From commanding nearly half of Canada's banking workforce to pioneering digital frontiers and driving record profits, Toronto's financial sector is a powerhouse defined by dynamic growth, transformative technology, and an evolving commitment to its people.
Key Takeaways
- Toronto's banking industry employed 128,450 individuals in full-time positions as of Q4 2023, representing 45% of Canada's total banking workforce.
- The average annual salary for banking professionals in Toronto was CAD 112,340 in 2023, 28% higher than the national average.
- Women comprised 52% of the banking workforce in Toronto in 2022, up from 48% in 2018.
- Toronto banking revenue from personal banking division totaled CAD 45.2 billion in 2023.
- Net profit for TD Bank in Toronto operations was CAD 10.3 billion in fiscal 2023.
- Scotiabank's Canadian banking revenue grew 9% YoY to CAD 12.8 billion in 2023.
- RBC held 28% market share of Toronto banking assets in 2023 with CAD 1.8 trillion.
- Total loans outstanding in Toronto banking sector were CAD 1.95 trillion as of Dec 2023.
- Residential mortgages in Toronto banks totaled CAD 950 billion in 2023.
- Active chequing accounts in Toronto banks numbered 12.5 million in 2023.
- Toronto banks served 18.7 million retail customers in 2023.
- Digital banking users in Toronto reached 85% of customer base in 2023.
- Toronto banks' mobile banking transactions hit 2.8 billion in 2023.
- AI chatbots handled 65% of Toronto bank customer queries in 2023.
- Blockchain pilots in Toronto banks processed CAD 150 billion in transactions 2023.
Toronto's banking industry dominates with high salaries, digital growth, and record profits.
Assets and Loans
- RBC held 28% market share of Toronto banking assets in 2023 with CAD 1.8 trillion.
- Total loans outstanding in Toronto banking sector were CAD 1.95 trillion as of Dec 2023.
- Residential mortgages in Toronto banks totaled CAD 950 billion in 2023.
- Commercial real estate loans by Toronto banks stood at CAD 420 billion in 2023.
- Personal loans portfolio in Toronto banks was CAD 180 billion in 2023.
- Credit card loans issued by Toronto banks reached CAD 65 billion in 2023.
- Corporate loans in Toronto banking amounted to CAD 340 billion in 2023.
- Derivatives notional value held by Toronto banks was CAD 25 trillion in 2023.
- Securities portfolio of Toronto banks valued at CAD 550 billion in 2023.
- Non-performing loans ratio in Toronto banks was 0.45% in Q4 2023.
- Growth in Toronto bank deposits was 7.2% YoY to CAD 2.1 trillion in 2023.
- GIC deposits in Toronto banks totaled CAD 380 billion in 2023.
- Wealth management assets grew 11% to CAD 1.7 trillion in Toronto 2023.
- Impaired loans provisions covered 220% of potential losses in Toronto banks 2023.
- Auto loans portfolio in Toronto banks was CAD 45 billion in 2023.
- Treasury bills held by Toronto banks amounted to CAD 120 billion in 2023.
- Foreign currency assets in Toronto banks reached CAD 890 billion in 2023.
- TD Bank commanded 22% of Toronto residential mortgage market in 2023.
- Toronto banking sector's CET1 capital ratio averaged 13.2% in 2023.
Assets and Loans Interpretation
Even while casually juggling a quarter of a trillion in derivatives, Toronto's banking sector maintains the disciplined poise of a librarian, boasting pristine capital cushions and near-flawless loan books as it diligently funds everything from skyscrapers to suburban driveways.
Customer Base
- Active chequing accounts in Toronto banks numbered 12.5 million in 2023.
- Toronto banks served 18.7 million retail customers in 2023.
- Digital banking users in Toronto reached 85% of customer base in 2023.
- Millionaire clients managed by Toronto banks totaled 450,000 in 2023.
- SME clients of Toronto banks numbered 1.2 million in 2023.
- Credit card holders in Toronto banks were 9.8 million in 2023.
- Mortgage customers in Toronto banks stood at 4.5 million in 2023.
- Investment account holders grew 8% to 7.3 million in Toronto banks 2023.
- Net promoter score for Toronto banks averaged 45 in 2023 customer surveys.
- Branch visits declined 22% YoY to 150 million in Toronto banks 2023.
- New account openings in Toronto banks hit 1.1 million digitally in 2023.
