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Scotiabank capital markets co-CEO departs

Mark Blinch/REUTERS

Come May, Bank of Nova Scotia will only have one head of its capital markets arm.

Steve McDonald, currently group head and co-chief executive officer of Scotia Capital, is retiring at the end of April.

Mike Durland, who co-heads the global banking and markets arm, will assume sole leadership after Mr. McDonald leaves.

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Mr. McDonald joined Scotia Capital in 2003, and previous roles with the investment dealer include serving as both deputy chairman and U.S. head. Before heading to Scotiabank, he worked for Toronto-Dominion Bank in U.S. corporate banking and also ran TD Waterhouse Group.

Mr. McDonald's retirement comes after Brian Porter took over as chief executive officer of Scotiabank in November. Since then there have been a few management changes, including the retirement of former chief risk officer Rob Pitfield and the departure of former marketing head Duncan Hannay.

Scotiabank's capital markets arm has been on a roll lately, winning some large merger-and-acquisitions mandates.

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About the Author
Reporter and Streetwise columnist

Tim Kiladze is a business reporter with The Globe and Mail. Before crossing over to journalism, he worked in equity capital markets at National Bank Financial and in fixed-income sales and trading at RBC Dominion Securities. Tim graduated from Columbia University's Graduate School of Journalism and also earned a Bachelor in Commerce in finance from McGill University. More

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