The news that Perrin Gayle, Scotia Group Jamaica’s executive vice-president of retail and small business banking, will be stepping down effective January 24 comes as some surprise.

This young man was on the up escalator of success and was a possible candidate to hold the position of CEO of Scotia Group Jamaica someday.

A month ago, Scotia Group Jamaica held a press briefing where it reported revenues of J$63.3 billion for the financial year which generated a net profit of J$20.2 billion. Scotia now has 750,000 depositors in Jamaica and deposits increased by J$31.2 billion to J$476 billion.

As executive VP, Gayle played an instrumental role in this performance. He has presided over the digitalisation of Scotia Jamaica and it has the best banking app in the country.

Mortgages are up by 26 per cent and its loan book for the financial year 2024 stands at $44 Billion, a 16.3 per cent increase.

Perrin Gayle did very well in his role as head of Retail so why walk away now?

Hailing from Southfield, St Elizabeth, he attended Munro College before going on to obtain a Bachelor’s in Economics from UWI. He then pursued his MBA at Arizona State University specialising in Financial Management and Markets.

He began his career in the financial sector at Victoria Mutual Wealth Management as a client relationship officer.

In 2012 he joined Scotiabank Jamaica and over the next twelve years carved out a stellar career across different arms of the business. His bosses may have noted his talents early while he worked in Canada in international and commercial banking. He served time there doing global risk management looking at loan viability for entities in the Caribbean.

He distinguished himself in lending services, corporate and commercial banking both in Jamaica and Trinidad, spending five years in the twin-island republic, 

His was a story of upward progression at the biggest banking entity in the Caribbean.

In 2021 he was promoted to senior VP and head of retail banking in Jamaica, during the height of the COVID-19 pandemic with all the challenges that brought. He rose to the occasion and acquitted himself well. The pivot to digital offerings would be vital at this time.

He also would have a new CEO in Audrey Tugwell-Henry who would drive Scotia’s fortunes and preside over a gifted team of banking executives.

The following year, 2022, Gayle was further promoted and was tapped as head of retail banking and small business for Scotiabank Caribbean North & Central (The Bahamas, Cayman, Jamaica and Turks & Caicos).

Gayle was now responsible for all personal banking services including deposits and retail lending, mortgages and credit card portfolios.

He had established himself as one of the best young bankers in the region and the sky was the limit. He looked barely out of his thirties yet possessed an impressive CV. 

Scotia Group Jamaica’s senior management team is dominated by a cadre of impressive women headed by Tugwell-Henry. Among the men of note are Perrin Gayle as head of retail; Morris Nelson, senior VP of corporate and commercial banking; Adrian Reynolds, vice president of treasury; and Gary-Vaughn White who has done a fantastic job with the new entity Scotia General Insurance. 

Would Gayle be the next male after David Noel to head Scotia Group Jamaica after Tugwell-Henry decides to call it quits? There’s a good chance he would be in the running—provided he could continue to perform at Scotia.

Last November, he joined Sabrina Cooper and Debra Lopez-Spence in being appointed to a larger regional role in acknowledgement of the work they did bolstering Scotia Group Jamaica. He was appointed as acting head of retail for the Caribbean and Central America.

Things kept getting better and better. Both his CEO and senior management colleagues held him in high regard.

Then he goes and quits. Why? 

Is it likely he will take up a more senior executive role at another banking entity? What could be his options?

It is unlikely that he will replace Bruce Bowen as CEO at NCB, given the Canadian’s considerable experience, particularly in the region.

Nigel Holness continues to do a good job at CIBC and is au fait with how that Canadian banking entity works. CIBC has upped its game and is making its presence felt.

One can’t envision him at one of the investment boutiques like Sygnus or Sterling although they may provide more creative latitude for a man who has done well at the region’s most successful banking entity.

The word is Jamaica National could do with some invigoration and he might be the one to succeed Earl Jarrett. It must be said that there is still plenty of juice in the tank as far as Jarrett is concerned.

In 2022, a year in which Gayle got a big promotion, Dr Adrian Stokes surprisingly resigned as head of wealth and insurance after 12 years at Scotia Group Jamaica. He went on to form an investment house with Jaqueline Sharp and others.

Will Perrin Gayle leave Scotia to do the same and set up his own shop? Will he put a shingle over a start-up enterprise? You need a strong stomach and intestinal fortitude to go out on your own, particularly in Jamaica. You also need a thick skin. The comforts and reputation of Scotia can no longer be counted upon.

Rather than doors opening, a few will be shut in your face—nothing personal. 

The life of a corporate executive is very different from that of an entrepreneur.

Could it be the case that Perrin Gayle will be taking up a position in head office in Canada?

Scotiabank’s global president and CEO Scott Thompson speaking in Montego Bay last year said: “We recently shared our new enterprise strategy and our intention to grow and scale in our priority markets, including the Caribbean, Canada, the US and Mexico. We have an extremely strong team here and we are recognised as a market leader.”

Could the Scotia big bosses recognise his abilities and have plans in mind for him? They have promoted a number of Jamaicans to prominent positions. Anya Schnoor readily springs to mind. After doing a good job in Jamaica and in Trinidad she landed a big job in Canada. Last November, she was again promoted. Schnoor who chairs Scotia Group Jamaica has been appointed to the new role of executive vice president of Global Insurance.

Audrey Tugwell Henry’s predecessor David Noel, left Jamaica for frigid shores, heading up Scotia’s Atlantic Region.

In 2022, Michelle Wright’s competence was recognised and she was promoted to CFO and CAO for Caribbean North & Central.

It must again be said that Perrin Gayle’s resignation was sudden and will lead to speculation. There was no indication that it was coming last month.

Did he have what it takes to join the pantheon of great Jamaican bankers like Peter Moses, Bill Clarke and Patrick Hylton?

We await further news.