Scotiabank shuffles key executives, spins out wealth management as separate unit

Bank of Nova Scotia is shuffling key executives as it spins out its expanded wealth management business as a separate division.

As a result, Canadian banking group head James O'Sullivan is leaving his role on June 1, but will stay on with the bank as an adviser through the rest of this year.Dan Rees, who has most recently been in charge of operations at Scotiabank, will take over as group head of Canadian banking. The streamlined division will now encompass personal and commercial banking, as well as insurance.

Scotiabank has recently bolstered its wealth management business with two major deals, acquiring investment firm Jarislowsky Fraser Ltd. for $950-million and MD Financial Management, a company catering to doctors, for $2.6-billion. Mr. Gowland has been leading the efforts to integrate the two businesses into the bank.

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