Desjardins was Canada’s sixth largest deposit-taking institution, holding the leading market share in Quebec but competing against Canada’s major national banks that were also rapidly globalizing. The big change in 2001 was the merger of the 11 federations into one, a process easier said than done, especially in light of the autonomous and legally independent caisses devoted to their local members. By 2007, Leroux had decided to run for President, saying that her goal was to increase collaboration across functions to leverage the power of their collective resources, especially in light of greater competition in Quebec and financial industry consolidation. She was elected in March 2008 and immediately became one of Canada’s most powerful women while Desjardins was emerging as a less provincial and more significant financial group. Leroux and her new team changed the structure, among other things, and she was reelected to a second and final term in March 2012.
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