Canadian banks need to embrace change more than ever, finds PWC survey
Canada’s top six banks will need to embrace change to meet the challenges of the coming year, according to the findings of Canadian Banks 2006, PricewaterhouseCoopers’ (PwC) annual survey of the Canadian banking industry.
The six banks earned a combined net income of over $12 billion and thrived in the strong Canadian economy. If not for litigation losses, aggregate results would have been over $16 billion – an increase of 18.5% over 2004.
“The economy provided a solid foundation for generating strong profits and the banks responded, delivering another year of outstanding results,” says Diana Chant, partner and leader of the PwC Financial Services Practice in Canada. “But behind this performance are governance
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