As Rick Waugh steps to the podium Tuesday for what may well be his last annual general meeting as head of Bank of Nova Scotia, some in the company’s securities business are getting ready for what they view as a more investment-banking friendly boss when Mr. Waugh’s successor takes over.
Mr. Waugh has been a fine CEO. It’s just that there’s a perception that he was never all that interested in the securities business, especially the investment banking game of chasing deals. Some chalked it up to background. Mr. Waugh started as a teller and did not spend a big part of his career as a securities dealer.