Scotiabank CEO Brian Porter sees years of upheaval finally paying off [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Article content Brian Porter hasn't had many moments of vindication during his tumultuous eight years as chief executive officer of Bank of Nova Scotia, Canada's third-biggest lender. He got a big one last week. Advertisement Article content Scotiabank reported quarterly profit that handily beat estimates on Nov. 30, fuelling a rally in the shares and prompting analysts to raise their price targets. It was a welcome turnabout for Porter, whose bank has been the worst performer among Canada's Big Six lenders since he took over in 2013. Years of work to reposition the bank's Latin America-focused international unit is “98 per cent done” and the market will see the benefits over the next year, the CEO said in an interview at its Toronto headquarters. The wealth management division, which Porter bulked up by spending heavily on acquisitions, earned more than $1.5 billion (US$1.2 billion) for the first time this year, up 33 per cent from 2019. “We don't like how our stock has
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