Financial Post – The Canadian bank that has been Canada’s biggest lender for more than a century is being replaced with a new CEO this week.
Canadian National Bank will announce on Thursday that Jason Mercer will take the helm of the financial giant on April 19.
Mercier, who has led the bank for 22 years, was a key player in the 2008-09 global financial crisis and the 2008 recession.
He was appointed to the position in January and took it to the top post, with a mandate to help the bank avoid bankruptcy in the case of a bank collapse.
The bank has struggled to cope with the crisis and has been plagued by poor results, and has recently been forced to raise the capital ratio to $50 billion, an unprecedented increase.
Mercer will replace the outgoing chairman, Stephen Poloz, who stepped down last month after 13 years.