Louis vachon national bank biography

Louis Vachon

Canadian banker (born )

Louis VachonCM (French:[ʃɔ̃]; born ) is a Canadian banker, financier, and business executive.

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    • He is currently the chief executive officer of National Bank of Canada, the 6th largest bank in Canada. Louis Vachon announced his intention to retire on October 31, , after nearly 15 years in the role.[1] He has been CEO since , previously serving as the bank's chief operating officer. Before taking a full-time position at the bank, he was the president and CEO of National Bank Financial Group, the 4th largest investment bank in Canada.[2]

    He was named CEO of the Year by Canadian Business in ,[3][4] and the following year he received mixed media coverage for being the highest compensated banking executive in the country.[5][6][7] Vachon is an Officer of the Ordre national du Québec.[8] He is a Member of the Order of Canada[9] and of the Ordre de Montréal and a recipient of the Global Citizens Award from the United Nations Association in Canada.[10]

    Early life and education

    Vachon was born in , in Quebec, Canada.[11] His family started an eponymous pastry company and his father served as the Dean of School of Business at Sherbrooke University.[12] He spoke about his upbringing in Canadian Business, stating, "Being a successful business person was highly valued in our family."[13]

    He entered Bates College, in Lewiston, Maine in and became interested in finance early on.

    Paul Erdman's The Billion Dollar Sure Thing played a role in his interest and shaped his early thoughts on financial markets. Vachon graduated from college in , with a B.A. in economics, and went on to graduate from The Fletcher School of Tufts University, with an ational finance.[14] Vachon is a chartered financial analyst (CFA).[15]

    Banking career

    Vachon began his career in at Citibank and joined Lévesque Beaubien Geoffrion in He then moved to Bankers Trust in where he stayed for six years.

    National Bank Financial

    Vachon became the president and chief executive officer of Innocap Investment Management, a subsidiary of National Bank of Canada in In , he became a vice president in the firm, charged with its treasury and overseeing its financial markets. He eventually became the CEO and president of National Bank Financial, the 4th largest investment bank in Canada.[2] During the financial crisis, the investment bank was one of the only financial institutions to see profit through the crisis.[16] In early , the board of the bank offered him a $ million bonus for his actions during the crisis.[16]

    National Bank of Canada

    Vachon was appointed President and Chief Executive of National Bank of Canada on February 2, [17][18][19] In November , Vachon announced that the bank was letting go of nearly jobs in order to tighten expenses and create a streamlined infrastructure.

    The move was seen, as well, as an economic contraction and had caused Moody's Investor Service to reduce the bank's credit rating down one level while also projecting it might drop it down two levels at the conclusion of the month. Despite the drop in credit rating, the bank stated that Vachon's vision for the future remained unchanged.[20]

    His compensation totaled $7,, in , with a base pay of $1,,, with other compensation adding up to $6,,[21] Although he heads the 6th largest bank in Canada, he was the most compensated banking executive in [5][6][7] He was criticized for sitting on too many boards as CEO, however Vachon rebutted the claim saying that it was "odd" to say to a CEO, "you can’t sit on an external board even though your company is a major shareholder."[22]

    In a December quarterly earnings call with investors and analysts, Vachon stated that the bank had increased positive operating leverage in its common equity and increased its quarterly dividend twice during the fiscal year—close to 7%.[23]

    Personal life

    Vachon resides in Montreal, Quebec.

    Louis vachon national bank biography Since January, Mr. Then came the credit crunch that froze the market for asset-backed commercial paper ABCP , which quickly became a defining moment for the Montreal-based bank. Ferreira, who served as chief operating officer as an apprenticeship for the CEO job. Log In Create Free Account.

    On November 25, Vachon along with the Mayor of Montreal, Denis Coderre, unveiled an art installation piece that displayed along a six-kilometre ( mile) stretch of Autoroute 20 in honor of Montreal's th anniversary. He said that Montreal was "a dynamic city with a reputation for innovation" later noting that "every day, hundreds of thousands of people travel along the stretch of highway between the airport and downtown Montreal, [and this art piece will be] exactly what people will see as they drive into town."[24]

    Awards and honours

    Vachon has received numerous awards and honors for his work in Canadian investment banking and corporate leadership.

    References

    1. ^"National Bank President and CEO Louis Vachon to retire &#; National Bank".
    2. ^ ab"National Bank of Canada boosts dividend as profit rises - BNN News". . Retrieved
    3. ^"CEO of the Year Louis Vachon of National Bank".

