Hundreds of Torontonians Have Taken Over Scotiabank HQ to Name and Shame Scotiabank’s Genocide Profiteers and Demand Divestment from Elbit Systems

A Day Before the National Day of Action Against the Bank, Protesters Demanding the Bank Divest Once and For All From Elbit Systems, Israel’s Largest Weapons Manufacturer

By Movement Media Hub, June 13 2025

Toronto, ON – Torontonians from across the GTA have taken over the lobby of Scotiabank HQ to confront Scotiabank and specifically call out its investment executives for their complicity in profiteering off of Israel’s ongoing genocide of the Palestinian people. This action is taking place a day before the National Day of Action,  part of the broader Scotiabank Funds Genocide campaign, demanding the bank fully divest from Elbit Systems, Israel’s largest weapons manufacturer, and cease all investments contributing to the occupation of Palestinian territories.

Scotiabank, through its wholly owned subsidiary 1832 Asset Management, has cemented its position as one of the top five funders of Elbit Systems globally and remains the largest non-Israeli investor in the company. This comes despite significant public pressure that previously led to partial divestments, including those spurred by artists, organizers, and protesters, which even the Elbit CEO attributed to “Canadian political pressures.” However, Scotiabank has quietly re-upped their investment, demonstrating a clear attempt to profit from shifting political winds and the public’s short memory.

“This isn’t business as usual—it’s profit from war crimes,” stated Molly Kraft, Jews Say No to Genocide coalition. “Scotiabank’s continued financial backing of Elbit Systems provides the very infrastructure for genocide in Gaza, with the company manufacturing drones, surveillance equipment, and internationally banned chemical weapons. We refuse to let them operate without consequence.”

The spotlight of today’s action is focused on the executives at 1832 Asset Management, particularly David Fingold, Neal Kerr, and Jim Morris.

David Fingold, a “prolific investor” at 1832 Asset Management, is central to Scotiabank’s deep ties to controversial Israeli firms. His investments betray an “ideological commitment to Zionism,” as acknowledged in The Globe and Mail, with his managed funds holding a significantly higher-than-typical share (between 11.5 and 14 percent) tied to Israel. Fingold’s social media history, as reported by The Intercept, reveals racist, anti-Palestinian posts and instances of sharing content characterizing Palestinians as supporters of terrorism and Nazism. He even locked his accounts after these reports. Furthermore, his involvement in expanding 1832’s Elbit holdings from 100,000 shares in 2013 to 2.2 million in 2021 highlights a deliberate and escalating financial entanglement.

Neal Kerr, Head of Scotia Global Asset Management and President of 1832 Asset Management, is directly implicated. As the individual responsible for all aspects of asset management, including Scotia, Dynamic, Tangerine, and Jarislowsky Fraser investment businesses, he “tactically endorses every investment made by 1832 Asset Management – including millions in Elbit Systems which manufactures war machinery for Israel’s ongoing genocide.” His signature is on every interim and year-end report, making him unequivocally accountable for these decisions.

Jim Morris, Senior Vice President & Head of Investment Management at 1832 Asset Management L.P., oversees the team of portfolio managers, analysts, and traders who “buy shares in Elbit and make decisions to invest in war crimes.” His role in developing and overseeing this team, coupled with responsibilities for investment risk and oversight, directly links him to the financing of occupation and violence.

Beyond Elbit Systems, 1832 Asset Management’s portfolio includes 1.58 million shares in Mizrahi Tefahot Bank, which invests in the construction and infrastructure of settlements in the occupied West Bank, deemed illegal under international law. Investments in the Azrieli Group, profiting from settlements via its substantial share in Leumi Bank and former ownership of the Sonol gas station chain, further demonstrate their complicity. These settlements continue to cause the destruction of Palestinian homes, communities, and livelihoods. Additionally, Scotiabank has significant investments in the Strauss Group, which owns Sabra Hummus and supports the IOF, including through its “Adopt a Warrior” program for brigades implicated in massacres and war crimes.

Today’s protest vividly depicts Scotiabank executives as having “bloody hands,” funding genocide and apartheid. The event is also shedding light on the broader issue of Canadian banks’ extensive investments in weapons manufacturers, fossil fuels, and projects that violate Indigenous peoples’ rights.

“We will continue zeroing in on Scotiabank’s corporate image and reputation—as well as on the public standing of every executive who is complicit in these criminal investment decisions—until you fully divest from Elbit Systems and all companies profiting from occupation,” added Kraft.

The campaign encourages all Canadians to “break up with your bank” if they are complicit in these activities. For more information on how to take action and learn about Scotiabank’s controversial investments, please visit www.sbfundsgenocide.ca.