Trump wrong, U.S. banks can and do operate in Canada, association and professor say

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Trump wrong, U.S. banks can and do operate in Canada, association and professor say

^{Published on 2025-02-04 02:40:59 - MSN}

The association representing bankers in Canada says U.S. subsidiaries and branches represent half of all foreign bank assets in the country, despite false claims by U.S. President Donald Trump that American banks can't do business north of the border.

The article from MSN Canada discusses a clarification made by a finance professor regarding former U.S. President Donald Trump's claim that U.S. banks do not operate in Canada. The professor, from the University of Toronto, explains that contrary to Trump's assertion, several major U.S. banks like Citibank, Bank of America, and JPMorgan Chase do indeed have operations in Canada. These banks offer services ranging from corporate banking to wealth management. The article highlights that while these banks might not have the same extensive retail presence as Canadian banks, their operations are significant, especially in areas like investment banking and commercial lending. The professor's comments aim to correct the misinformation and provide a clearer picture of the banking landscape between the U.S. and Canada.

Read the Full MSN Article at:
[ https://www.msn.com/en-ca/news/canada/trump-mistaken-u-s-banks-can-and-do-operate-in-canada-says-finance-professor/ar-AA1ylLBQ ]

Contributing Sources

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Trump wrong, U.S. banks can and do operate in Canada, association and professor say