Sat. Feb 24th, 2024

The former president and CEO of the National Bank granted a major interview to Patrice Roy.

Great interview with Louis Vachon

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Louis Vachon retired from the National Bank in October 2021.

  • Catherine Bérubé (View profile)Catherine Bérubé

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Louis Vachon had a career impressive at the head of the National Bank.

For the former president and CEO of this financial institution, economic success is undeniably a source of pride. Many things will help us preserve a French-speaking society in America: laws play a role […], pride plays a role and economic success too.

Louis Vachon's great-grandmother, Rose-Anna Giroux, is the entrepreneur behind the famous Vachon cakes. Why did she initially buy a bakery that became a patisserie? It was to repatriate his sons, who had all emigrated to the United States to find work, says the former banker.

For him, business success is not only an economic question: it is a question of cultural identity.

The good results of the National Bank, the smallest of the six major Canadian banks, are therefore particularly important in the eyes of Louis Vachon. It's a great success, not just for the National Bank or the shareholders but for Quebec in general, he underlines.

LoadingThe agreement in principle between the FAE and Quebec narrowly accepted

ELSEWHERE ON INFO: The agreement in principle between the FAE and Quebec narrowly accepted

It reflects a vision of Quebec's economy, our ability to grow and manage our economy, which is much more positive than 20 years ago, he adds.

If you are able to convince that we are capable of prospering in French in North America, well, you will be able to integrate a greater proportion of immigrants who come here.

A quote from Louis Vachon , former president of the National Bank

The National Bank also published a study on January 15 in which it states that Canada is struggling with a demographic trap and the current economy is incapable of handling immigration levels.

Louis Vachon agrees with the findings of his former colleagues. There was a lack of control, he maintains. I'm not pessimistic, but we need to find a certain balance.

The National Bank has always defended immigration, even when it was less popular, even in certain regions of Quebec where it was less popular, but controlled immigration.

A quote from Louis Vachon, former president of the National Bank

At 44, Louis Vachon became the youngest president of a banking institution in Canada when he rose to the head of the National Bank. He held this role for almost 15 years.

Although the banker was extremely successful in his role, his mandate was not without pitfalls. Two crises followed one another upon his arrival: the commercial paper crisis in 2007, then the bankruptcy of certain large American banks in 2008.

We don't x27;did not panic, says the financial analyst. It was a complex crisis, but we learned lessons.

According to him, the best way to manage a crisis that could not to be avoided is to be proactive and transparent, which he considers himself to have done.

You must have the humility, in life, to recognize that success, in a position of leadership, it's contextual.

A quote from Louis Vachon, former president of the National Bank

This officer of the National Bank Ordre national du Québec believes that a new economic crisis could occur. Unfortunately, there is a certain frequency, he explains.

According to him, the human tendency to take good ideas to the extreme is to blame. This is why financial markets must be regulated and supervised, he adds.

Today, the risk is in places that are less regulated, like cryptocurrencies or other places that have escaped supervision.

A quote from Louis Vachon, former president of the National Bank

Although he admits that artificial intelligence has already revolutionized the field of finance, Louis Vachon does not believe that human discernment can be replaced by machines. The winning combination is the combination of the two, he says.

He also refutes the idea that technology has reduced the number of jobs in banks. People have been saying for 15 years that technology will take away jobs, he explains. Partly true, and it started with ATMs, but the number of jobs increased from 13,000 to 26,000.

I believe in technology, I believe it is important, but we must keep a humanist aspect to all of that.

A quote from Louis Vachon , former president of the National Bank

  • Catherine Bérubé (View profile)Catherine BérubéFollow

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