While U.S. banks and securities firms have shed more than 76,000 jobs since the subprime market collapsed a year ago, Canadian lenders have stepped in to scoop up bank assets and recruit professionals, according to a report by Bloomberg News.
Royal Bank of Canada’s U.S. investment banking business boosted its ranks by recruiting 100 senior bankers from struggling U.S. firms such as Citigroup, Bear Sterns and UBS. Another Canadian-owned institution with an investment banking arm in the U.S., Bank of Montreal’s Harris Bank, also snapped up 39 business bankers from Bank of America and LaSalle Bank, in Chicago.
The five largest Canadian banks with investment banking operations include:
– Royal Bank of Canada — RBC Capital Markets
– Toronto-Dominion Bank — TD Securities
– Bank of Nova Scotia — Scotia Capital Markets
– Canadian Imperial Bank of Commerce — CIBC World Markets
– Bank of Montreal (BMO Financial Group) — BMO Capital Markets