The former British Mortgage and Trust Co. building (Rounthwaite and Fairfield, 1962), now Scotia Bank.Dave LeBlanc/The Globe and Mail
Less than five months since taking over Bank of Nova Scotia’s BNS-T investment banking and capital markets division, Travis Machen is reorganizing his senior leadership team.
Mr. Machen, who joined Scotiabank from Morgan Stanley in May as chief executive and group head of global banking and markets, informed staff in an internal memo on Tuesday of multiple staffing changes. The new structure will result in a dozen senior managers reporting directly to him.
Nicole Frew, previously Scotia’s chief compliance officer, is now co-head of the division’s U.S. operations. Mark Mulroney, who was previously vice-chair and head of the division’s financial institutions and sponsors practice, becomes vice-chair of global banking and markets.
Staff who previously reported to Mr. Mulroney will now report to corporate investment banking co-heads Dany Beauchemin and Jim Kelly on an interim basis, Mr. Machen said in the memo, a copy of which was viewed by The Globe.
Michael Kruse, who previously led global corporate and investment banking on an interim basis and ran the division’s U.S. operations, becomes global head of multinational banking.
Chief corporate governance officer Julie Walsh will take over from Ms. Frew as Scotia’s chief compliance officer, according to another internal memo to staff sent Tuesday from chief executive Scott Thomson that was also viewed by The Globe.
Mr. Thomson, in his memo to staff, said scaling the bank’s U.S. platform is “crucial” to its strategic focus on North America. As part of that strategy, he said, the bank was implementing a co-head structure for global banking and markets in the U.S.
A decision on who will serve alongside Ms. Frew as co-head of Scotia’s global banking and markets U.S. division will be made “in the near future,” Mr. Thomson said.