The article provides a by-the-numbers look back at Canadian finance in 2024. Here are some key takeaways:
- Interest Rates: The maximum legal interest rate lenders can charge is currently 48% on an annual percentage rate, but will be capped at 35% effective January 1.
- Bank Mergers and Acquisitions: RBC acquired HSBC Canada in March, moving over 780,000 customers to the bank and taking on 4,500 employees and $108.5 billion in assets.
- Market Capitalization: RBC’s market capitalization grew by almost 30% in 2024, reaching $246 billion, while Shopify’s market cap remained around $199 billion.
- Banking Scandals: TD Bank Group faced a scandal over allegations of money laundering through its U.S. branches, resulting in the bank taking full responsibility and regulators capping its retail asset growth.
- Renewable Energy Funding: Canada’s five biggest banks provided $104 billion in fossil fuel funding in 2023, with RBC committing to tripling its renewable energy funding to $15 billion by 2030.
- Banking Executives: TD Bank Group’s CEO Bharat Masrani announced his retirement, to be replaced by Raymond Chun, while RBC’s former chief financial officer Nadine Ahn sued the bank for wrongful dismissal.
These numbers provide insight into the key events and trends that shaped Canadian finance in 2024.
