02:14:56 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,209,961,773
Close 2015-06-22 C$ 65.15
Market Cap C$ 78,829,009,511
Recent Sedar Documents

Globe says Scotiabank's Porter erases Waugh's legacy

2015-06-23 07:35 ET - In the News

The Globe and Mail reports in its Tuesday edition after 20 long months, the shock from Brian Porter's house cleaning is starting to subside. The Globe's Tim Kiladze writes since he took over as Scotiabank's chief executive officer in November, 2013, Mr. Porter's executive ranks are in upheaval. Since that time, the bank has changed its chief risk officer, chief operating officer, capital markets co-head, wealth management head, marketing head, Latin American head and Mexican head. When the new chief started, the bank had 23 executive vice-presidents; today, it has 16. Last November, the CEO announced 1,500 job cuts. Then, as of this week, Anatol von Hahn departed. Mr. von Hahn was once viewed as a future CEO contender. What transpired at Scotiabank is so deep, so widespread, that morale has suffered and outsiders are scratching their heads. The uncertainty stems from two points. Mr. Porter comes from a capital-markets background and is widely seen as a stone-faced executive who has little time for small talk. And, in some corners, there are fears the current chief is happy to undo some of Rick Waugh's legacy. Many of Mr. Waugh's purchases led to redundancies Mr. Porter had to tidy up.

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