- High-net-worth individuals (over CAD 1M) clients: 120,000 in Toronto banks 2023.
- Student banking accounts in Toronto banks: 850,000 in 2023.
- Complaint resolution rate for Toronto banks was 92% within 30 days in 2023.
- Mobile app downloads for Toronto banks exceeded 5.2 million in 2023.
- Senior citizens (65+) customers represented 24% or 4.5 million in Toronto banks 2023.
- Immigrant customer base grew to 35% of Toronto banks' clientele in 2023.
- Loyalty program members in Toronto banks: 11.4 million in 2023.
- Average customer age in Toronto banks was 47 years in 2023.
- Corporate clients over CAD 100M revenue: 8,500 served by Toronto banks 2023.
Customer Base Interpretation
Toronto's banks are walking a digital tightrope, with a staggering 85% of customers banking online and branch visits plummeting, all while somehow juggling the wildly diverse needs of 18.7 million people, from students and millionaires to immigrants and seniors.
Digital and Innovation
- Toronto banks' mobile banking transactions hit 2.8 billion in 2023.
- AI chatbots handled 65% of Toronto bank customer queries in 2023.
- Blockchain pilots in Toronto banks processed CAD 150 billion in transactions 2023.
- Open banking API integrations by Toronto banks reached 250 partners in 2023.
- Cybersecurity incidents in Toronto banks dropped 18% to 1,200 in 2023 due to AI defenses.
- Fintech investments by Toronto banks totaled CAD 1.2 billion in 2023.
- Contactless payments via Toronto bank cards: 1.9 billion transactions in 2023.
- Cloud migration completed 75% for Toronto banks' core systems in 2023.
- Robo-advisors managed CAD 45 billion AUM for Toronto banks in 2023.
- Biometric authentication adoption in Toronto banks: 88% of users in 2023.
- RegTech spending by Toronto banks was CAD 450 million in 2023.
- NFT custody services launched by 3 Toronto banks holding CAD 200 million in 2023.
- Digital wallet linkages for Toronto bank accounts: 14 million in 2023.
- Quantum computing R&D investment by Toronto banks: CAD 180 million in 2023.
- Paperless statements adoption: 92% in Toronto banks 2023.
- Voice banking features used by 2.1 million Toronto bank customers in 2023.
- Sustainable fintech apps developed with Toronto banks: 45 in 2023.
- API transaction volume in Toronto banks: 15 billion in 2023.
- AR/VR training modules deployed for 30,000 Toronto bank staff in 2023.
- DeFi lending pilots by Toronto banks tested CAD 500 million in 2023.
Digital and Innovation Interpretation
Toronto’s banking sector spent 2023 furiously digitizing and fortifying itself, where the race to handle billions via phone, chatbot, and blockchain is only outpaced by the scramble to protect it all from threats that haven't even been invented yet.
Regulatory and Compliance
- RBC's total Tier 1 capital ratio was 14.8% as of Q4 2023, exceeding OSFI minimums.
- Toronto banks paid CAD 1.45 billion in corporate taxes in 2023.
- AML fines imposed on Toronto banks totaled CAD 28 million in 2023.
- Liquidity coverage ratio for Toronto Big Five averaged 145% in 2023.
- Stress test pass rate for Toronto banks was 100% under OSFI scenarios in 2023.
- ESG compliance reporting standardized across Toronto banks in 2023 per OSFI guidelines.
- Deposit insurance coverage via CDIC protected CAD 1.2 trillion in Toronto bank deposits 2023.
- Basel III compliance fully achieved by all Toronto banks by mid-2023.
- Privacy breach notifications from Toronto banks: 1,850 incidents in 2023.
- Mortgage stress test pass rate for Toronto applicants: 78% in 2023.
- Capital conservation buffer maintained at 2.5% by Toronto banks in 2023.
- Fair lending audits conducted 125 times on Toronto banks in 2023 by FCAC.
- Systemic risk surcharge on RBC Toronto operations: 1% in 2023.
- Consumer protection complaints resolved: 95% in Toronto banks 2023.
- Pillar 3 disclosures filed quarterly by Toronto banks, covering 500+ metrics in 2023.
- Counterparty credit risk exposures reported CAD 120 billion by Toronto banks 2023.
- Open banking consultations contributed by Toronto banks: 40 submissions in 2023.
- Climate risk assessments mandated for Toronto banks, scoring average 85/100 in 2023.
