Scotiabank Executive Shakeup: Chief Risk Officer Phil Thomas Takes on New Strategic Role Amid Workforce Cuts

Scotiabank Executive Shakeup: Chief Risk Officer Phil Thomas Takes on New Strategic Role Amid Workforce Cuts

Scotiabank Announces Executive Shuffle, Moves Chief Risk Officer Phil Thomas to New Role

By Naimul Karim, Financial Post | November 18, 2025

Scotiabank reshuffles its senior team. It names Phil Thomas as Chief Strategy and Operating Officer. Thomas was the Chief Risk Officer. He starts his new role in December. The bank makes this change to build strong leaders during its shift in structure.

Leadership Transition

Phil Thomas led risk management when challenges arose. He steered the bank during COVID-19 and trade issues. Now, he takes on strategy and operations. CEO Scott Thomson praises him for lifting risk management when change was rapid. His work built trust in the bank’s risk stance.

Shannon McGinnis takes over as Chief Risk Officer. She served as Deputy Chief Risk Officer. Before joining Scotiabank in 2024, she gained 30 years of risk experience at another bank.

Anique Asher shifts roles next. She was Chief Strategy and Operating Officer for 18 months. Now, she becomes Executive Vice-President of Real Estate Secured Lending. The bank names Tracy Gomes as Chief Risk Officer for Canadian Banking, Global Wealth Management, and Credit Risk. It also appoints Meigan Terry as Chief Global Corporate and Public Affairs Officer.

Context: Transformation and Workforce Changes

The bank made cuts in its Canadian operations recently. Aris Bogdaneris, Head of Canadian Business, sent a memo about the hard choices ahead. He noted that the bank must cut tasks that waste time and add little value. He said goodbye to valued colleagues with respect.

Looking Forward

Scott Thomson says these changes build talent and strengthen leadership. He adds that they help drive steady, healthy growth. The refresh of roles prepares the bank to face global trade shifts and other risks. Phil Thomas now also eyes threats like U.S. tariffs on Canadian goods.

About Scotiabank

The Bank of Nova Scotia, known as Scotiabank, stands as one of Canada’s largest banks. It offers services in personal and commercial banking, wealth management, and corporate and investment banking.

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