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Scotiabank hires New York-based investment banker from Credit Suisse

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1 year ago

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Scotiabank has hired a senior banker from Credit Suisse Group AG to join its capital markets division.Fred Lum/the Globe and Mail

Bank of Nova Scotia BNS-T has hired a senior banker from Credit Suisse Group AG CSGKF to join its capital markets division, the latest hire in a series of lenders scooping up talent from the rescued Swiss company.

Benjamin Gohman will join Scotiabank’s New York-based team as the head of non-investment grade finance and capital markets and U.S. loan syndication, according to an internal memo. In his prior role, he oversaw leveraged finance at Credit Suisse’s capital markets division in the city.

In the wake of Credit Suisse’s rescue through an emergency takeover by UBS Group AG, Canadian and U.S. banks have raided the lender for dealmakers. Royal Bank of Canada RY-T and Wells Fargo WFC-N have hired several former Credit Suisse bankers in recent months.

The high-flying capital markets activity during the pandemic that helped prop up banking earnings has slumped over the past year as volatile financial markets and high inflation stunted deals. Goldman Sachs Group Inc.’s GS-N profit plummeted in the recent quarter on a drop in investment banking, but its chief executive officer signalled that the business has hit its lowest point and that he expects deal-making to ramp up in the year ahead.

Mr. Gohman has worked in investment banking for almost two decades and in leveraged finance at Credit Suisse for 17 years. During his time at the bank, he “was instrumental in establishing and building long-term, profitable relationships and leading highly effective teams,” Scotiabank global investment banking co-heads Jim Kelly and Dany Beauchemin said in the memo.

He will step into his new role on Nov. 6.

 

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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2 weeks ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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3 weeks ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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3 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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