Scotiabank is Bay Street’s odd man out as Scott Thomson, an experienced businessman but not an experienced banker, takes the helm. Read on.
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Scotiabank does have a reputation for independent thinking. The last time it was so obviously Bay Street’s outlier was the summer of 1998 when then-CEO Peter Godsoe argued against the proposed mega-mergers of RBC with BMO and TD with CIBC. He won a prized seat at Liberal rubber-chicken dinners as a result, as prime minister Jean Chrétien delighted in having drubbed the bankers and nixed their merger dreams.When Scotia goes rogue it is almost never by happenstance, it’s purposeful.
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