Bank of Nova Scotia is losing another top executive. Chief operating officer and vice chairman Sabi Marwah – a highly respected veteran, and prankster, within the bank – is retiring at the end of May, capping off a 35-year career at the institution.
Mr. Marwah's departure extends the growing list of executive changes at Scotiabank since Brian Porter replaced the retiring Rick Waugh as chief executive officer. Other changes in the past year include the departures of chief risk officer Rob Pitfield, marketing head Duncan Hannay and Scotia Capital co-head Steve McDonald.
However, Scotia is not alone. Rival Canadian lenders have also seen departures and role changes at the executive level, especially Royal Bank of Canada and Toronto-Dominion Bank, both of whom have new CEOs who will take on their new roles later this year.