So, at the Bank of Canada, we are looking carefully at this issue. While our work is not complete, we did publish some of the initial findings in the current FSR. 4 At the risk of oversimplifying, I will stress two main findings.
The first is that in terms of net operating income per worker and assets per worker, employees of Canadian banks are at least as productive as their counterparts in U.S. banks of comparable size. Canadian banks also do well in some other measures of efficiency.