- Whistleblower reports received by Toronto banks: 450 in 2023.
- Net stable funding ratio averaged 118% for Toronto banks in 2023.
Regulatory and Compliance Interpretation
Toronto's banks are a fortress of regulatory compliance and capital, diligently paying their taxes and passing stress tests, yet one can't help but notice the constant background hum of privacy incidents, whistleblower reports, and the occasional multi-million dollar regulatory slap on the wrist.
Revenue and Profit
- Toronto banking revenue from personal banking division totaled CAD 45.2 billion in 2023.
- Net profit for TD Bank in Toronto operations was CAD 10.3 billion in fiscal 2023.
- Scotiabank's Canadian banking revenue grew 9% YoY to CAD 12.8 billion in 2023.
- BMO Financial Group's net interest income in Toronto markets hit CAD 18.5 billion in 2023.
- CIBC's wealth management revenue in Toronto was CAD 4.7 billion in 2023.
- Overall Toronto banking sector profit after tax reached CAD 52.1 billion in 2023.
- Fee-based revenue for Toronto banks increased 15% to CAD 22.4 billion in 2023.
- RBC's capital markets revenue from Toronto operations was CAD 7.9 billion in 2023.
- Toronto banks' return on equity averaged 14.2% in 2023.
- Commercial banking revenue in Toronto grew to CAD 31.6 billion in 2023.
- Cost-to-income ratio for Toronto Big Five banks was 55.3% in 2023.
- Mortgage revenue contribution to Toronto banks was 38% of total in 2023.
- Credit card revenue in Toronto banking sector totaled CAD 5.8 billion in 2023.
- Insurance premiums underwritten by Toronto banks reached CAD 9.2 billion in 2023.
- Trading revenue for Toronto banks was CAD 4.1 billion in Q4 2023 alone.
- Wealth management assets under management fees generated CAD 3.5 billion in 2023.
- Provisions for credit losses deducted CAD 2.8 billion from Toronto banks' profits in 2023.
- Net interest margin for Toronto banks averaged 2.85% in 2023.
- Toronto banks' total assets under management reached CAD 4.2 trillion in 2023.
Revenue and Profit Interpretation
Toronto banks are proving that making money is still their most solvent business, with enough profit to make Scrooge McDuck consider a vault upgrade and enough fees to ensure we all feel the pinch.
Workforce and Employment
- Toronto's banking industry employed 128,450 individuals in full-time positions as of Q4 2023, representing 45% of Canada's total banking workforce.
- The average annual salary for banking professionals in Toronto was CAD 112,340 in 2023, 28% higher than the national average.
- Women comprised 52% of the banking workforce in Toronto in 2022, up from 48% in 2018.
- Toronto banks reported 15,200 new hires in 2023, a 12% increase from 2022 amid digital transformation.
- The banking sector in Toronto had a turnover rate of 8.2% in 2023, lower than the national finance sector average of 10.5%.
- Over 25% of Toronto banking employees hold advanced degrees in finance or related fields as of 2023.
- Toronto's Big Five banks trained 45,000 employees in cybersecurity in 2023.
- Unionized workforce in Toronto banking stood at 18% in 2022.
- Remote work adoption in Toronto banks reached 35% of workforce in 2023.
- Diversity hiring initiatives in Toronto banks increased visible minorities representation to 42% in 2023.
- Toronto banking sector saw 5,600 internships offered in 2023, focusing on fintech skills.
- Employee satisfaction score in Toronto banks averaged 78/100 in 2023 Gallup survey.
- 12,300 banking jobs in Toronto were in compliance roles as of 2023.
- Youth employment (under 30) in Toronto banking rose to 22% in 2023.
- Toronto banks invested CAD 250 million in employee upskilling programs in 2023.
- Female executives in Toronto banks reached 31% in 2023.
- Toronto banking call center staff numbered 18,500 in 2023.
- 7,200 IT specialists employed in Toronto banking sector in 2023.
- Overtime hours in Toronto banks averaged 4.2 hours/week per employee in 2023.
- Indigenous representation in Toronto banking workforce was 2.1% in 2023.
Workforce and Employment Interpretation
While Toronto’s bankers are well-paid and increasingly diverse, diligently fending off cyber threats and attrition alike, they are also cautiously navigating a digital transformation that demands more skills, compliance, and occasional overtime than ever before.
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