The Canadian bank adding finance big shots
It’s a good time to be in debt-selling business, it seems.
Especially if you want to work for the Canadians. We’ve spotted two senior bankers joining one particular Canadian bank’s teams, although neither, admittedly, in Canada itself.
Jonathan McCormick is joining Scotiabank in Ireland as a director with the securitized product sales team later this month. He was with Deutsche Bank for 18 years before leaving the bank back in 2021 as a managing director, specializing in finance coverage for British and Irish lenders.
McCormick isn’t the only new face at Scotiabank - it also picked up Prabu Soundararajan in New York to head up its CLO (collateralized loan obligations) team just the other week. Soundararajan was with Morgan Stanley for just over a year and a half as an executive director (he joins Scotiabank as an MD).
Michael Wright, meanwhile, left Bank of America after 14 years (he was an MD, and part of the global credit team) to join TD Securities as a loan trader in New York. TD Securities is the investment banking arm of Toronto-Dominion Bank.
Investment banking might have had a relatively poor start to the year, but there are indicators that the debt markets are more resilient than others. With Canadian banks (typically not as global as US rivals) picking up notable talent, there might be a shift in the current when the market does recover.
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