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29 domestic banks, 24 foreign bank subsidiaries, 27 full-service foreign financial institutions branches, and three foreign bank lending branches make up Canada’s banking industry. The predicted drop in government support for the country’s major domestic banks, according to Moody’s, hurts the outlook for Canada’s banking sector.

The best Canadian banks

This ranking of Canada’s major financial institutions is a useful starting point for anyone thinking about a career in banking in that country:

Montreal-based bank

One of Canada’s top five banks, it was established in 1817. Currently, it serves about 12 million customers and has a workforce of approximately 45,000 employees. It offers goods and services in retail banking, wealth management, and investment banking.

Commerce imperial bank of Canada (CIBC)

Toronto is home to CIBC, which was established in 1867. Retail and Business Banking, Wealth Management, and Capital Markets are the three major business units through which it conducts its operations. According to Bloomberg Markets magazine, CIBC is the third-strongest financial institution in the world. It can be found in America, the Caribbean, Asia, and Europe. At the moment, it has 43,890 employees.

Royal Bank of Canada (RBC)

It was established in 1864 and has its headquarters in Toronto. RBC offers services through the following five divisions: Investor and Treasury Services, Capital Markets, Personal and Commercial Banking, and Wealth Management. It currently serves 16 million customers and has a workforce of about 84,000.

Bank of Toronto-Dominion (TD)

In Canada, the US, and several other nations, Toronto-Dominion Bank offers both personal and business banking goods and services. With 1,150 branches, it employs about 90,000 people and serves 11 million customers.

Canadian National Bank

It was established in 1859 and offers solutions and services for payments, insurance, and personal and business banking. The facility, which has its headquarters in Montreal, today employs about 26,000 people and provides services to 2.4 million clients through 450 locations.

Desjardins Group

The largest cooperative group of financial institutions in Canada, Desjardins Group, was founded in 1900. Desjardins operates in 30 countries and serves more than 7 million members and clients. Wealth Management and Life and Health Insurance, Property and Casualty Insurance, Personal Services, and Business Services make up its four business segments.

Canadian HSBC Bank

A division of HSBC Holding PLC, it is headquartered in Vancouver. Commercial banking, global banking and markets, retail banking, and wealth management are its three business sectors. It was incorporated in 1981. It is the ninth-largest financial institution in Canada and employs about 6,000 people.

Canadian Laurentian Bank

The financial institution was founded in 1846. Small and medium-sized businesses, individuals, and independent advisers are all served by financial institutions. Fixed-rate investments, indexed investments, mutual funds, systematic savings plans, retirement projection plans, registered plans, and guaranteed investment certificates are among the financial products it provides. With locations in British Columbia, Alberta, Nova Scotia, Newfoundland, Ontario, and Quebec, it has over 145 branches.

Western Canadian Bank

Canadian Western Bank, which was established in 1988, is the only Schedule 1 bank in Canada that focuses on mid-market commercial banking. With its main office in Edmonton, the bank serves western Canada and offers services such as credit cards, mortgages, loans, personal accounts, investment products, business accounts, and small business lending.

In terms of total assets acquired, CIBC Canadian Imperial Bank of Commerce is ranked sixth. It was founded on June 1st, 1961. According to the most recent data, this financial institution has accumulated C$560.912 billion in total assets. It brought in C$ 16.2 billion in sales in 2020. It generated a net profit of C$3.79 billion after covering all costs in the same year. The headquarters of CIBC is located in Toronto, Ontario’s Commerce Court. Here, 43,213 people are employed.