Their expansion in the midst of surging inflation could threaten profit margins, particularly as higher interest rates weigh on loan volumes.
The top five banks had increased their Canadian full-time equivalent positions to a record 171,730 in the first quarter of fiscal 2022, up 4.3 per cent from a year ago for the fastest pace in at least three years, according to Reuters’ analysis of the banks’ statements.Article contentin the finance, insurance and real estate industries was at a record low 1 per cent in March, the lowest of any industry in Canada.
Bank of Montreal, whose Canadian workforce grew by 7.5 per cent, the fastest of the major lenders, has been expanding its technology operations and personal and commercial banking, said Karen Collins, its head of people.Article content