The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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The close: TSX edges lower as banks weigh
– theglobeandmail.com
U.S. stocks also fell as investors kept upcoming election in France in focus
The Big Five banks’ CEO cycle is complete. Here’s how they performed
– canadianbusiness.com
(CP)And then there were none. Earlier this month, Bank of Montreal (BMO) top boss Bill Downe announced he would be stepping down at the end of October. His departure will mark the end of a CEO cycle for Canada’s Big Five banks.
.cbR{box-sizing:border-box;display:block;width:100%;margin:1em 0;border:1px solid #bbb;padding:.5em}@media (min-width:480px){.cbR{width:250px;margin:0 0 1em 1em;float:right}}CEO of the Year 2014: Ed Clark, Toronto-Dominion Bank
Downe (March 2007–October 2017) was preceded out of the corner office by TD Bank’s Ed Clark (December 2002–October 2014), Canadian Imperial Bank of Commerce (CIBC) boss Gerry McCaughey (August 2005–September 2014), Royal Bank of Canada (RBC) CEO Gord Nixon (August 2001–July 2014), and Bank of Nova Scotia (Scotiabank) supremo Rick Waugh (December 2003–November 2013).
The chart below shows indexed month-end stock prices for each bank during their CEO’s tenure, as well as the performance of a benchmark, the S&P/TSX Composite Index Financials Sector Index GICS Level 1 (STFINL):
As the chart shows, all five men steered their companies through their biggest common test, the financial crisis, with little long-term damage to shareholders…
