As of 2019, there are 88 financial institutions based in Canada. These companies represent about 5,800 physical branch locations in the region. The five largest banks are in what is known in Canada as the Big Five.
The Big Five Financial Institutions in Canada
– Royal Bank
– Bank of Montreal
– The Canadian Imperial Bank
– ScotiaBank (Nova Scotia)
– TD Canada Trust
This article was compiled to provide the reader with a brief overview of the breadth of these leaders in the Canadian financial sector. It will start with the largest bank in the group and follow with the next by rank.
Royal Bank
In terms of the number of employees, Royal Bank has 83,842 employees as of 2020. The bank’s total assets are reported as CA$1.62 trillion as of the same time period. Its headquarters are in Montreal, Quebec, Canada. The founding of the organization happened in Canada’s Nova Scotia. The year was 1864. Royal currently has more than 16 million clients. It is a multinational bank and has offices and branches around the world.
The Bank of Montreal
This institution is the Dominion’s oldest banking institution. It was founded in 1817 under a different name and took its current name in 1922. It has 42,861 up to the first quarter of 2021. The Montreal organization holds total assets in the amount of CAD$973.211 billion. It reports a revenue of CAD$25.2 billion as of fiscal year-end 2020. This bank maintains its headquarters in the city of Montreal.
Canadian Imperial Bank of Commerce
This Canadian-based⁶ bank employs 43,853 people. The total assets of this firm are CA$769.6 billion as of 2020. In the prior year, it was CA$651.6 billion. The corporate office is in Toronto, Ontario. Canadian Imperial Bank of Commerce was established in 1961 making it the second youngest Bank on this list.
The Bank of Nova Scotia
Based in Toronto, Ontario, the bank is more commonly known as Scotiabank. The number of individuals on its payroll is 92,001 according to information released in 2020. The Bank of Nova Scotia was founded in 1832 in Nova Scotia. C$1,136 billion is the number reported for its 2020 total revenue.
TD Canada Trust
TD Bank is a multi-national organization. It was founded in 2000. North Americans in the U.S. know this bank well. The headquarters are in Toronto.
