Scott Thomson

Scotiabank had built a significant presence in Latin America — particularly Mexico, Peru, Chile, and Colombia — branded as "Canada's most international bank." However, these emerging market operations generated volatile earnings and lower returns than domestic Canadian peers. Thomson signaled a strategic pivot: rather than doubling down on Latin America, he made a $2.8 billion strategic investment in KeyCorp, a major US regional bank, signaling Scotiabank's intention to build a meaningful US banking presence. This represents a fundamental reorientation of Scotiabank's international strategy toward the more stable and profitable US market. His key decisions involve the US expansion strategy (beyond KeyCorp), Latin American portfolio optimization, Canadian domestic banking competitiveness, wealth management growth, and managing the strategic transition without disrupting existing operations.