Saturday, March 8, 2008

Big News ... Sort of

Well as promised this week I have some news. The reason I added the "sort of" to the title is because I am no longer sure the news really is that big. I say this because a comment on last week's blog was comparing my supposed news to my upcoming marriage or the possibility of a pregnancy. Let me clear the the air right now. My future wife is NOT pregnant.

Now, on to the news. I got a new job. Seeing as how this new job will be only my third professional, career type job, I thought it qualified as pretty big news. Anyways, my new job is at BMO Investorline. For the purposes of my American readers I allow me to go off topic a bit.

In the US, basically any group of people with a pot of money can get together and decide to open a bank. Conversely up here north of the border there are essentially only a few banks. These banks are known as the Big five Banks. They are (in order of market capitalization)

* Royal Bank of Canada (RBC Financial Group)
* Toronto-Dominion Bank (TD Bank Financial Group)
* Bank of Nova Scotia (Scotiabank)
* Bank of Montreal (BMO Financial Group)
* Canadian Imperial Bank of Commerce (CIBC)

So as you can imagine, because there are essentially only five real banks in the country they are among the largest employers in the country. I should note that there are technically other banks but they are so much smaller than the big five I won't bother to mention them.

Anyways one of my new years resolutions was to be more aggressive with regards to my career so, I think this fulfills that requirement.

I will give a more detailed break down on why I decided to leave and what my last days at Wunderman were like in the next post. I can't do it now because my last official day at Wunderman isn't until March 20th. I tried to be a professional as possible so I am actually giving them almost three weeks notice. Short of not quitting at all I don't think there is any more I could do.

Next Week... Why I left Wunderman and the advantages of BMO


Mike said...

I didn't even consider the pregnant idea, I thought you were going to say that you just closed on the purchase of your first home. Congrats on the new job.

--Todd said...

I assume you will be doing something at the bank related to computers and I would be interested to know what and if you don't mind me asking what the starting salary might be?

chris said...


JAW said...

The rule in the US was that a bank can only do business in 3 cities. It was done to encourage development all over the US instead of having the money concentrated in major cities. A very interesting topic if you feel like reading up on it. (Yes it had tons of issues like armoured trucks full of money everywhere.)

I think the "pot of money" in Canada is 4 million but that could be for an insurance company start up. In Canada all of the start up banks get bought before they become competition to the big 5. (why our banking charges are ridiculously high).

As for the pregnancy thing Tab B goes in slot A if you know what I mean. You might want to read up on it before wedding night. rofl.

Nadeene said...

Congrats babe.

On Jaws' comment: "(why our banking charges are ridiculously high)." You should use President's Choice Financial for chequing and ING Direct for savings and no load mutual funds and you wont pay any fees. Not sure why anyone would be with a bank where you pay to put your money with them. And ING has the highest interest rate on savings accounts.