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What are some top-rated Canadian banks?

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Quick Answer

Top-rated Canadian banks include the Canadian Imperial Bank of Commerce, the Royal Bank of Canada, and the Toronto-Dominion Bank. These banks form part of the Big Five, a term given to the five big banks that dominate Canada's banking industry. Bloomberg Markets in 2013 reported that CIBC, RBC and TD are among the top 10 strongest banks in the world, with assets surpassing $100 billion. All Big Five Canadian banks have their headquarters in Toronto, Canada's largest city.

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Full Answer

As of 2015, the Canadian Imperial Bank of Commerce has assets of about C$351 billion with revenues of C$15 billion. CIBC has two important business units that also operate in the United States, Asia, the United Kingdom and the Caribbean: CIBC World Markets and CIBC Retail Markets. It also operates the online bank President's Choice in partnership with grocery retail giant Loblaws. A full service bank, CIBC has more than 40,000 employees and serves more than 11 million customers worldwide.

The Royal Bank of Canada has assets of about C$857 billion with revenues of close to C$39 billion, and also operates in the United States and 37 other countries. RBC has more than 81,000 employees serving more than 16 million customers.

The Toronto-Dominion Bank holds assets of about C$851 billion with revenues of nearly C$33 billion. It is also one of the 10 biggest banks in the United States. It employs 85,000 staff worldwide, serving about 24 million customers in its Canadian retail, U.S. retail and wholesale banking operations.

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