Canada's banking biz soars, America's flounders: report

BAAAAHAHAHAHAHA!!!!

"Go long on fraud and sell short the nation's savers"

"Growth in White Collar Crime and Banking Fraud sectors is booming - get in now while you can"

So Canada must be booming too, right??

BAAAAHAHAHAHA!!! This site is hilarious. Great comedic relief. Thanks Jason... Yuk Yuk's it hiring I think.

What did you expect: the house always wins right? As Canadian's we need to stop comparing our self to the states, after all we aren't far from being taken over, now that we have oil.

Sure the banks are doing great. TD right now will give less than 0.25% on a savings account while quietly doubling interest rates on personal lines of credit. Variable rate was prime plus 1.5%. Now increased by further 1.75% (3.25% total) over prime. Nicely done boys. Better than a 100% increase in the banks share of the interest on the loan. Guess they had to do something to keep the profits rolling in now that people are starting to pay off their debts.

All our Canadian banks needed was risk free mortgages insured by CMHC, banking deregulation and rock bottom interest rates to do it. Now about these bubbles that have formed... y'know, the real estate bubble and credit bubble we have on our hands... how profitable will our banks be once interest rates rise?

Like Warren buffet once said, "leverage is a great thing when assets rise in value. When assets fall... not so much."

It is true Banks in Canada are stable and it is great for the country. There is one problem that is when you go to the bank to deposite one has to ask what does it cost me to deposite my money in your bank? May be safer to put your money in a safe deposite box and leave it there. Won't have to pay continuous fees to banks and no worry about losing to white collar crime and greedy money managers.There is only one yearly fee for a safe deposite box not a continuous chipping away with bank fees, fees, fees, fees ,fees, fees, etc. I am sick of of it as are many Canadians. Banks Canadians are getting wise to you crap.

When goverments need money they rise tax's,or do they now call them user fees? When banks need money they rise service fees,what do you do when you need money?

yes the banks are raking in...
only because they pay no interest on your money...

the banking fees makes their profits...
they use the clients money for nothing
any investors you have they take out their 3percent or more on your money even though when it
is not making when you have a loss you never see them cut back on their fees..
everytime they sell anything they rake in a fee
they push all these credit cards to clients only because if the client does not pay on time they take in their interest
same with the mortgages
banks are to blame for putting people into debt to much handing out money when people cannot afford to make sometimes the payments monthly

My bank does not charge me any fees on any regular usage , i earn a bonus on my cc everytime i use it , where are you when it is time to discuss this with your manager ?

You should ask an employee at a bank how much they earn!! The BIG CEO's make how much---just poorrrrr as the little people do all the work!! As normal the big guys take the credit for what the little people do!!

You must work at the same bank you do your banking at. My bank manager is always hiding in my pocket waiting to squeeze a couple more bucks from me. And I think he usually works nights like the rest of the criminals.Or maybe he's off rubbing elbows on my tax dollar with the government leaders laughing his butt off like they are.

my manager gets to win trips and be praised by superiors while i do all the work and put in 12 hour days and in return not even get acknowledged for my efforts by her .. go figure.

I just hope it doesnt get out of control like the U.S. It seem the people in power dont care about later just now. If we dont play the cards right we can crash too. It would be sad if canada hasnt learnt from the mistakes of the US. Hopefully our government is smarter..

stop the whining, banks are in business to make a profit, baahhhhbahhhhhbahhhh, Canadians have become the biggest whiners in the world

Canadian banks are suckers - they suck the people and they suck their employees. Lower level employees work their asses off and pay wise you make less than labour jobs in a factory. They take three peoples work from one employee and to get a job as a teller is like getting more than a management job in US. A person with a masters degree is a teller and a stupid blonde, a high school drop out work side by side. They bloody don't want employees with good qualifications to move ahead instead they want them to remain at a lower level like donkeys. Immigrants with good degrees and experience are made to work like donkeys and remain in that position for most of their productive lives. You will find well qualified immigrants with an MBA, CA and other graduate studies working at $12 an hour. They bind you under 2 years contract and don't let you move ahead and develop yourself, unlike in the US. They bloody bug you everyday for sales and have tons of stupid meetings and keep you full of stress. The managers only care about themselves and give a shit about other employees. Bank jobs pay you the least and will make you a donkey in Canada. So guys you know now how the Canadian banks are the best in the world. Get the best qualified, smart slaves ( immigrants and non white minorities) for less and there are plenty available.

