(Reuters) -Canadian lender Bank of Nova Scotia said on Wednesday its chief of global banking and markets, Jake Lawrence, is leaving to take on a role at financial services firm Power Corporation of Canada.
A two-decade veteran of the bank, Lawrence helped expand Scotiabank’s banking and markets business in the United States. He will be a strategic adviser to the bank until he leaves on March 15, Scotiabank said.
Lawrence’s departure adds to a shake-up that the Canadian lender started under CEO Scott Thomson last year. The bank has also been grappling with industry-wide fears of a surge in bad loans as elevated interest rates increase chances of defaults by borrowers.
(Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)
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