 10:57am EDT
FILE PHOTO: Facebook logos

By Nichola Saminather

Canada's biggest lenders confirmed on Friday they had joined a widespread boycott of Facebook Inc begun by U.S. civil rights groups seeking to pressure the world's largest social media platform to take concrete steps to block hate speech.

More than 400 brands have pulled advertising on Facebook in response to the "Stop Hate for Profit" campaign, begun after the death of George Floyd, a Black man who died in police custody in Minneapolis on May 25.

Canadian lenders Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, National Bank of Canada and Canadian Imperial Bank of Commerce all said they will pause advertising on Facebook platforms in July.

Desjardins Group, Canada's largest federation of credit unions, also said on its website on Thursday it will pause advertising on Facebook and Instagram for the month "barring any exceptional situations where we need to communicate with our members or clients."

Most cited their commitments to inclusion and diversity.

Facebook has opened itself up to a civil rights audit and has banned 250 white supremacist organizations from Facebook and Instagram, a spokesman said by email. Its investments in artificial intelligence mean it finds nearly 90% of hate speech it takes action on before users report it, he added.

BMO said it is continuing its "ongoing dialogue with Facebook on changes they can make to their platforms to reduce the spread of hate speech."

RBC said one way to help clients and communities is to stand against "misinformation and hate speech, which only make systemic racism more pervasive."

(Reporting by Nichola Saminather in Toronto; Editing by Matthew Lewis and Marguerita Choy)

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF COMMERCE HOLDINGS -1.86% 7.92 Delayed Quote.-31.55%
BANK OF MONTREAL -1.09% 77.79 Delayed Quote.-22.70%
CANADIAN IMPERIAL BANK OF COMMERCE -0.69% 96.97 Delayed Quote.-10.26%
FACEBOOK 0.54% 261.3 Delayed Quote.27.31%
NATIONAL BANK OF CANADA 0.14% 65.9 Delayed Quote.-8.57%
ROYAL BANK OF CANADA -0.40% 97.65 Delayed Quote.-4.96%
THE BANK OF NOVA SCOTIA -0.97% 58.18 Delayed Quote.-20.68%
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Financials
Sales 2020 31 733 M 24 005 M 24 005 M
Net income 2020 5 845 M 4 421 M 4 421 M
Net Debt 2020 - - -
P/E ratio 2020 11,3x
Yield 2020 6,13%
Capitalization 71 171 M 53 714 M 53 839 M
Capi. / Sales 2020 2,24x
Capi. / Sales 2021 2,24x
Nbr of Employees 97 369
Free-Float 100,0%
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Technical analysis trends THE BANK OF NOVA SCOTIA
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TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 14
Average target price 61,57 CAD
Last Close Price 58,75 CAD
Spread / Highest target 19,1%
Spread / Average Target 4,80%
Spread / Lowest Target -25,1%
EPS Revisions
Managers
NameTitle
Brian Johnston Porter President, CEO & Non-Independent Director
Aaron William Regent Chairman
Loretta Marcoccia Chief Operating Officer, EVP-Global Banking
Rajagopal Viswanathan Chief Financial Officer & Executive Vice President
Michael Zerbs Chief Technology Officer & Group Head
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