      Canadian Business - Your Source For Business News. Retrieved

    4. ^ abc"National Bank chief honoured - Article - ". . 28 October Retrieved
    5. ^ ab"CEO of Canada's smallest bank makes the most money".

      Financial Post. Retrieved

    6. ^ ab"Canada's Top highest-paid CEOs". Canadian Business - Your Source For Business News. Retrieved
    7. ^ ab"CEO Of Canada's Smallest Major Bank Earns The Most".

      The Huffington Post. Retrieved

    8. ^ ab"Louis Vachon – Ordre national du Québec". . Retrieved
    9. ^ ab"The Governor General of Canada". 20 September
    10. ^"UNA-Canada is pleased to recognize Louis Vachon, President & CEO of Banque Nationale, as our 70th guest of honour at the Global Citizen Dinner.

      &#; United Nations Association in Canada". . Archived from the original on

    11. ^"National Bank of Canada boosts dividend, posts 12% rise in Q2 profit". Proactiveinvestors NA. Retrieved
    12. ^"National Bank's paper woes will stick to Vachon". The Globe and Mail.

    13. National bank limited
    14. Louis vachon national bank biography death
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      16. Retrieved

    16. ^"CEO of the Year Louis Vachon of National Bank". Canadian Business - Your Source For Business News. Retrieved
    17. ^"CEO of the Year Louis Vachon of National Bank". Canadian Business - Your Source For Business News. Retrieved
    18. ^ ab"Louis Vachon at NBC"(PDF).
    19. ^ ab"Bank Nerd&#;» Blog Archive Notable and Influential Banking Leaders in Canada&#;» Bank Nerd".

      . Retrieved

    20. ^"CEO of the Year Louis Vachon of National Bank". Canadian Business - Your Source For Business News.

      National bank of greece But it never tried to become one of them. Non-subscribers can read and sort comments but will not be able to engage with them in any way. It has been a privilege to lead the Bank and help write a chapter in its history. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening.

      Retrieved

    21. ^"Mr. Louis Vachon, President and Chief Executive Officer, National Bank of Canada | Finance Montréal". . Retrieved
    22. ^"Governance - Executive Committee | National Bank".

      Louis vachon national bank biography images Vachon said. It has been a privilege to lead the Bank and help write a chapter in its history. In retail banking, that meant expanding mostly in New Brunswick and Southern Ontario. Vachon was born in , in Quebec , Canada.

      . Retrieved

    23. ^"National Bank to slash jobs, including 10 vice-presidents". Financial Post. Retrieved
    24. ^"Canada's Top highest-paid CEOs". Canadian Business - Your Source For Business News. Retrieved
    25. ^"Why some shareholders don't like 'overboarding'".

      The Globe and Mail. Retrieved

    26. ^Transcripts, SA (). "National Bank of Canada's (NTIOF) CEO Louis Vachon on Q4 Results - Earnings Call Transcript". Seeking Alpha. Retrieved
    27. ^"National Bank Unveils BLEU DE BLEU".

      Louis vachon national bank biography wikipedia Toggle the table of contents. But it never tried to become one of them. Vachon took more summer holidays this year, and last month he moved offices to make way for the change. Vachon has been gradually handing over operations to Mr.

      . Retrieved

    28. ^"Vachon leads Top 25 - Back Issue". . 15 February Retrieved
    29. ^"L'homme De Communications Luc Lavoie Honoré Pour Service Méritoire | Les Fusiliers Mont-Royal". . Archived from the original on
    30. ^"Canadian Business CEO of the Year: Louis Vachon of National Bank".

      . Retrieved

    31. ^"U Bishops".

      National bank limited: Its business lines have become more balanced, with wealth management gaining prominence and capital markets still a centrepiece of its strategy. Vachon took more summer holidays this year, and last month he moved offices to make way for the change. As president and CEO of the National Bank of Canada since , Louis Vachon is responsible for the strategies, direction and development of the bank and its affiliates. National Bank needed a new strategic plan for to , which has yet to be unveiled, and Mr.

      Archived from the original on

    32. ^"VACHON, Louis".
    33. ^"Ryerson University to honour Phyllis Yaffe, Heather McGregor, Bonnie Schmidt and Louis Vachon, June 12–16".
    34. ^"Concordia awards 10 new honorary doctorates". . Retrieved
    35. ^"Helping Children Rise: Right To Play's The Heroes Gala".

      . Retrieved