11:56:25 EDT Tue 23 Apr 2024
Enter Symbol
or Name
USA
CA



Bank of Nova Scotia
Symbol BNS
Shares Issued 1,203,003,246
Close 2016-07-22 C$ 66.06
Market Cap C$ 79,470,394,431
Recent Sedar Documents

Globe says Scotiabank's Porter cracks the whip

2016-07-25 08:23 ET - In the News

The Globe and Mail reports in its Saturday edition that three months before Brian Porter took over as Bank of Nova Scotia's chief executive officer, in November, 2013, senior leaders around him started to make their exits. The Globe's David Berman and Tim Kiladze write that quickly heading out the door were chief risk officer Rob Pitfield, chief operating officer Sabi Marwah and wealth management head Chris Hodgson. Executive turnover is expected under any new CEO, but the shakeup at Scotiabank was something bigger. The biggest shock came in June, 2015, when Anatol von Hahn left. Mr. von Hahn ran Canadian banking and wealth, Scotiabank's largest unit. His presence had helped to dispel worries that Mr. Porter was out to purge the old guard. Mr. Porter's predecessor, Rick Waugh, was known for his outgoing nature and avuncular management style. Dismissals were rare. One former employee, now an executive at a rival bank, remarked that he never saw anyone get fired during his time at Scotiabank. Mr. Porter, who had risen through Scotiabank's capital markets arm, believed his company had been too frugal when it came to investments in technology, and he believed parts of senior management had grown soft.

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