Scotiabank's Dan Rees, investment banking head James Neate to leave firm
Bank of Nova Scotia’s Dan Rees, who runs the domestic retail banking business, is leaving along with investment banking chief James Neate and chief technology officer Shawn Rose.
Rees, a 25-year veteran of the company, will be succeeded as group head of Canadian banking by Aris Bogdaneris, effective Nov. 3, the bank said in a statement. Rose and Neate’s departures were disclosed Nov. 2 in an internal memo seen by Bloomberg.
Chief executive Scott Thomson continues to shake up his management team after taking the reins of Canada’s third-biggest bank by assets in February. Scotiabank, which is in the process of cutting three per cent of its global workforce, announced several other changes to its senior leadership in late August.
“I recognize that there have been many changes across our bank in recent weeks and I want to acknowledge and express my appreciation to all of you throughout this period,” Thomson said Thursday in the memo to staff.
The Toronto-based bank didn’t comment on the memo.
Rees, who was seen as a potential CEO candidate, was awarded $1.5 million in restricted stock as a retention bonus after Thomson won the job. The shares vest next November.
Rees “made the decision to leave the bank to pursue other opportunities,” Scotiabank said in the statement. It declined to comment on how his departure would affect the award.
Bogdaneris, a Canadian with a lengthy banking career abroad, joined Scotiabank in September after eight years at Amsterdam-based ING Groep NV, including a stint as global head of retail banking and head of challenger and growth markets.
“Aris is a proven leader that is deeply passionate about creating world-class client experiences and his appointment demonstrates our commitment to investing in
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