Today’s news: Trending business stories for November 3, 2023

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7:30 a.m.

3 Scotiabank executives depart in latest shakeup under CEO Scott Thomson

Bank of Nova Scotia’s Dan Rees, who runs the domestic retail banking business, is leaving along with investment banking chief James Neate and chief technology officer Shawn Rose.

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Rees, a 25-year veteran of the company, will be succeeded as group head of Canadian banking by Aris Bogdaneris, effective Friday, the bank said in a statement. Rose and Neate’s departures were disclosed Thursday in an internal memo seen by Bloomberg.

Chief executive Scott Thomson continues to shake up his management team after taking the reins of Canada’s third-biggest bank by assets in February. Scotiabank, which is in the process of cutting three per cent of its global workforce, announced several other changes to its senior leadership in late August.

“I recognize that there have been many changes across our bank in recent weeks and I want to acknowledge and express my appreciation to all of you throughout this period,” Thomson said Thursday in the memo to staff.

The Toronto-based bank didn’t comment on the memo.

Rees, who was seen as a potential CEO candidate, was awarded $1.5 million in restricted stock as a retention bonus after Thomson won the job. The shares vest next November.

Rees “made the decision to leave the bank to pursue other opportunities,” Scotiabank said in the statement. It declined to comment on how his departure would affect the award.

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Christine Dobby, Bloomberg

Read the full story here.

Before the opening bell: Stock markets slip after Thursday’s gains

Markets were subdued on Friday as traders awaited U.S. jobs numbers that will test optimism over whether the United States Federal Reserve’s tightening cycle is nearing an end.

U.S. equity futures slipped after the S&P 500 posted its biggest weekly gain in a year, of about five per cent. Apple Inc. fell as much as 3.1 per cent in premarket trading after the iPhone maker’s results were dragged down by weaker-than-expected revenue out of the greater China region. Treasury yields steadied, with the 10-year at 4.65 per cent after tumbling 18 basis points this week.

In Canada, the S&P/TSX composite index closed up 547.34 points, or 2.9 per cent, at 19,626.34, on Thursday.

Bloomberg

What to watch today

Statistics Canada releases its Labour Force Survey data for October at 8:30 this morning. The U.S. employment report will also be released today.

Immigration Minister Marc Miller is participating in a roundtable discussion with the Greater Vancouver Board of Trade this afternoon.

On the earnings front, expect reports from Telus Inc., Magna International Inc., Tim Hortons’ parent Restaurant Brands International Inc., Enbridge Inc. and AltaGas.

Need a refresher on yesterday’s top headlines? Get caught up here.

Additional reporting by The Canadian Press, Associated Press and Bloomberg

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