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Scotiabank, or The Bank of Nova Scotia, recruited Travis Machen as the new chief executive officer of its global banking and markets unit. The Canadian banking and financial services company announced his appointment on Monday, April 29.
According to Reuters, the former Morgan Stanley executive will start working as CEO and group head of Scotiabank's GBM division on May 6. Machen will be based in both the New York and Toronto offices to carry out his duties.
Leadership Shift at Scotiabank
Machen was hired to replace Jake Lawrence, who resigned after two decades at the bank. He was considered a candidate for the CEO role but decided to leave for new opportunities at Power Corporation of Canada, a financial services company. Lawrence left Scotiabank earlier this year.
It was reported that the bank, under the leadership of CEO Scott Thomson, overhauled its senior leadership. The shake-up included replacing the head of the company's Canadian banking, international banking, and wealth management.
About Travis Machen
The new leader of Scotiabank's global banking and market was most recently the managing director and head of banks, diversified, and financial infrastructure at Morgan Stanley. Before this, he was the managing director and head of the Financial Institutions Group at JPMorgan Chase.
Machen has over 25 years of experience in the banking industry, so he is bringing his expertise and experience, acquired over the years, to Scotiabank. He has a significant track record of successful executions of M&A advisory mandates.
"Travis is a forward-thinking leader with the vision and experience to lead our Global Banking and Markets business," Scotiabank's president and CEO Scott Thomson said in a press release. "Throughout his career in corporate, investment and commercial banking, Travis has earned a reputation for being a client-focused relationship banker. I am confident in his ability to build our business across our key markets and to execute on our strategy for our clients, our bank and our shareholders."
