Scotiabank announced that Jake Lawrence, Chief Executive Officer and Group Head, Global Banking and Markets, has made the decision to leave the Bank to join Power Corporation of Canada. Mr. Lawrence joined Scotiabank in 2002, and has held progressively senior roles in Finance, Treasury and Global Banking and Markets, most recently leading the Bank's wholesale banking and capital markets business. The Bank recently announced the appointment of Paul Scurfield to Global Head, Capital Markets, Global Banking and Markets, and Michael Kruse now takes on the role of Interim Global Head, Corporate and Investment Banking, Global Banking and Markets.

Mr. Scurfield and Mr. Kruse will report directly to Scott Thomson, President and Chief Executive Officer, effective immediately, as Mr. Lawrence moves into the role of Strategic Advisor ahead of leaving the Bank on March 15, 2024. Mr. Scurfield joined Scotiabank in 2019 with 20 years of capital markets experience at Bank of America in the U.S. Most recently, he led the Bank's Global Fixed Income, Commodities and Currencies business. Since joining Scotiabank, Mr. Scurfield has been instrumental in strengthening the Bank's fixed income origination business, building the Sustainable Finance advisory team and expanding the Bank's structured finance capabilities.

Mr. Kruse joined Scotiabank in 2018, leading the Bank's Corporate and Investment Banking business in the U.S. and most recently serving as Head of Global Banking and Markets U.S. Mr. Kruse has deep corporate and investment banking experience and a proven track record of success in driving business across regions. Under his leadership, Scotiabank has grown its U.S. business advisory capabilities for clients and invested in talent across the market.