Women at Canada's Large Banks: Closing the Gap
DBRS Morningstar published a commentary titled, “Women at Canada’s Large Banks: Closing the Gap,” which focuses on labour force gender equity, women in leadership, and the pay gap at Canada’s big six banks.Some of the highlights of the commentary include:
-- Female labour force participation in the finance, insurance, real estate, rental, and leasing sectors remains strong despite disruption by the coronavirus pandemic, which caused a disproportionate number of women to leave their jobs at the onset of the pandemic. It is widely assumed that this was for women take care of their families. Subsequently, women have gradually returned to the workforce.
-- Pay equity legislation came into force in 2021 and banks will have to publish their findings and plans by 2024. This may help to gradually bridge the pay gap that currently sits at around 19% according to DBRS Morningstar estimates.
-- Banks continue to employ a high percentage of women in Canada and are at the forefront of efforts to promote gender equity in the workplace. Women make up more than half of the six large Canadian banks’ workforce; however, that proportion decreases at the executive and board levels.
-- Although transparency is improving, there is still a lack of uniformity in reporting on gender diversity and pay equity at Canadian banks.
“Gender equity measures are being implemented as part of a sea of change among financial institutions globally, and are also being supported by regulatory change,” says Maria Khoury, Senior Vice President, Financial Institutions.
Important to assessing gender diversity among financial institutions is transparency and reporting. The six large Canadian banks are making efforts to publicly disclose their gender diversity information and targets, which is beneficial to external parties when making assessments on these important issues.
Bank of Montreal is a financial services organization. Co. provides a range of retail banking, wealth management and investment banking products and services. Co. serves its clients through three operating groups: Personal and Commercial Banking, which provides financial services to personal and commercial customers; Private Client Group, which provides wealth management products and services to individuals and select institutional segments; and BMO Capital Markets, which provides clients financial and capital markets services to corporate, institutional and government clients.
Scotiabank is a financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. Through its three operating segments: Canadian Banking, International Banking, and Global Banking and Markets, Co. provides a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. As of Oct 31 2017, Co. had total assets of C$915,273 million and total deposits of C$625,367 million.
Canadian Imperial Bank of Commerce is a financial institution. Through its three business units, Co. provides a range of financial products and services to individual, small business, commercial, corporate and institutional clients in Canada and around the world. Co.'s Retail and Business Banking business unit provides financial advice, products and services. Co.'s Wealth Management business unit provides integrated advice and investment solutions. Co.'s Capital Markets business unit provides integrated credit and global markets products, investment banking advisory services and research. As of Oct 31 2017, Co. had total assets of C$565.26 billion and total deposits of C$439.71 billion.
National Bank of Canada is a provider of financial services that include banking and investment solutions for individuals and businesses as well as securities brokerage, insurance and wealth management services. Co. operates in three business segments: Personal and Commercial, which encompasses the banking, financing, and investing services; Wealth Management, which comprises investment solutions, trust services, banking services, lending services and other wealth management solutions; and Financial Markets, which encompasses banking services, investment banking services and financial solutions. At Oct 31 2017, Co. had total assets of C$245.83 billion and total deposits of C$156.67 billion.
Royal Bank of Canada is a financial services company that provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services. Co. serves personal, business, public sector and institutional clients through offices in Canada, the U.S. and 37 other countries. Co. is organized into five segments: Personal and Commercial Banking, which is comprised of Co.'s personal and business banking operations, and its auto financing businesses; Wealth Management, Insurance; Investor and Treasury Services; and Capital Markets. As of Oct 31 2017, Co. had total assets of C$1.21 trillion and total deposits of C$789.64 billion.
Toronto Dominion Bank provides financial services. Co.'s segments comprised of: Canadian Retail, which include Canadian personal and commercial banking businesses, Canadian credit cards, TD Auto Finance Canada and Canadian wealth and insurance businesses; US Retail, which includes the US personal and commercial banking businesses, US credit cards, TD Auto Finance US, US wealth business and the Bank's investment its subsidiary, TD Ameritrade Holding Corporation; and Wholesale Banking, which provides a range of capital markets, investment banking, and corporate banking products and services. As of Oct 31 2017, Co. had total assets of C$1.28 trillion and total deposits of C$832.82 billion.
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