By Robb M. Stewart
Canada's biggest banks see an urgent need for the country to position itself as the world faces up to heightened trade uncertainty and geopolitical tensions.
The heads of two of the country's largest lenders in speeches to shareholders on Thursday pointed to what they view as an inflection point for Canada.
"This is an important moment for Canada. There is uncertainty ahead, but one thing is absolutely clear, tomorrow will not look like today," said Raymond Chun, president and chief executive of Toronto-Dominion Bank.
Chun said he has been encouraged by steps being taken by the federal and provincial governments, but continued action from lawmakers and business leaders is needed to bring down inter-provincial trade barriers and expand international trade routes, develop and commercialize innovation, and attract investments to build needed projects and infrastructure.
"That's the Canada I believe we can build together," the CEO of the country's second largest bank by market value said in the text of his speech at TD's annual meeting of shareholders.
Canadian Imperial Bank of Commerce CEO Harry Culham at the lender's own annual meeting said the leaders, clients and communities he has met are confident about the country's future but make clear action is needed now.
"Pace, urgency and a public-private partnership are critical," he said in his speech. "The private sector, government and Indigenous groups - need to prove that we can come together to get major energy and infrastructure projects built on time and on budget to realize Canada's potential."
That, he said, includes support for small and medium-sized enterprises, investment in the defense industry, and building resilience in food and energy security.
Canada's economy has been badly dented by the protectionist shift in the U.S. under the Trump administration and the imposition of tariffs than have squeezed demand in Canada's biggest export market. Political tensions also are taking a toll and disrupting supply chains, while the Iran war has spiked the price of oil and driven up energy costs globally.
To meet the challenges, governments across Canada have taken steps to smooth trade within the country and make it easier for workers to shift to where there are jobs. Prime Minister Mark Carney's government has pledged to help fast-track major development projects and also to double Canada's non-U.S. exports in the next decade.
CIBC's Culham said that for too long financial and human capital in Canada has flowed outside the country. He said Canada risks losing the country's youth and the next dollar of investment capital to global economies with greater potential if action isn't taken now.
"We need to think in terms of months, not years. Doing so will attract investment and drive productivity," he said.
The country needs to press its advantages in areas such as innovation, including artificial intelligence research, health sciences and climate technology, and also stake a claim as a natural resources superpower.
"Canada's energy, uranium, critical minerals, potash, agriculture and other resources are in high demand. We are a leading supplier of low-carbon forms of energy. Given our natural advantages, these are areas where we should be world leaders," Culham said.
The CEO said CIBC has over the past three years increased corporate and commercial lending in Canada by almost 20 billion Canadian dollars, the equivalent of about US$14.6 billion, and the bank is ready to do more, increasing financial support to directly drive economic growth.
The other big banks are similarly positioning to provide financing. Royal Bank of Canada last week unveiled plans to build and fund a growth fund that aims to deploy up to C$1 billion in the coming years to help companies build and scale up in Canada.
Royal Bank CEO Dave McKay at the bank's annual meeting a week ago said Canada was at a once-in-a-generation moment and global investors have signaled they view the country as a stable, reliable partner in a volatile world. "I believe Canada can become the world's premier destination for long-term investment-but only if it moves with purpose, urgency and speed in a race for capital that's never been more intense," he said.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
April 16, 2026 10:29 ET (14:29 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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