Bank of Nova Scotia’s BNS-T head of global banking and markets Jake Lawrence is leaving the lender after more than two decades to join Power Corp. of Canada POW-T.
Mr. Lawrence, who in 2022 was considered a candidate for the top job at Scotiabank, is joining Power Corp. as chief financial officer. The departure is the latest in a leadership shakeup that has seen chief executive officer Scott Thomson bring in talent from other financial institutions while promoting more junior executives through the ranks internally.
In his tenure at the bank, Mr. Lawrence worked in teams across finance, group treasury, global banking and markets, and the wholesale banking and capital markets businesses.
“I would like to thank Jake for his significant contributions over his impressive 22-year career with Scotiabank and wish him every success as he joins another storied Canadian institution,” Mr. Thomson said in a statement. “Under Jake’s leadership of the Global Banking and Markets business, we have strengthened our brand and prioritized alignment in our key markets, building out our presence in the U.S. and positioning this business well for future growth.”
Mr. Lawrence was recently tasked with overseeing Scotiabank’s strategic rejig in its capital markets business, which focuses on bolstering its presence in the United States to attract clients with business ties abroad, particularly in Mexico and Canada. At its investor day in December, Scotiabank said it is targeting more than 7-per-cent earnings growth in the segment over the next five years, with the U.S. and Mexico expected to be the biggest contributors.
Early last year, the bank gave Mr. Lawrence a retention bonus of a one-time stock award valued at $1.5-million, which vests this coming November.
Scotiabank appointed Paul Scurfield to global head of capital markets in global banking and markets, effective immediately. Mr. Scurfield joined Scotiabank in 2019 after spending 20 years in capital markets at Bank of America in the U.S. Recently, he oversaw Scotiabank’s global fixed income, commodities and currencies business. His work at the bank includes enhancing its fixed income origination business, building the sustainable finance advisory team and developing the lender’s structured finance capabilities.
Michael Kruse was tapped to take on the role of interim global head of corporate and investment banking, global banking and markets. He joined Scotiabank in 2018 to lead its corporate and investment banking business in the U.S. before becoming the head of global banking and markets in the U.S.
Mr. Lawrence will continue to work with Scotiabank as a strategic adviser until March 15. He will join Power Corp. as executive vice-president and CFO effective March 18. He replaces Gregory Tretiak, who joined Power Corp. in 2012 as CFO.
“I am delighted to welcome Jake to Power Corporation,” president and CEO Jeffrey Orr said in a statement. “His impressive track record of leadership and wealth of experience in the financial services industry will contribute significantly to the growth and success of our group.”
Mr. Lawrence is the last of the top CEO candidates to depart the bank. Head of Canadian banking Dan Rees left the lender last November, and head of international banking Ignacio (Nacho) Deschamps departed last April.
Mr. Thomson tapped banking veteran Aris Bogdaneris – who was a recent addition to the bank’s roster – to take over as head of Canadian banking. The bank appointed new hire Francisco Aristeguieta, formerly the executive vice-president and CEO of Boston-based bank State Street Corp.’s institutional services unit, to lead its international unit.
Earlier this month, Scotiabank also hired Toronto-Dominion Bank’s executive vice-president of non-financial risk management Shannon McGinnis. She will join the lender as executive vice-president and deputy chief risk officer on May 1.
In August, the bank notched its largest leadership shakeup yet. It hired Jenny Poulos as head of human resources, replacing group head and chief human resources officer Barb Mason, who retired after more than 40 years with the bank.
The bank also shifted and expanded the roles of four executives internally, and promoted chief risk officer Phil Thomas to the role of group head and chief risk officer.
In July, the bank hired Jacqui Allard, formerly Royal Bank of Canada’s executive vice-president of personal financing products. She joined Scotiabank in September as deputy head of global wealth management, and later succeeded Glen Gowland as group head of global wealth management on Jan. 1.