The Daily Chase: Recession fears weigh on investors; Scotiabank's CEO to retire
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It’s looking like this week will start the same way the last one ended, with futures indicating there will be losses at the start of trading in New York as recession fears persist.
And the S&P/TSX Composite Index heads into today’s opening bell just 152 points above its lowest closing level of the year. By the look of her Twitter feed, Amber Kanwar was gathering research material yesterday for her return to the anchor chair with this ominous picture for central banks across the globe. She’ll guide our coverage of the first full hour of trading starting today.
'SURPRISE' CEO SUCCESSION AT BANK OF NOVA SCOTIA
Brian Porter is retiring as the bank’s president and chief executive at the end of January. His successor is Scott Thomson, who has been serving as the head of Finning International, the Vancouver-based Caterpillar equipment dealer. Granted, he’s been on Scotia’s board of directors since 2016. But in early reaction this morning, Anish Chopra from Portfolio Management Corp. called the decision a “surprise” that runs counter to the industry convention of internal succession. We’ll have plenty more reaction today, and will review how Porter helped to reshape Scotia — and why the bank hasn’t been rewarded by investors.
