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Email this12:40 pm
December 12, 2009
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I was going to create a thread about CDIC's forthcoming Annual Public Meeting, which will be webcast, I believe, on May 15, 2019, but noted that its new-ish CEO (as of November 2018) is Peter Routledge. I immediately recognized the last name as a former investment banking research analyst covering the Canadian banks at National Bank Financial, so wondered, "has he moved over from NBF to head up CDIC? Surely not. Must be a brother or something, though." Nope, indeed, it was is same guy.
So, I did some more googling, and sure enough, this Globe article (behind paywall; use your library card to access article for free from one of ProQuest's electronic databases like Canadian Major Dailies or Canadian NewsStream) listed off a small coterie of former National Bank of Canada (or subsidiary) employees now working in the upper echelons of the banking regulators. Among them:
- Current Canada Housing and Mortgage Corp. President & Evan Siddall formerly worked in investment banking, not necessarily with NBC or NBF, though;
- Former National Bank Financial investment banker Andrew Wallace was a senior policy adviser in the Prime Minister's Office under then-Prime Minister Stephen Harper; and,
- Former National Bank Financial investment banking equities research analyst covering mining companies Steven Farber was a former senior policy adviser to then-Minister of Foreign Affairs John Baird.
Prior to Peter Routledge becoming President & CEO of CDIC in November 2018, he was hired away from NBF to join the Department of Finance by current Finance Minister Bill Morneau.
On the one hand, I will miss Peter's equity research analysis of the Big 5 banks' quarterly earnings reports and am sure he's an accomplished, well educated person, but I just question whether he's the right fit for the top job at CDIC.
Thoughts?
Cheers,
Doug
2:43 pm
October 21, 2013
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Thanks for the research.
I'm not going to pursue the article, but did you find more former National Bank execs in top jobs than those from other banks, considering their relative sizes?
I wonder if more National Bank execs are likely to be bilingual, which would be, I would think, a necessity in these jobs - or ought to be.
Whoever has such a job is likely to have come from the banking industry. Where else?
3:26 pm
December 12, 2009
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Loonie said
Thanks for the research.I'm not going to pursue the article, but did you find more former National Bank execs in top jobs than those from other banks, considering their relative sizes?
I wonder if more National Bank execs are likely to be bilingual, which would be, I would think, a necessity in these jobs - or ought to be.
Whoever has such a job is likely to have come from the banking industry. Where else?
Thanks, as always, for your reply and thoughts on the article (or my summary). PM me if you would like my "tip" on how to bypass the paywall. 
No, I didn't do any research beyond the article, but it does seem natural that banking industry types would transition into a regulatory role. Also, there are many former OSFI superintendents and Bank of Canada governors that sit on the boards of directors of the "Big 5" Canadian banks.
I guess what I found interesting about this one in particular was that an equity research analyst moved into such a high, senior executive regulatory role (that of President & CEO of CDIC), which I found fascinating.
Cheers,
Doug
4:48 pm
October 21, 2013
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What do you see as the implications of him being an equity research analyst?
5:20 pm
December 12, 2009
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Loonie said
What do you see as the implications of him being an equity research analyst?
I guess it's good in the sense that he's analyzed banks' balance sheets fairly extensively over the years, so has a lot of knowledge and he does bring somewhat of an independent perspective. I guess, in the CDIC President & CEO case, the concern I have is whether he has the senior executive management experience to lead such a large federal Crown corporation.
It would be kind of like taking an Account Manager, Commercial Banking, with a federally chartered bank and saying, "Okay, you've had solid results, we'd like you to head up our national Global Banking & Markets team as Senior Vice President of Corporate and Transaction Banking." The experience is related and people can learn new skills, absolutely, but that's quite a jump in terms of the managerial qualities.
Cheers,
Doug
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