Money The Big Five banks’ CEO cycle is complete. Here’s how they performed

22:23  21 april  2017
22:23  21 april  2017 Source:   Canadian Business

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Here ’ s how they performed . BMO boss Bill Downe will be the last of the financial crisis-era top bosses to depart when he steps down in October. His departure will mark the end of a CEO cycle for Canada’s Big Five banks .

Here ’ s how they do it. The ability of an organization to accelerate its performance — in other words, to Our view is not that a high- performing , accelerating team does completely different things than a lagging team. Following are excerpts from interviews with five CEOs who have focused on creating

(CP)© Used with permission of / © Rogers Media Inc. 2017. (CP)

And then there were none. Earlier this month, Bank of Montreal (BMO) top boss Bill Downe announced he would be stepping down at the end of October. His departure will mark the end of a CEO cycle for Canada’s Big Five banks.

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The CEO ’s focus on the Xs (which determine the Ys) supports the cycle of improvement and signals that continuous improvement is the “way we do business.” In Bank One, a Focus 2.0 event lasts five days, with an objective to identify and implement solutions across the value stream Here ’ s how it works

Cycle Completed . The big picture. Harried entrepre-neurs or CEOs of small to mid-size companies often don’t know how to do more than boot up their.

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Downe (March 2007–October 2017) was preceded out of the corner office by TD Bank’s Ed Clark (December 2002–October 2014), Canadian Imperial Bank of Commerce (CIBC) boss Gerry McCaughey (August 2005–September 2014), Royal Bank of Canada (RBC) CEO Gord Nixon (August 2001–July 2014), and Bank of Nova Scotia (Scotiabank) supremo Rick Waugh (December 2003–November 2013).

The chart below shows indexed month-end stock prices for each bank during their CEO’s tenure, as well as the performance of a benchmark, the S&P/TSX Composite Index Financials Sector Index GICS Level 1 (STFINL):

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As the incoming Chief Executive of Deutsche Bank , John Cryan, recently said in an interview: “I have no Here , we are merely arguing that, regardless of the size of a top manager’ s pay package, it should be a fixed This argument is based on five related, data-backed insights from research: contingent

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As the chart shows, all five men steered their companies through their biggest common test, the financial crisis, with little long-term damage to shareholders. (Downe’s performance benefits considerably from the bull market of the last two years).

Still, the banks diverged significantly in both strategy and performance over these CEO’s tenures. TD under Clark and BMO under Downe focused on expanding aggressively across the border, spending billions on acquisitions to take advantage of the U.S. recovery. Waugh’s Scotiabank looked further afield, building out its operations in South America and Asia. Nixon strengthened RBC’s hand in retail banking and wealth management, while McCaughey was forced to spend his first few years repairing CIBC’s reputation after the Enron scandal. The five banks’ differing strategies and circumstances produced divergent results.

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How do the big banks push back? The CEO of Monzo, a high-profile fintech startup in London, says he gets a buyout offer every month. So, what will finance look like in five years? I wouldn’t have said this a year ago, and making predictions is a mug’ s game. I think the biggest trend that we’re going to see

The chart below shows the total return of the five companies stocks during the tenure of their CEOs, along with the corresponding figure for the STFINL during that time:

Total_Return-Big_Five_Banks-CEO_Tenure© Used with permission of / © Rogers Media Inc. 2017. Total_Return-Big_Five_Banks-CEO_Tenure

When it came to delivering shareholder value, Nixon and Clark were far out in front of the competition. And continuing a trend that began around the turn of the millennium, RBC, TD and Scotiabank emerged as the clear top three based on assets under management.

The challenges facing the five men’s successors, all chosen from within, include basement-dwelling interest rates, an ever-growing housing bubble, and the threat of disruption by financial technology upstarts. They’re currently facing scrutiny for their consumer lending business practices. And the competitive set has changed, with regional players in places like Alberta and Quebec expanding across provincial borders and some larger credit unions harbouring national ambitions.

Matching the success of their predecessors will be no easy task.

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4) He is going to keep on practising until he learns how to play the guitar. 5 ) My diet consists of cereal and fruit for breakfast. E. Read the text and complete gaps 1-7 with the correct form and tense of each verb in capitals. Every year, the festival gates open for the August Bank Holiday weekend, 4)

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