The wealth, insurance and global transaction banking businesses of Scotiabank will, as of November 1, be integrated into three business lines: Canadian banking, international banking, and global banking and markets.

Scotiabank's global wealth management will nonetheless “continue to be a key business unit,” the firm said.

Going forward as of Hodgson's retirement, James O'Sullivan will lead global asset management and global wealth distribution as executive vice president of global wealth management.

O'Sullivan will report to Anatol von Hahn, group head of Canadian banking, and Dieter Jentsch, group head of international banking.

Meanwhile, Alberta Cefis, executive vice president and head of global transaction banking, also announced her intention to retire from Scotiabank on October 31.

As part of the changes, the insurance Canada and international insurance divisions will be realigned to the Canadian banking and international banking business lines, respectively.

Scotiabank's global transaction banking business meanwhile will fold into global banking and markets, led by Marian Lawson in the new role of executive vice president of global financial institutions and transaction banking. Lawson will continue to report to Mike Durland, group head and chief executive of global banking and markets.

In May, Scotiabank said it is considering the sale of some or its entire 37 per cent investment stake in wealth manager CI Financial Corp. It said at the time it would redeploy the capital to “other strategic priorities.”

Scotiabank acquired its position in CI in 2008; its 37 per cent of CI shares has a current market value of approximately $3.8 billion.

Scotiabank operates in 55 countries, with $792 billion in assets as of end-July 2014.