Scotiabank’s Peter Godsoe, whose career spanned from bank teller to former CEO, dies at 85

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Peter Godsoe, who rose from teller at Bank of Nova Scotia to chief executive officer at one of the country’s largest banks, died on Wednesday. He was 85.

Mr. Godsoe led Scotiabank’s expansion into Mexico during a 40-year career and was an early champion of gender equality. The Toronto-born executive was known for his strong command of numbers and of the mechanics of banking and credit, “which he understood better than anybody,” said Gerry Schwartz, founder and chair of Onex Corp. and a close friend.

“Peter, though, was a wonderful banker because he really loved to bank people, rather than just numbers,” Mr. Schwartz said.

“Peter cared deeply about the bank’s role in society, in Canada, in Jamaica, in all the countries where the bank operates, long before it became popular to do so,” said Brian Porter, who worked with Mr. Godsoe over four decades and was also CEO of Scotiabank for 10 years.

“He was an enormously effective leader, with incredible bandwidth, and he devoted his career to making the whole bank run better,” Mr. Porter said.

Mr. Godsoe attended University of Toronto Schools – a high school with high academic standards – graduating in 1956 alongside lifelong friend Arthur Scace, who went on to become chair of national law firm McCarthy Tétrault LLP. Mr. Godsoe then earned an undergraduate degree in math and physics from University of Toronto – his mother Margaret was a math teacher.

Mr. Scace, who died in 2020, enjoyed telling stories of knocking on his friend’s door to wake him up for important tests, after Mr. Godsoe spent nights playing cards or shooting pool, rather than studying. Mr. Scace then watched his friend ace the exams.

In 1961, Mr. Godsoe joined accounting firm Price Waterhouse, working on an audit team for three years before he enrolled in the MBA program at Harvard University. He joined Scotiabank after graduating in 1966, and despite his lofty degree, his first job was as a teller. He moved quickly up the ranks as a corporate lender, working in Montreal, Toronto, Ottawa and New York, then served as CEO from 1993 to 2003.

Mr. Godsoe’s sharp mind and financial acumen were on display each morning when he hosted an 8:30 a.m. meeting with half a dozen executives to go over the bank’s largest credit decisions, and talk about other issues.

“Peter’s memory was so spectacular, he would remember numbers from page 64. He would remember the numbers from last year’s credit for the same borrower compared to the numbers in this year’s credit application,” said David Wilson, a former vice-chair at Scotiabank who went on to chair the Ontario Securities Commission. “He had an amazing brain, a really incredible brain.”

In 1993, one of Mr. Godsoe’s first major decisions as CEO was accepting the government of Mexico’s invitation to acquire an interest in Inverlat, the country’s seventh-largest bank. Over seven years, Scotiabank’s initial 8.5-per-cent stake grew into a controlling share. Scotiabank’s operations in Mexico are now a central part of the bank’s growth strategy.

“Peter was prescient in his vision for our unique North American connectivity. He saw the immense opportunity in – and potential of – Mexico, and led the expansion of our presence there,” said Scott Thomson, president and CEO of Scotiabank. “He was also ahead of his time in his strong support for diversity and inclusion, and as a champion for women in leadership.”

In his first year as CEO, Mr. Godsoe set up a task force to find out why so few women held upper-management positions and how to improve the situation. As CEO, he also changed the bank’s definition of spouse to permit benefit coverage for same-sex partners.

Mr. Godsoe was a fierce competitor – in business, when playing the card game Hearts or lining up a tough putt at his Saturday-morning golf game, “but especially in a debate,” said Rick Waugh, who succeeded Mr. Godsoe as Scotiabank CEO in 2003.

Not every bet Mr. Godsoe made panned out. The bank’s move into Argentina came undone as the country struggled with financial and political crises. And Scotiabank was the odd bank out when its largest rivals tried – and ultimately failed – to merge in the late 1990s.

“He never let up on that objective, to make Scotiabank bigger and better,” Mr. Waugh said.

Mr. Godsoe leaves his wife of 60 years, Shelagh, three children and five grandchildren.