A man walks past a Bank of Nova Scotia location.Darren Calabrese/The Globe and Mail
One business day after reporting its second-quarter results, Bank of Nova Scotia is making a couple of key changes among its top executives.
Anatol von Hahn, group head of Canadian banking, will be retiring on June 19. He will be replaced by James O'Sullivan, who is currently the executive vice-president of global wealth management.
Jeff Heath, executive-vice president and group treasurer, will also be retiring on June 19. He will be replaced by Andrew Branion, who is currently executive vice-president and chief market risk officer.
Scotiabank says that the moves will help simplify its operating model: Mr. O'Sullivan's current role will not be filled. Instead, executives in wealth management will either report to him in Canadian banking or to Dieter Jentsch, who is group head of international banking.
Mr. von Hahn joined Scotiabank in 1984, working in various positions in Singapore, Chile, Argentina and Mexico. He was appointed group head of Canadian banking in 2010.
"The timing of the announcement is reflective of Anatol's decision," Scotiabank said in a statement. "Canadian banking had a strong second quarter. Anatol has grown the business and personally invested in shaping the culture through integrity and hard work alongside the Canadian banking team."
Earnings for Canadian banking rose 9 per cent over last year, after adjusting for certain factors such as the sale of its stake in CI Financial Corp. last year. Net interest margins – or what the bank earns on loans – expanded by 10 basis points to an industry-leading high of 2.26 per cent, due to a transition from low-yielding mortgages to higher-yielding credit cards and auto loans.
Scotiabank emerged from the second-quarter reporting season with some of the most upbeat reactions from analysts – four of whom boosted their target prices on the stock.
Mr. O'Sullivan joined Scotiabank in 1990 and was appointed to his position in global wealth management just seven months ago.