Bank names new leaders for risk, real estate lending, and strategy
Scotiabank announced new senior executive appointments to speed up its strategy and strengthen its focus on real estate lending, risk, and efficiency.
The changes, effective December 2, 2025, follow the bank’s push to build on its 2023 Investor Day goals and adapt to shifting market and regulatory demands.
Phil Thomas was named group head & chief strategy and operating officer, bringing more than two decades of experience across risk, Canadian and international banking.
“Phil elevated our Global Risk Management function during a period of rapid change and macro-economic challenges, including the pandemic and ongoing global trade negotiations,” Scott Thomson, Scotiabank’s president and CEO, said.
“He will bring extensive knowledge of the Bank and a deep focus on elevating the client experience and AI innovation to his role leading the enterprise functions critical to the execution of our strategy.”
Shannon McGinnis steps in as chief risk officer after joining Scotiabank in 2024 as executive vice president & deputy chief risk officer.
“Shannon is a respected and trusted leader in the industry,” Thomson said.
“Since joining the Bank, she has led several enhancements within our Retail and Commercial Credit teams and enabled the Global Risk Management function’s transformation, focused on uplifting talent and processes, evolving to keep in step with a changing regulatory environment, and enabling the Bank’s strategic goals.”
Anique Asher, who will now lead Real Estate Secured Lending, was credited for driving initiatives focused on client primacy and operational efficiency.
“Anique led the delivery of our enterprise-wide strategy and is a trusted advisor to me,” Thomson said.
“As we harness the power of Canadian Banking as our primary growth engine, I have asked Anique to lead the Real Estate Secured Lending business, which is key to driving client acquisition and primacy and delivering strong returns in support of the ambitious targets we have set for our Bank.”
Tracy Gomes, previously head of Real Estate Secured Lending, was appointed executive vice president & chief risk officer, Canadian Banking, Global Wealth Management and Credit Risk.
“As the head of our Real Estate Secured Lending business, Tracy has delivered on key initiatives to build out the Bank’s largest specialized sales force and drive solutions that support the Bank’s client primacy objectives, including our successful Mortgage+ program,” Thomson said.
Meigan Terry was named executive vice president & chief global corporate and public affairs officer, expanding her mandate to include global government affairs.
The appointments come as competition in the mortgage market grows and regulators increase oversight. Lenders are also focused on digital upgrades, AI, and improving efficiency.
Scotiabank is one of Canada’s largest banks and a multinational financial institution, headquartered in Toronto. The bank serves over 25 million customers worldwide, offering a broad range of services including personal and commercial banking, wealth management, corporate and investment banking, and capital markets.
Scotiabank, which reported $9.49 billion in revenue for the third quarter of 2025, is known for its strong domestic presence and its international operations, particularly in Latin America and the Caribbean.
The bank operates through four main business lines: Canadian Banking, International Banking, Global Wealth & Insurance, and Global Banking & Markets. Its services include mortgages, loans, credit cards, asset management, insurance, and investment solutions.
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