The sea changes at the highest levels of Canada's biggest investment banks keep coming.
Adding to a growing bout of turnover among Bay Street capital markets executives, Bank of Nova Scotia has parted ways with the veteran deal maker who ran its global investment banking business.
As of Friday, David Skurka is no longer at Scotia Capital, ending a nearly 14-year run with the dealer. He is best known for leading the financial institutions group, which has arguably been the investment bank's most respected team on Bay Street, and in recent years he was named head of investment banking, handing him extra responsibility. Mr. Skurka's departure comes at a time of year when turnover on Bay Street is common. Oct. 31 marks the end of the fiscal year for the Big Six banks and financial institutions tend to make changes around it.
But it is rare to see so many senior changes in such a short period of time. Over the past year, dealers from BMO Nesbitt Burns to CIBC World Markets to Canaccord Genuity have all named new banking heads for various reasons – sometimes there is organic turnover because people retire, other times there is an abrupt departure.
Notable changes within the past year include: Dan Barclay being named head of investment banking at BMO; Roman Dubczak getting the same title at CIBC; Canaccord hiring former Scotia Capital executive Pat Burke to run its Canadian capital markets arm; RBC appointing former head of investment banking Doug Guzman as its group head of wealth management; and National Bank Financial naming Yanick Blanchard as sole head of corporate and investment banking, after parting ways with former group co-head Greg Thompson.
Mr. Skurka's departure also adds to a string of changes specifically within investment banking teams that cover financial institutions. In the past year, Cameron Goodnough left TD Securities; Darin Deschamps left National Bank Financial to run Wells Fargo's Canadian capital markets business; Scotiabank parted ways with Rajiv Bahl and Farooq Moosa, who previously ran the structured products and managed companies businesses, respectively; and Neil Selfe left GMP Securities to start his own advisory firm, Infor Financial Group.
Scotiabank's global banking and markets division has endured major shuffles in the past two years, some of which were tied to restructurings the bank initiated after chief executive officer Brian Porter took over. In addition to Mr. Skurka and Mr. Burke's departures, former global banking co-head Steve McDonald left in 2014, leaving Mike Durland to run the show alone.
To replace Mr. Skurka, Scotiabank has named Charles Emond and Dany Beauchemin as co-heads of global investment banking. The two men currently run the diversified industries group together and will continue to do so in their new roles. At the moment, Mr. Emond lives in Montreal but he will relocate to Toronto.
Under new leaders, Scotiabank is keen on expanding its financial institutions group in Canada, the United States and Latin America. In an internal announcement Friday, the bank said it is searching for a new group head to oversee this growth.