Departure comes after several executive changes last year
The Bank of Nova Scotia (Scotiabank) has announced the upcoming departure of Jake Lawrence, chief of global banking and markets.
Lawrence is leaving in March to take on a new role at Power Corporation of Canada, the bank said.
In the interim, Michael Kruse and Paul Scurfield will fill the position vacated by Lawrence, reporting directly to Scotiabank CEO Scott Thomson.
Lawrence spent 20 years at Scotiabank and was once considered a potential candidate for the CEO position, according to Reuters. He reportedly received a significant retention bonus in 2022, which amounted to $1.5 million in restricted stock.
Following his departure from Socitabank in March, Lawrence will take on the role of chief financial officer at Power Corporation of Canada, a holding company of the Desmarais Family.
Lawrence’s departure comes after the bank announced a series of executive changes last year.
Since Thomson was appointed CEO in February 2023, Scotiabank has seen new leadership in its Canadian banking, wealth management, and international banking sectors.
In December, Scotiabank revealed a strategic plan aimed at sharpening its focus on North America. That includes either withdrawing from or bolstering its presence in Central America and Colombia without additional capital investment.
The global banking and markets division, which Lawrence led, also outlined a strategy prioritising expansion in the US and Mexico.
This division contributes around 18% to Scotiabank’s earnings, Reuters reported. It provides a spectrum of services to corporate clients across more than 20 countries, including lending, transaction services, and investment banking advice.
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