Remember all that talk about how Canadian Banks were the envy of the world? Well it turns out to be maybe not so true, at least according to a ranking by The Banker magazine. No Canadian bank made it into the top 30 banks in the world in terms of capitol strength. Our friends at CIBC did however manage to make the list of banks with the worst losses, coming in at number 15.
The bank posted losses of C$1.46-billion and C$1.1-billion in the first two quarters of 2008 alone as CIBC took the brunt of the U.S. credit crunch.
The bank did come in 71st in the overall rankings, down two spots from last year.
Still, CIBC’s losses pale in comparison with the mammoth US$59.3-billion shortfall suffered by the Royal Bank of Scotland that landed it the dubious honour of top spot on the list.
Rounding out the top three is a pair of American banks, with Citigroup down US$53-billion and Wells Fargo & Co. close behind at US$47.8-billion.
Well, you know what they say: Flaherty will get you nowhere.