The CEOs of Canada's top two banks on Tuesday made clear they would
not be stepping down in the immediate future, postponing any
expectations of a generational shift in the country's banking sector.
Speculation
that the country's large banks would soon be led by younger people
began in earnest in October when Bank of Nova Scotia, Canada's No. 3
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Waugh
assumed the bank's top job in 2003, a year after Toronto-Dominion Bank
CEO Ed Clark and two years after Royal Bank of Canada Gord Nixon, and
analysts and investors have wondered since about succession plans.
Clark and Nixon aren't in any rush to hit the golf course, they implied Tuesday.
"Invite
me for next year and I'll show up," Clark, 65, quipped at the RBC
Capital Markets Canadian Bank CEO conference when asked if he expected
to be back in 2014.
Nixon, who has the longest tenure of the three, is also the youngest, and he gave no hint that he's planning to step down.
"I
have now been 12 years in this role, and at some point I think it is
appropriate to turn it over and to move on. But I'm only 55 and have
some -- hopefully some runway left," he said.
"It certainly won't be into my mid-60s, I can assure you on that front."
While
Waugh, 65, is widely expected to step down within the year, he gave no
hint of when that might happen. "We have a time in mind. We're not
disclosing it, but it's not imminent. But I'm on the downward slope," he
said.
Canada's banking sector is dominated by five large
lenders, which each have a sizable market share in retail banking,
wealth management and investment banking. As such, succession at the top
banks is watched closely.
Whenever the current crew of CEOs do step down, their successors will have big shoes to fill.
The
banks navigated through the U.S. financial crisis relatively unscathed,
and the sector has been named the world's soundest five years running
by the world Economic Forum.
Waugh and Clark have also presided
over massive international expansions for their banks. Scotiabank has
extended its presence in Latin America and Asia, while TD has built a
U.S. retail bank that boasts more branches than its Canadian network.
"Strategically,
the banks will have very viable growth platforms outside Canada, and
that will be their principal legacy, in my opinion," said Peter
Routledge, an analyst at National Bank Financial.
Analysts say
Bharat Masrani and Tim Hockey, who head TD's U.S. and Canadian retail
banks, respectively, have the inside track on the top job. At RBC, the
picture is less clear.
The head of No. 4 Bank of Montreal, Bill Downe, and the CEO of No. 5 lender Canadian Imperial Bank of Commerce ,shoes are so ablaze and athletic activity,Shop from the large collection of howosparepartss and accessories sold at Forever Metals. Gerry McCaughey, have only been in their jobs for six and seven years, respectively.
In
terms of tenure, all five CEOs will have a tough time matching Larry
Pollock, CEO of regional lender Canadian Western Bank. Pollock will step
down in March after 23 years at the bank. In that time the bank has
turned a profit every quarter.This best royaloak is known for Men and Ladies,
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