Scotiabank’s global banking and markets chief to depart

By Thomson Reuters Feb 14, 2024 | 6:41 AM

(Reuters) -Canadian lender Bank of Nova Scotia said on Wednesday its chief of global banking and markets, Jake Lawrence, is leaving to take on a role at financial services firm Power Corporation of Canada.

A two-decade veteran of the bank, Lawrence helped expand Scotiabank’s banking and markets business in the United States. He will be a strategic adviser to the bank until he leaves on March 15, Scotiabank said.

Lawrence’s departure adds to a shake-up that the Canadian lender started under CEO Scott Thomson last year. The bank has also been grappling with industry-wide fears of a surge in bad loans as elevated interest rates increase chances of defaults by borrowers.

(Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)