Even with things falling apart next door (in Europe and the U.S), Canadian bank managers are all smiles. In the last three months ending on July 31, the nationeight’s 8 publicly traded lenders increased their full-time labor force by 2.5 percent with the biggest contribution coming from the Royal Bank of RBC Dexia Investor Services in Toronto.
This increase in the workforce population of the Canadian banks has been rated as the world’s finest for five years, one after the other by the World Economic Forum. The gain is a stark contrast with the loss of more than 62,000 jobs in the rivaling U.S. market since the beginning of the infamous economic crunch.
Canadian financial institutions have lived to expand their acquisitions by more than 100 new deals in the turmoil of the financial crisis. Commenting on this impressive performance, Bruce Campbell of StoneCastle Investment Inc. said, “They’ve been very disciplined from a cost standpoint, so if they’re hiring, obviously they have some confidence in their business.”
Breaking down the expansion spree into individual institutions, we find that by August 30th, Royal Bank added some 6,000 employees courtesy of the RBC Dexia deal, the Royal Bank and Toronto-Dominion Bank are not laying off workers despite their goal to reduce management costs, Toronto-Dominion added 778 jobs in the third quarter, Scotiabank is adding an important 349 jobs including 140 international banking employees to the number, National Bank of Canada is contributing 242 to the number and Canadian Imperial Bank of Commerce is adding 113 people to the count.
In addition to the existing improvement statistics, bank managers have more surprises up their sleeves. For instance, Canadian Imperial Bank of Commerce intends to open up a total of 140 new branches by the end of the week while the Bank of Nova Scotia plans to hire around 1,100 new employees after the sealing of its takeover of the Canadian unit of IN GroepNV.
Seconding the vivid inference from this impressive turnover statistics, Bill Vlaad, president of Toronto’s recruitment firm Vlaad&Co. said, “The banks’ businesses are expanding, nationally and internationally, and they’re going to need to bring on more bodies.” He however comments that if history has anything to say about this, the banks will end up trimming some of their taskforce “here and there in the fourth quarter, prepping for the end of the year.”
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Edited by Rachel Ramsey