Canadian banks like to project an image of stability, but succession issues, first at Scotiabank and now at Laurentian Bank, suggest otherwise
, with both the chief executive and chair leaving abruptly, makes for fascinating and, in corporate terms, lurid reading. Little seems to stir commentators and observers more than upheaval and scheming in the staid corridors of Canadian banks. HastyIn the world of Canadian banking, such turmoil runs counter to the preferred image.
Laurentian is Canada’s ninth-largest publicly traded bank. Operating largely out of Quebec, it has more than $1-billion in revenue, $57-million in income, $45-billion in total assets and $2.5-billion in equity. This no mom-and-pop organization – but in the past few years it has been doing a good imitation of one.
But the pride and glow of her appointment soon faded. As the bank’s position became more precarious and a proposed sale did not materialize, Ms. Llewellyn was sacrificed to the prevailing wolfish demands of the market. A recent IT fiasco did not help either. While it is reasonable that a business must emphasize its bottom line, Ms. Llewellyn’s ouster shows that, for all the trumpet blasts, diversity was clearly less even a secondary goal of the bank, but more window-dressing.
But perhaps the most telling aspect of this affair is that all this executive action was done behind the closed doors of the Laurentian boardroom. Not only did Ms. Llewellyn go as CEO, but Michael Mueller also quit as board chair and director.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Laurentian Bank board chair resigned to protest sudden firing of CEOMichael Mueller left the lender in an act of protest over the termination of CEO Rania Llewellyn, say sources
Read more »
Recent turmoil shows Laurentian Bank's history is catching up with itLaurentian CEO\u0027s departure after bungled sale process hardly a surprise given its past underperformance. Read more from John Turley\u002DEwart
Read more »
Rapid shocks in store for insurers in new Bank of England testsMarket News
Read more »
Spotlight: Discover the unique experience that awaits you at Laurentian UniversityPlan to attend Laurentian University’s Fall Open House on Saturday, November 4th
Read more »
Spotlight: Discover the unique experience that awaits you at Laurentian UniversityPlan to attend Laurentian University’s Fall Open House on Saturday, November 4th
Read more »