Bank of Nova Scotia is reworking the leadership of its capital-markets business, tapping Nicole Frew as one of two new co-heads of its U.S. operations as it looks to
Frew, currently the lender's chief compliance officer, will take on the new role Nov. 1, Chief Executive Officer Scott Thomson said in an internal memo sent Tuesday and seen by Bloomberg News. A Scotiabank representative confirmed the contents of the memo.
"As part of our strategy to grow in the North American corridor, scaling our US platform is crucial to building greater connectivity with our well-established presence in Canada and Mexico," Thomson said in the memo outlining the decision to create a co-head structure for Scotiabank's US capital-markets franchise.
Frew will report to Travis Machen, who took over as CEO and group head of Scotiabank's global banking and markets unit, the name for its overall capital-markets division, earlier this year. An announcement on the other U.S. co-head will follow "in the near future," Thomson said.
Julie Walsh, Scotiabank's chief corporate governance officer, will succeed Frew as chief compliance officer, Thomson said.
In a separate memo, also confirmed by the bank, Machen announced several other moves within the business, including Paul Scurfield's promotion to global head of capital markets, Mark Mulroney's appointment to the role of vice chair for global banking and markets, and Michael Kruse's move to global head of multinational banking.
Machen also said several other executives within the global banking and markets leadership team would now report directly to him.
