Canadian Banks Hire Record Number Of Workers To Fill Tech Roles

Canada's big banks hired a record number of workers in the first quarter as they look to boost
their digital capabilities.

The top five Canadian banks increased their full-time equivalent positions to a record 171,730 in
the first quarter of this year, up 4.3% from a year ago and the fastest pace of hiring in at least
three years, according to an analysis undertaken by the Reuters news agency.

The unemployment rate in the finance, insurance and real estate industries was sitting at a
record low of 1% at the end of March, the lowest of any industry in Canada.

Bank of Montreal (BMO), whose Canadian workforce grew by 7.5%, the fastest of the major
lenders, has been expanding its technology operations and personal and commercial banking.

Digital channels now account for more than a third of sales at banks, and 90% of self-serve
transactions happen outside branches, primarily online.

Royal Bank of Canada's (RY) employee growth peaked in the third quarter of 2021 but it is still
expanding its technology workforce, after adding 2,000 technology jobs last year. Toronto-
Dominion Bank (TD) has announced plans to add 2,000 technology roles this year.

Scotiabank (BNS), which had the second-biggest growth, has said it plans to continue to
expand Canadian banking and wealth management, and build its digital capabilities.