Scotiabank’s move to appoint new heads of its wealth-management and lending and insurance divisions is the latest step in a revamping of its domestic banking business. It’s also a sign, the bank says, of a commitment to further advance women in its top managerial ranks.
Barb Mason is the new executive vice president of wealth management, replacing Chris Hodgson, who in January was named executive vice president and head of domestic personal banking.
Jane Rowe is now executive vice president of domestic personal lending and insurance, and president of Scotia Mortgage Corp., replacing Alberta Cefis, who in April made the jump to global-transaction banking as executive vice president and group head.
Mason relinquishes her role as executive vice president, marketing, sales and service, while Rowe gives up her responsibilities as president and CEO of merchant bank Roynat Capital, a member of Scotiabank Group. Successors have yet to be named.
The two promotions are just one part of a wider strategy by Scotiabank to increase its share of the retail domestic banking market, in which it ranks fourth among Canada’s Big Six banks.
“Domestic banking is a key area for growth for Scotiabank,” says spokesman Frank Switzer. “Our strategy in this area is to expand on customers’ positive experiences, increase our client base and drive revenue growth.”
The bank will seek to expand business with existing clients by increasing mutual fund sales in branches and emphasizing longer-term products, Switzer says, and by increasing internal referrals among its existing retail and investment customer base.
Scotiabank is in the midst of reorganizing the executive structure of its domestic banking arm, partly in an attempt to integrate more closely its wealth management, lending services and branch network, and also in response to executive retirements.
Mason and Rowe, along with Wendy Hannam — who in January was appointed executive vice president of domestic personal banking and distribution — will report directly to domestic banking chief Hodgson, who in turn reports to Scotiabank president and CEO Rick Waugh.
Last year, prior to Hodgson’s promotion, responsibility for domestic banking fell to vice chairman Bob Chisholm, who retired earlier this year and was replaced by Bob Brooks, also group treasurer for Scotiabank. Cefis, in her new role as head of global-transaction banking, replaces Albert Wahbe, who is retiring after 26 years at the bank.
“The quality of management at Scotiabank has been good,” says Brenda Lum, managing director of Canadian financial institutions group at Toronto-based Dominion Bond Rating Service Ltd. “The changes were not unexpected, considering the retirements at the bank.”
The promotions of Mason and Rowe, says Switzer, are also part of a deliberate strategy to make the bank a “destination workplace for women seeking careers in the financial services industry.” Scotiabank does so, he adds, through creating organizations such as Scotiawomen’s Connection, a network of senior women in the bank, and by sponsoring outside groups, such as the Women’s Executive Network, which is dedicated to supporting female executives.
Women in Capital Markets, an 11-year-old advocacy group, says that women account for 19% of professionals in Canada’s capital markets, a level that has remained steady in recent years.
“The figure is disappointing,” admits Jacqueline Szeto, the group’s president. “But promotion such as what Scotiabank has done will make an impact and set a great example for the Street.”
Szeto says that 20 years ago, gender diversity was one of a number of human resources programs. Today, senior management is making “accountability and implementation of diversity policy and practices” a priority, she says. “Banks are realizing they need to do this, not only to retain good women employees but because it makes good business sense, given today’s competitive business environment.”
Mason, a 26-year veteran with Scotiabank, took on the role of senior vice president of retail marketing in 1995. She has a bachelor’s degree in environmental studies from University of Waterloo and is a graduate of the Queen’s University executive MBA program. She is also on the boards of the Toronto Board of Trade and Ronald McDonald House.
Rowe has been with Scotiabank since 1987 and has held various positions in corporate finance, loan audit, private equity and risk management. She has an MBA from York University in Toronto and a bachelor of commerce degree from Memorial University of Newfoundland in St. John’s. She was born and raised in Newfoundland.
@page_break@She sits on the external advisory board for the University of Guelph Centre for Studies in Leadership and is on the board of Sierra Wireless Corp. IE
Scotiabank revamps domestic banking
New jobs for Barb Mason and Jane Rowe show bank’s commitment to equal opportunity
- By: Rudy Mezzetta
- June 2, 2006 June 2, 2006
- 12:33