The ongoing global, banking, financial and credit crisis

"What happens to our financial services industry is important to our city, to the Province of Ontario and to Canada," says Jacoline Loewen, author or Money Magnet.
At their latest fiscal year-end, our five major banks had total assets of $2.5 trillion of which almost one trillion was outside of Canada.
In terms of market capitalization the five Canadian banks headquartered in Toronto all rank within the top 35 in the world.
So Toronto is an important banking centre and, if we play our cards right, it’s going to become more so. While Canadian banks have received some shocks from this crisis, on a relative basis they have done well.
Last year total write-offs by financial institutions around the world were in excess of $1 trillion and Canadian banks accounted for less than 1.4% of this total. Canadian banks are in a stronger position than what we see south of the border or in Europe.