Awards for Excellence 2002
Best bank: Not awarded
Best equities house: Not awarded
Best debt house: Not awarded
Best M&A house: Merrill Lynch
Best at risk management and treasury: JP Morgan
Best at custody: State Street
Best at cash management and payments: Citigroup
There are no awards for best bank, equities house or debt house this year. For two countries with a common language, a love of the same sports and a porous border stretching more than 3,000 miles, the lack of a dominant regional bank or brokerage house is astounding. No US commercial bank has a meaningful presence in Canada, nor do US investment banks make much effort to win domestic Canadian business. Merrill Lynch in M&A is the exception but outside of M&A it has not been much of a player in the past 18 months.
| Royal Bank and Bank of America: leaving the competition behind, north and south of the border |
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Canadian banks and brokerages have made more of an effort to get involved in the US.