New Canadian banking head named, reported departure of investment chief
There are changes at the top of Scotiabank as the Canadian big six bank makes one public announcement while an internal memo reveals further senior leadership departures.
The banking group has confirmed that group head of Canadian banking Dan Rees has made the decision to leave to “pursue other opportunities” and has been succeeded by Aris Bogdaneris, effective immediately.
"He has a proven track record of delivering scale and growth in retail banking, with a large focus on achieving industry-leading client satisfaction and employee engagement,” said Scott Thomson, president and CEO at Scotiabank. “I am confident he has the right vision to take Canadian Banking to the next level and ensure that we are bringing the whole bank to our Canadian clients."
Bogdaneris has more than 25 years of industry experience in diverse markets with financial services organizations across Europe and North America, including ING and GE Capital.
Internal memo
In addition to the public announcement, Bloomberg is reporting that investment banking chief James Neate and chief technology officer Shawn Rose will also leave Scotiabank.
An internal memo seen by Bloomberg reveals that Neate will leave at the end of the year after 35 years with the bank, while Rose has decided to move to California.
“I recognize that there have been many changes across our bank in recent weeks and I want to acknowledge and express my appreciation to all of you throughout this period,” said Thomson in the memo.
Scotiabank has not commented on the internal memo.
Last month, the banking group announced layoffs of around 3% of its global workforce, impacting 2,700 roles, citing the importance of expense management. RBC and Desjardins have also recently announced reductions in their headcounts.