I'm sick of hearing about how great our banking system is. The only reason why they are profitable and stable is because they are able to do so off of the backs of the Canadian Tax Payers, Depositors, and Employees. At least the Americans had the option of letting their banks take the hit for their mistakes. The last 2 years the big banks have been doing lending billions in bad mortgages that will be bailed out by CMHC and Genworth, most of the funds for which have already been paid for by Canadians with insured mortgages, the rest will undoubtedly come from tax payers. We will have a mini mortgage / real estate crisis in this country coming. So essentially we have already pre paid a good chunk of the bailout that our banks will be need. The banks can't wait because it will ultimately make them even more profitable because they are not on the hook for any of the costs, and will be making money hand over fist the whole way.

How stupid canadians are. we have our paychecks direct deposit to the banks who start to suck the pennies and dollars the moment it goes in until you have paid to withdraw it or paid to spend it. They make obseen profits and the politicians say wow look how strong our banks are.They are extraordinary bottom feeders who will steal your kids last dime out of his account for any number of reasons or fees designed to keep the profits flowing. Wake up Canada banks are not our friends they are bloodsuckers waiting at the trough just like the government. I would not be concerned but all taxes and bank fees are not fair value trade offs they are just a method of feeding the profit monster. Would you pay 45$ to send an email probably not, but you will pay a bank and you will do the work by the way for a transaction that is of very little cost or value around (.04 cents) They will charge you 1000% over cost for this. Steven Harper should be ashamed of his government and himself for allowing this crap to go on.

Just another pump and dump or sector rotation. If you didn't buy TD at $70 why would you buy it at $85. It's time to take a little of the table and wait for a pull back. Our banks are no better than the our US counter parts, we just follow them up and down, just like our dollar. When our dollar is dropping they are selling off and come back in with a strong US dollar and buying us. They have lots of banks and don't need any more. Banks and hedge funds are alike just taking your hard earned money.

Unbelievable how much ignorance there is about the basic role banks play in a modern economy, how they manage risk and surprise, surprise actually need to make a profit so they can pay employees, shareholders, taxes and make donations and invest in technology so they can stay competitive. Without banks taking risks to lend to consumers and businesses in Canada you would not have a growing economy. Sure the profits are large but the margins are actually thin ...they are a high volume business and a $100,000 mortgage going bad offsets the profit from $1,000,000 in mortgages where people are paying interest and principal back. Canadian bank's assets have been accumulated over the past 150 years in more than 30 countries. Canadian banks are amongst the world's best managed Financial corporations and have some of the best paying, knowledge based jobs in Canada and are envied by other countries. Would you rather have a banking system where your banks needed to be bailed out?

Here's a solution for all the whiners out there. All you have to do is make sure you cash your paycheque at the corner PayDay outlet. Then you can stash the cash in your night table or under your matress. Then when you need money to pay for something, you won't be burdened by those nasty ITM machines or those silly cheques. You can even make your car or rent payments by sending cash in the mail or buying some FREE post office money orders. And when your credit card or utility bills come in the mail, you can drive around town and plop some cash down at the cable supplier, the telephone company, the gas company, the hydro company counters; you'll be savings all those transaction fees and burning off a tank of gas at the same time. Then you can come back to this blog and rant about how that's working for ya !!

It is great that the banks are doing well here, plus......we don't have manufacturing any more and we are going to be a banking or information hub. Good for them.

If you want to reduce the banks from charging fees, watch them and make sure to call and ask questions. There isn't a real way to get around this. Banks aren't very useful, unless you are investing in regards to making or keeping your money. Me personally, only keep my money in the bank for paying bills, other than that, i have found other ways to keep my savings.

What can you do, everything is about money, power and profits. We are simply customers and without us we will lose more jobs. It is a viscious cycle, but can't be broken.

Well, well... if I said it once, I've said it a thousand times:

http://news.ca.msn.com/money/us-accuses-royal-bank-of-sham-trades