Vertical motors having a thrust bearing and an oil deflector positioned in an oil sump in which the thrust bearing is located are disclosed. Oil flowing through the thrust bearing may be spread across the oil deflector and directed down along an inside surface of a wall of the oil sump to allow the oil to cool. The oil deflector may be polished sheet metal. In some embodiments, a plurality of fins may be arranged around an outside surface of the wall to provide additional heat exchange. A fan may additionally be provided to direct air flow between the plurality of fins to further facilitate the heat exchange. Methods of cooling a thrust bearing in a vertical motor are also provided, as are other aspects.