Best bank - Not awarded
Best risk at risk management - Deutsche Bank
Best at custody - JPMorgan
Best at cash management and payments - Bank of America
A continued lack of significant penetration of both the US and Canadian banking and investment-banking businesses means that, yet again, several regional categories remain without winners in North America. In fact, the trend in wealth management and investment banking, at least for US players, is to leave the Canadian domestic market or significantly reduce their presence. No US investment bank can make much of a claim to having the full range of products in place; in the past three years several have pulled out completely, or left a skeleton staff in Canada with most of the work done from New York. Even then it's mostly for cross-border business.
Canadian banks have shown a greater willingness to persevere with their investment-banking ambitions in the US, even during the economic downturn of the past three years. But it has been a hard slog. None can boast a large presence in any event, and what they do have has been hard to sustain. It's been hardest for Toronto Dominion's US operations: revenues at TD Waterhouse, its internet brokerage operation, have slumped.