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Yeah, this is bullshit. I'm Canadian and we have huge protectionist measures around our financial sector but the U.S. doesn't, which has allowed for companies like TD and RBC to become huge players in the U.S. banking industry.

Europe also runs a trade surplus with the U.S. so it's unclear where this macro trend you think exists comes from either.

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The topic is investment banking (not retail banking) but both RBC and TD Bank entered the US market by buying US banks. And this is exactly what I said European investment banks tried to do.

>Europe also runs a trade surplus with the U.S. so it's unclear where this macro trend you think exists comes from either.

Financial services are only a small part of the economy compared to e.g. raw materials. But I'm not an economist/accountant so I don't know where it comes out in the wash as regards trade surplus when a UK subsidiary of a US company makes money in the UK.

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