Louis Vachon had an impressive career at the head of the National Bank.
For the former president and CEO of this financial institution, economic success is undoubtedly a source of pride. Many things will ensure the preservation of the French-speaking community in America: Laws play a role […]Pride plays a role, as does economic success.
Louis Vachon's great-grandmother, Rose Anna Giroux, is the entrepreneur behind Vachon's famous cakes. Why did she initially buy a bakery-turned-patisserie? The goal was to bring back his children, who had all immigrated to the United States to find work
“, says the former banker.
For him, business success is not just an economic question: it is a question For cultural identity
.
A vision for the Quebec economy
Therefore, the good results achieved by the National Bank, which is the smallest among the six major Canadian banks, are of particular importance in the eyes of Louis Vachon. It is a great success, not only for the National Bank or shareholders but for Quebec in general.
Confirms.
It reflects a vision of the Quebec economy, our ability to grow and manage our economy, that is much more positive than it was 20 years ago.
he adds.
If you can convince us that we can thrive in French in North America, you will be able to integrate a greater proportion of the immigrants who come here.
The National Bank also published a study on January 15 in which it stated that Canada is suffering from a demographic trap and that the current economy is unable to manage 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 have to find a certain balance.
The National Bank has always championed immigration, even when it was less popular, and even in certain areas of Quebec where it was less popular, but it controlled immigration.
I've been very lucky
At the age of forty-four, Louis Vachon became the youngest head of a banking institution in Canada when he took over the presidency of the National Bank. He held this role for approximately 15 years.
Although the banker was very successful in his role, his tenure was not without its pitfalls. Two crises followed his arrival: the commercial paper crisis in 2007, and then the bankruptcy of some major American banks in 2008.
We didn't panic
says the financial analyst. It has been a complex crisis, but we have learned our lessons.
According to him, the best way to manage an unavoidable crisis is to be one Proactive and transparent
Which he considers he did.
You have to have the humility, in life, to realize that success, in a leadership position, depends on context.
This officer of the National Order of Quebec believes a new economic crisis could occur. Unfortunately, there are some
He explains.
According to him, the human tendency to take good ideas to extremes is to blame. For this reason, financial markets must be regulated and supervised
he adds.
Today, the risk lies in less regulated places, such as cryptocurrencies or other places that have escaped oversight.
Artificial intelligence and technology contribution
Although he admits that artificial intelligence has already revolutionized finance, Louis Vachon does not believe that human intelligence can be replaced by machines. The winning combination is a combination of both
He says.
It also refutes the idea that technology has reduced the number of jobs in banks. He explains that people have been saying for 15 years that technology will take jobs. Part of this is true, and it started with ATMs, but the number of jobs has gone from 13,000 to 26,000.
I believe in technology, and I think it's important, but we have to keep the human side of it all.
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