Overview of Banks in Canada
Banks in Canada include 29 domestic banks, 24 foreign bank subsidiaries, 27 full-service foreign bank branches, and three foreign bank lending branches. According to Moody’s, the outlook for Canada’s banking system is negative due to the expected reduction in government support for major domestic banks.
The Canadian banking system is a conservative system that consists of five main categories. They are:
- Chartered banks
- Trust and loan companies
- Cooperative credit movement
- Life insurance companies
- Securities dealers
For anyone considering a career in banking in Canada, this list of top banks in Canada is a helpful guide on where to start. To learn more, see our lists of financial institutions.
The Top Banks in Canada are:
Bank of Montreal
Founded in 1817, Bank of Montreal is one of the five largest banks in Canada. The bank currently employs over 45,000 staff and serves around 12 million customers. It provides retail banking, wealth management, and investment banking products and services.
Revenue: CAD 22.2 billion (2020)
Net income: CAD 5.10 billion (2020)
Total assets: CAD 973.2 billion (3/2021)
Bank of Nova Scotia (Scotiabank)
Established in 1832, Scotiabank is headquartered in Halifax in the province of Nova Scotia. The bank is into personal and commercial banking, wealth management, and corporate and investment banking. It currently employs around 90,000 individuals and serves 23 million customers in 55 countries.
Revenue: CAD 25.3 billion (2020)
Net income: CAD 6.78 billion (2020)
Total assets: CAD 1.16 trillion (3/2021)
Canadian Imperial Bank of Commerce (CIBC)
Founded in 1867, CIBC is headquartered in Toronto. The bank operates through three strategic business units: Retail and Business Banking, Wealth Management, and Capital Markets.
CIBC is the third strongest bank in the world, according to Bloomberg Markets magazine. It is present in the United States, the Caribbean, Asia, and Europe. The bank currently employs 43,890 staff.
Revenue: CAD 16.2 billion (2020)
Net income: CAD 3.79 billion (2020)
Total assets: CAD 782.9 billion (3/2021)
Royal Bank of Canada (RBC)
Headquartered in Toronto, Royal Bank of Canada was founded in 1864. RBC provides services through five segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, and Capital Markets. The bank currently employs around 84,000 staff and serves 16 million customers.
Revenue: CAD 42.8 billion (2020)
Net income: CAD 11.4 billion (2020)
Total assets: CAD 1.67 trillion (3/2021)
Toronto-Dominion Bank (TD)
Established in 1955, Toronto-Dominion Bank provides personal and commercial banking products and services in Canada, the United States, and several other countries. The bank employs around 90,000 individuals and serves 11 million customers through its 1,150 branches.
Revenue: CAD 36.4 billion (2020)
Net income: CAD 11.9 billion (2020)
Total assets: CAD 1.74 trillion (3/2021)
National Bank of Canada
Founded in 1859, the National Bank of Canada provides personal banking, commercial banking, insurance, and payment solutions and services. Headquartered in Montreal, the bank currently employs around 26,000 staff and serves 2.4 million customers through its 450 branches.
Revenue: CAD 7.08 billion (2020)
Net income: CAD 2.04 billion (2020)
Total assets: CAD 343.6 billion (3/2021)
Established in 1900, Desjardins Group is the largest of the cooperative group banks in Canada. Desjardins serves more than seven million members and clients and is active in 30 countries. It operates through four business segments: Wealth Management and Life and Health Insurance, Property and Casualty Insurance, Personal Services, and Business Services.
With over 50,000 employees, the group is present in Quebec and Ontario.
Revenue: CAD 11.4 billion (2020)
Net income: CAD 2.09 billion (2020)
Total assets: CAD 377.0 billion (3/2021)
HSBC Bank of Canada
Headquartered in Vancouver, HSBC Bank of Canada is a subsidiary of HSBC Holding PLC. Incorporated in 1981, it operates through three business segments: Commercial Banking, Global Banking and Markets, and Retail Banking and Wealth Management. It employs around 6,000 staff and is the ninth largest of the banks in Canada.
Revenue: CAD 1.70 billion (2020)
Net income: CAD 308 million (2020)
Total assets: CAD 115.0 billion (3/2021)
Laurentian Bank of Canada
Established in 1846, Laurentian Bank of Canada is headquartered in Montreal. The bank serves individuals, small and medium-sized enterprises, and independent advisors. It offers investment products, including fixed-rate investments, indexed investments, mutual funds, systematic savings plans, retirement projection plans, registered plans, and guaranteed investment certificates.
It operates over 145 branches, with offices in British Columbia, Alberta, Nova Scotia, Newfoundland, Ontario, and Quebec.
Revenue: CAD 854.7 million (2020)
Net income: CAD 114.0 million (2020)
Total assets: CAD 45.2 billion (3/2021)
Canadian Western Bank
Founded in 1988, Canadian Western Bank represents the only Schedule 1 bank in Canada specializing in mid-market commercial banking. Headquartered in Edmonton, the bank operates in western Canada and provides mortgages, loans, personal accounts, investment products, business accounts, small business lending, insurance, and credit card services.
The bank employs around 2,000 staff and operates 42 branches.
Revenue: CAD 805.2 million (2020)
Net income: CAD 270.6 million (2020)
Total assets: CAD 35.3 billion (3/2021)
Careers in Investment Banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map:
For banking careers, you will have a significant edge over the competition with our financial modeling courses.
This has been CFI’s guide to the top banks in Canada. For anyone looking for a career in banking, this list is a great place to start your networking. In addition to networking, a credential such as CFI’s Financial Modeling and Valuation Analyst (FMVA)® program can set you apart from the competition. Please also see these additional resources: