Bank of Nova Scotia T.BNS

Alternate Symbol(s): BNS

Financial Services

The Bank of Nova Scotia (the Bank) is a Canadian chartered bank. The Bank's segments include Canadian Banking, International Banking, Global Wealth Management, Global Banking and Markets, and Other. The Canadian Banking segment provides a full suite of financial advice and banking solutions. The International Banking segment is a diverse franchise offering financial advice and solutions to retail, corporate and commercial clients. The Global Wealth Management segment is focused on delivering comprehensive wealth management advice and solutions to clients across the Bank's footprint. The Global Wealth Management segment serves investment fund and advisory clients across 13 countries. The Global Banking and Markets segment provides corporate clients with lending and transaction services, investment banking advice and access to capital markets. The Other segment includes Group Treasury, smaller operating segments and corporate items which are not allocated to a business line.

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Bank of Nova Scotia > CEO

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Comment by SargeXon Dec 05, 2022 11:48am

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Post# 35151128

RE:RE:RE:RE:RE:CEO

Here's an interesting comment on Thomson from the Post.

Thomson’s career has run the gamut of important-to-Canada industries, including executive positions with BCE Inc.’s Bell Canada, one of the country’s big telecommunications firms, and a stint as chief financial officer of oil-and-gas producer Talisman Energy Inc.

He became CEO of Finning, which services the country’s sizable mining industry, in 2013, and was credited with improving earnings by cutting costs, speeding up the supply chain and improving the company’s technology. Finning generates almost a third of its revenue in South America, while Scotiabank reaps about 20% of its earnings from its Latin America-focused international division.

That familiarity with one of Scotiabank’s key markets suggests that the transition from current CEO Brian Porter, 64, will be smooth, according to Barclays Plc analyst John Aiken said. Revamping Scotiabank’s Latin America unit was a centerpiece of Porter’s tenure as CEO and it’s a division he has repeatedly said the bank is committed to.

“The move leads us to believe that there should not be an immediate shift in Scotia’s strategy as Mr. Thomson has been involved in developing it at the board level,” Aiken said in a note to clients. “Further, we believe that his experience in Latin America is a positive and was likely a component that attracted the search committee.”

There’s also a possibility that Scotiabank was looking for someone in the middle — an executive who combines familiarity and a fresh perspective, said Anish Chopra, a partner at Toronto-based Portfolio Management Corp. While Thomson’s presence on the board gives him some experience with Scotiabank’s issues, he hasn’t previously run a financial institution, Chopra said in an interview with BNN Bloomberg Television.

“The Bank of Nova Scotia may have wanted an outside view of their operations,” Chopra said. “And when you’re looking for an outside view, you need to go to an outsider who’s got some level of knowledge and interest in the bank.”

SargeX wrote: Just curious at to what you are referring to on Thomson's "abysmal track record"? It looks to me that he did a pretty good job as President and CEO of Finnng. Before that he was CFO sat Talisman and I can't find anything negatvie directly related to him.

I also see Thomson just took aover as president Dec 1 and will take-over as CEO on Feb 1. Porter is hanging around aa an adivsor until Apr 30th so that's quite a good transition period.

Ciao
Sarge

plumpyone1 wrote: Well, don't hold your breath. The new CEO has an abysmal track record. That is one of the major reasons this stock is performing so poorly.