Like many other countries in the world, Canada is home to a strong and growing financial sector. Financial services encompass job positions such as bankers, brokers, traders, and entrepreneurs; they all work to invest Canadians’ money into profitable ventures worldwide. Canada’s financial sector is very competitive and full of both large companies and upstarts with big dreams and compelling stories. This article will highlight the top five major players in Canada’s Financial Sector; their backgrounds, successes, and unique selling points likely attract investors to them.
1. Toronto Dominion Bank
Founded in 1855 as The Bank of Toronto, where it operated only one branch. Today, the TD bank is the second largest bank in Canada and operates over 1,150 branches worldwide, including Jamaica and Cayman Islands.
The TD Bank opened its first US branch in New York City in 2003, demonstrating that they were determined to become a global banking power. In 2009, TD Bank was the 8th largest company in Canada, with assets valued at $291 billion dollars and earning revenue of over $3 billion dollars. In 2020, the firm reported total revenue of $43.65 billion and 1.67 trillion Canadian dollars in assets.
TD Bank has been rewarded for its consistent strong performance by being ranked as one of Forbes’s top 50 safest banks in the world for four years running, from 2011-2014. The bank has been recognized as a leader in the industry for its innovative investments, including TD Ameritrade, one of North America’s top five online discount brokerages.
2. RBC Bank
The largest bank in Canada, Royal Bank of Canada, has held this title since 2011. Not only is the Royal Bank of Canada (RBC) one of the most profitable financial institutions worldwide, but it also contributes greatly to the Canadian economy. The Royal Bank of Canada is a leader in corporate and investment banking, wealth management, and insurance. Its subsidiaries are located in the US, Caribbean countries, and Canada itself.
3. Manulife Financial Corporation
The Manulife Financial Corp was founded in 1887 and is the leading insurance company in Asia. The company’s largest subsidiary is John Hancock Financial, headquartered in Boston, MA. Manulife has a strong presence within Canada and internationally, with offices across the globe including the US and Asia. In Canada, Profit Magazine has recognized Manulife as one of Canada’s largest and fastest-growing companies. In the US, John Hancock is the largest provider of individual life insurance and the second largest provider of annuities.
4. Brookfield Asset Management
Brookfield Asset Management is a Canadian company that owns dozens of subsidiaries that focus on property, renewable energy, utilities, and infrastructure. Their subsidiaries have been recognized as the best Canadian-based global managers. Their large real estate division is their most profitable division and provides more than half of their profits.
Dil Bole Oberoi
