There's new leadership in place at two investment dealers this morning, as National Bank Financial and Scotia Capital prepare for life after the bear.

In moves meant to win more business from clients and improve profits, National Bank Financial has put all its capital markets activities under one leader, co-CEO Ricardo Pascoe. Luc Paiement continues to share that CEO title, but will focus entirely on wealth management as head of the bank's money management units and stockbrokers.

The new order at National Bank Financial sees Cam di Prata run investment banking and Gerry Throop add the research team and electronic trading initiatives to his existing duties as head of equity sales and trading. Long-time head of research Pierre Fournier will move to an elder statesman role with the investment dealer and its clients.

The over-arching strategy here is to better integrate all the services the investment bank and its parent offer to clients of all stripes – National Bank CEO Louis Vachon is pushing this concept under the marketing slogan of ‘One Client, One Bank.'

In practical terms, it means Mr. di Prata's corporate financiers pitch mid-cap corporate clients on a seamless array of equity, debt and derivative ideas. And Mr. Throop's team talks to investors with a full suite of services in their back pockets.

At Scotia Capital, Calgary-based Adam Waterous becomes global head of investment banking at the firm, while Toronto-based Phillip Smith is deputy head of the group. This job wraps up traditional deal-making roles in mergers and acquisitions and corporate finance.

Mr. Waterous is a force of nature. He and his energy banking team have transformed an Alberta-focused franchise into a dealer with North and South American clout since their employee-owned boutique was acquired by Bank of Nova Scotia three years ago. Now he's being asked to offer the same leadership on a larger scale.

Pat Burke is joining Scotia Capital as head of institutional equities, coming over from Merrill Lynch Canada, where he was head of sales. Mr. Burke was also on the sales desk at BMO Nesbitt Burns. With his arrival, former head of equities James McLeod, who also used to run research at RBC Dominion Securities, opted to leave Scotia Capital.

In most any ranking of prowess on the Street, Scotia Capital and National Bank Financial rank in the middle of an intensely competitive pack. Right now, there's a great deal of hand-wringing over the state of the markets. The storm will pass. These two dealers are taking steps meant to boost their standing in the next bull market.