The Financial Post reports in its Thursday edition that Bank of Nova Scotia will reallocate capital from developing markets to developed ones, prioritizing Canada, the United States and Mexico in that order, chief executive officer Scott Thomson said Wednesday as he unveiled a much-anticipated strategic update. The Post's Barbara Shecter writes that Mr. Thomson, who was plucked from the boardroom rather than the bank's executive ranks in late 2022, promised investors "a significant change in mindset" at Scotia, which has underperformed peers over the past 10 years. That will include a renewed emphasis on its home market and North America more broadly, as it backs away from an international strategy that has largely sputtered. While Scotia's business in Mexico is a top-five bank in that market, the $7-billion of acquisitions to build scale in targeted markets including Chile, Peru and Colombia "have not yet met return expectations," he said. As a result, efforts are underway to improve international results and make them less volatile, with the efforts at "turnaround" businesses coming through efficiency initiatives rather than allocating further capital. At its height in 2013, Scotia operated in 54 countries.