Canada’s banking chiefs offer outlook and priorities for the months ahead

TORONTO — Canadian bank executives are sharing their 2020 priorities today after a year that saw them grapple with layoffs, an increase in insolvencies and talk of an impending recession.

Leaders from each of the country’s major banks are discussing their outlook for the year at the 2020 Canadian Bank CEO Conference in Toronto.

CIBC President Victor Dodig is predicting the growth of direct banking in Canada and the U.S. this year because of demand from millennials wanting to bank without brick-and-mortar branches.

His Royal Bank of Canada counterpart Dave McKay is keeping an eye on Canada’s housing supply and the mortgage stress test because he says the country has to be careful of the ramifications if it relaxes the policy.

Finance minister Bill Morneau has been tasked by the prime minister with reviewing the test and considering changes that would make it “more dynamic.”

TD Canada Trust Chief Executive Officer Bharat Masrani says his bank will work on transitioning some financial service representatives into roles similar to financial planners.

Masrani says TD hopes to have about 400 or 500 of those workers selling products to U.S. customers over the next few years.

Scotiabank’s Brian Porter is meanwhile looking forward to a better economic picture for the Latin American countries where it operates, boosting the bank’s non-Canadian business.

The Bank of Montreal’s Darryl White says a slowdown in the U.S. economy and market demand means he is not anticipating double-digit increases in the U.S. commercial lending business.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

(File photo by Advocate staff)
Zero tax increase approved by Red Deer city council for 2021 and 2022

City council passed operating budgets for the next two years on Thursday

Red Deer city council approved a $39.6 million police budget for 2021, up for inflationary reasons from $37.9 million in 2020. (Black Press file photo).
Red Deer city council retains police funding, while also launching a crisis team

De-funding police is not a conversation in this municipality

Alberta reported an additional 1,854 cases of COVID-19 Thursday. (THE CANADIAN PRESS/AP-HO, National Institute of Allergy and Infectious Diseases - Rocky Mountain Laboratories)
Red Deer has 289 active cases of COVID-19

Province now has 17,743 active cases

The Cambridge Hotel and Conference Centre in Red Deer has new owners. (Photo by Sean McIntosh/Advocate staff)
Cambridge Hotel in Red Deer has new ownership group

‘They’re making an investment in this iconic hotel for the future,’ says general manager Gil Vallee

The new Gasoline Alley Farmers Market officially opened on Saturday. (Photo by Sean McIntosh/Advocate staff)
Gasoline Alley brewery a collaboration between brewers and farmers

Red Deer County’s newest brewery has been built from the ground up… Continue reading

Dan Cochrane, senior pastor at CrossRoads Church. Contributed photo
CrossRoads Church closes its doors for two weeks after staff member tests positive for COVID-19

CrossRoads Church made the decision to cancel in-house services for two weeks… Continue reading

Russell Knox takes 1st-round lead in Mayakoba Golf Classic

Russell Knox takes 1st-round lead in Mayakoba Golf Classic

Charley Hull takes LPGA Tour lead in chilly North Texas

Charley Hull takes LPGA Tour lead in chilly North Texas

Bayern's Alphonso Davies, right, challenges PSG's Thilo Kehrer, left, during the Champions League final soccer match between Paris Saint-Germain and Bayern Munich at the Luz stadium in Lisbon, Portugal, Sunday, Aug. 23, 2020. THE CANADIAN PRESS/Miguel A. Lopes/Pool via AP
Alphonso Davies’ remarkable year continues with Canadian Player of the Year award

Alphonso Davies’ remarkable year continues with Canadian Player of the Year award

Japan's national wheelchair basketball team warm up on the court during a grand opening ceremony of the Ariake Arena, a venue for wheelchair basketball during the 2020 Paralympic Games, in Tokyo, Feb. 2, 2020. Ottawa has been named host city for the 2026 world men's and women's wheelchair basketball championships. THE CANADIAN PRESS/AP-Jae C. Hong
Ottawa to host 2026 world wheelchair basketball championships

Ottawa to host 2026 world wheelchair basketball championships

Mikael Kingsbury, of Canada, trains during the FIS Freestyle World Cup skiing competition Thursday, Feb. 6, 2020, in Park City, Utah. Kingsbury will miss moguls races for the first time in his World Cup career after suffering a back injury in training on Sunday. THE CANADIAN PRESS/AP-Jeff Swinger
Canadian moguls king Mikael Kingsbury sidelined with back injury

Canadian moguls king Mikael Kingsbury sidelined with back injury

Curlers sweep a rock during in Brandon, Man., on March 5, 2019. Add two more competitions to the Calgary curling "bubble" that's slated to hold several events later this season. THE CANADIAN PRESS/Jonathan Hayward
Two Grand Slam events added to curling bubble at Canada Olympic Park in Calgary

Two Grand Slam events added to curling bubble at Canada Olympic Park in Calgary

Arlen Dumas, grand chief of the Manitoba Assembly of Chiefs, speaks during an Assembly of First Nations annual general meeting in Regina on Thursday, July 27, 2017. As a second wave of COVID-19 washes over the First Nations population with disproportionate and deadly impacts, leaders and health professionals are facing an extra challenge. THE CANADIAN PRESS/Mark Taylor
Gaining trust: History of Indigenous experiments poses challenge in COVID health

Gaining trust: History of Indigenous experiments poses challenge in COVID health

Chief of Defence Staff Gen. Jonathan Vance responds to a question during a news conference Friday, June 26, 2020 in Ottawa. Vance is ordering his troops to be ready to pick up COVID-19 vaccines in the U.S. and Europe on short notice, and prepare to help distribute the doses while responding to floods and other emergencies. THE CANADIAN PRESS/Adrian Wyld
Feds, provinces to stage distribution dry run as approval of first vaccine imminent

Feds, provinces to stage distribution dry run as approval of first vaccine imminent

Most Read