Scotiabank Stock Faces Worst Year Since 2008 as New CEO Enters
- Canadian bank’s shares hit the lowest since December 2020
- Analysts cautious on outside CEO hire, Latin America business
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Bank of Nova Scotia shares are on pace for their worst year since 2008 as analysts warn of weakness in the Canadian lender’s international business and uncertainty about the shakeup in its leadership.
In a painful year for Canada’s Big Six banks, Scotiabank is the worst performer after a slew of analysts turned more pessimistic due to disappointing earnings from its Latin America division. That bearishness increased this week when the bank bucked tradition and hired an outsider to replace its retiring chief executive.