The entrance for National Bank on the corner of York St. and Adelaide St. West in Toronto's Financial district.Charla Jones/The Globe and Mail
National Bank Financial has a new co-chief executive, elevating long-time head of corporate development and governance Brian Davis to the role of running the investment dealer.
He will team with longtime co-CEO Luc Paiement, who has focused on running the wealth management side of NBF. Mr. Davis's job will be day-to-day oversight of the operations of the wholesale banking business of lending, underwriting, advisory and trading.
Ricardo Pascoe, who had been in the role that Mr. Davis is assuming, will now focus on a broader strategic mandate without having to worry about the ins and outs of the daily operations. Mr. Pascoe remains executive vice president and head of financial markets for NBF's parent, National Bank of Canada.
"Brian's appointment to lead the day-to-day governance of NBF will allow me to focus more on the management of our overall capital markets activities, as well as the strategy, growth and development of the overall business," Mr. Pascoe said in an internal announcement. "Brian's promotion is the natural extension of the governance leadership he has provided to NBF since he joined us in 2005."
Mr. Pascoe and Mr. Davis have offices across from one another at one end of the Toronto trading room of National Bank Financial, and have long worked very closely together. They were both instrumental in the bank's handling of its big exposure to the asset-backed commercial paper crisis.
Mr. Davis was a lawyer at Torys LLP before moving into the banking business.