The country’s sixth-largest lender will continue to be a superregional bank, anchored in Quebec with national reach
. He wants to pick its spots and double down on niches where the bank has expertise. And he wants its bankers to be rigorous about the opportunities they choose to pursue, but entrepreneurial when they spot one.
A rapid surge in interest rates has pushed up borrowing costs, squeezing demand from customers for new loans. High-interest rates are pushing up banks’ costs, most notably for talent. And a period of ultralow losses on defaulting loans is likely near its end as larger numbers of clients are expected to struggle to keep up with payments – especially those carrying large mortgages taken out at cheap rates during earlier waves of the COVID-19 pandemic.
Laurent Ferreira plans to sharpen the bank’s efforts to attract talent, chase a larger share of new immigrants and keep a close eye on costs.“We know we can do a lot more, and we can grow faster in Canada,” he said. “And that’s been the theme of our strategy going forward.” The city’s financial core has been the backdrop to Mr. Ferreira’s entire career: He grew up in Montreal, was schooled there and has called the city home ever since. His French mother and Portuguese-born father each immigrated from France in the 1960s and met at Expo 67. His father worked as an engineer at Rolls-Royce.Mr. Ferreira “was not a very serious teenager,” he said.
Equity derivatives are now big business for the bank, generating about $900-million in revenue last year. When Mr. Ferreira walks the trading floor, he still sees traders using spreadsheets he built.
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