The Financial Post reports in its Saturday edition Bank of Nova Scotia's Chris Hodgson, group head of global wealth and insurance, will retire ahead of a realignment of business divisions at the bank. A Bloomberg dispatch to the Post says Mr. Hodgson, 60, will step down on Oct. 31, as will Alberta Cefis, head of global transaction banking. The changes come as the firm moves to integrate its wealth, insurance and global transaction banking businesses into the company's three main divisions by Nov. 1. Global wealth management will continue to be a key business unit, with James O'Sullivan overseeing global asset management and global wealth distribution. Marian Lawson becomes executive vice-president of global financial institutions and transaction banking as the business moves under the lender's global banking and markets division. Bank of Nova Scotia closed Friday at $72.07, down five cents on the Toronto Stock Exchange.