Bank of Nova Scotia has set up a clear successor to current chief executive officer Rick Waugh by naming Brian Porter president.
In the Bay Street parlour game of bank succession prognosticating, Scotia has long been one of the easier picks because of the emergence of Mr. Porter as a front runner. At other banks, such as Toronto-Dominion Bank and Canadian Imperial Bank of Commerce, it is not so easy to call a likely winner in the CEO derby.
At Scotia, there were other names that had to be in the running. Among them, people who watched the bank mentioned Chris Hodgson, who runs wealth management and who had previously overseen Canadian banking.
But Mr. Porter had also had a taste of most of the key portfolios at the bank, and most saw him as the one having the clear edge.
His most recent role was group head, international banking, overseeing Scotia's sprawling operations in 55 countries, where most of the growth is for the bank. Before that, Mr. Porter was chief risk officer during the financial crisis, meaning he ought to know all the nooks and crannies of the lending book and Scotia's significant trading business. Prior to that, he had senior roles in the investment banking business.
All of the bank's main business lines will now report to him – Canadian banking, international banking, wealth management and investment banking and trading.