CIBC’s Nowlan snatched up by competitor

CIBC’s Nowlan snatched up by competitor

CIBC’s Nowlan snatched up by competitor One of CIBC World Markets’ veteran investment bankers has been hired by rival National Bank of Canada’s capital markets arm to shore up its client coverage team, reports the Globe and Mail.

Dan Nowlan is going to National Bank Financial and taking a position as vice chair, according to a source familiar with the matter. Previously a vice chair at CIBC, Nowlan has had a long career on Bay Street, including a period wherein he co-ran the equity capital markets unit at CIBC with Scott Smith.

He also has experience in federal government, taking a position as chief of staff to former finance minister Joe Oliver in 2013. After the Liberals managed to win a majority government in October 2015, he re-joined CIBC as vice-chair.

One could say that Nowlan has a history with NBF: an independent dealer he used to work for, First Marathon, was acquired by National Bank in 1999.

His recruitment is the latest in a series of realignments in NBF’s banking leadership team. Over the past 18 months, the bank has made multiple changes, which include letting go of former Head of Equities and Investment Banking Greg Thompson. The group is now under Yanick Blanchard.

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