Canada

(Senior Deputy Governor Carolyn) Rogers’ remarks are at odds with findings from a 2007 Bank of Canada report, which maintained that Canada’s financial services industry is indeed highly concentrated but also efficient and competitive. The heads of Canada’s major banks have made similar arguments. In April, National Bank CEO Laurent Ferreira said “an oligopoly is actually a good thing” because it makes it easier for lenders to coordinate in a crisis, while RBC CEO Dave McKay last year described Canada’s banking system as a “ruthlessly competitive” oligopoly.

Only a banking exec would state that an oligopoly is a 'good thing'. 🙄

Billions earned in first quarter.

What else does anyone need to know.

We never stood a chance. And we never will.

Meh. Rogers and the regulators have worked for decades to destroy competition for the big banks, killing Credit Unions across the country. Rogers is literally the regulator responsible for destroying BC's Credit Union Trade Association -- she's the one that put the wheels in motion, turfing their shared liquidity pool (something that's suddenly a good thing to have, after SVB went pop, so the regs literally increased systemic risk by getting rid of that pool). The gov makes our population growth entirely dependant on immigration / students, and then says students need to store their savings in a big bank (CDIC insured), not a CU (which are CUDIC insured)-- and then act all surprised that the smaller FIs aren't growing. The most recent batch of BC regulators are also demanding that industry solve the problem that the regulators created -- blasting credit unions for the poor health of the whole system, even though it's status isn't the fault of individual CUs, but rather the shit regulatory job they've done in the past few decades.

Now they want to whine that there's no competition for the big banks / not enough smaller FI participants in the industry.

Rogers has essentially failed upwards as a "star woman" in the industry, but she's a moron who's screwed up almost every file she's been put on. She can go fuck herself. So can the rest of Canada's financial regulators. At this point, they're terrible and clueless about the industry, clueless about the damage they've wrought.