Banks and credit unions that employ temporary foreign workers

We can confirm that all ‘Big Five’ Banks have sought and received government authorization to recruit temporary foreign workers:

  1. Royal Bank of Canada (RBC Royal Bank)
  2. Toronto-Dominion Bank (TD Canada Trust)
  3. Bank of Nova Scotia (Scotiabank)
  4. Bank of Montreal (BMO Bank of Montreal)
  5. Canada Imperial Bank of Commerce (CIBC)

The other banks on the list are:

  1. Canadian Western Bank
  2. HSBC
  3. ING Bank Canada Inc (Tangerine)
  4. National Bank of Canada
  5. UBS Canada
  6. Pacific & Western Bank of Canada (PWBank)

There’s only one provincially owned financial institution that shows up on the list of employers who recruit temporary foreign workers:

  1. Alberta Treasury Branches (ATB Financial)

The list also includes a number of credit unions:

  1. Desjardins Group (Mouvement des caisses Desjardins)
  2. Servus Credit Union (AB)
  3. Coast Capital Savings (BC)
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Comments (30)

  1. Where is the source/credentials for the list of employers who recruit TFW? I’d like to see that indeed ATB is on there, as I asked them awhile ago, and their response was no. Also, what bank then, in Alberta doesn’t use the TFW program?

    • Your local credit union would be the only one not hiring TFWs. I was thinking of switching to Servus from ING but I see that even they hire TFWs. So, I guess stay away from the large credit unions as well if you dont want to support TFWs.

    • When in doubt, scout about. Contact your MLA; or better yet, the Leader of the Official Opposition.

      MLAs – when part of the ruling party – are less inclined to be interested than opposition members.

      I am disgusted – as an Albertan – that ATB would even consider hiring TFWs!
      But I fully believe that the information here is correct.

  2. Hi Amanda. According to the CBC story that led me here, all the data comes directly from the federal Human Resources and Skills Development ministry, which oversees the TFW program. It looks like the data was received from an access for information request by this websites author.

  3. Does the data provide any specific numbers as to how many Temporary Foreign Workers brought in by each bank? A friend of mine was working at BMO Financial and they were having massive layoffs due to “restructuring” I would be interested to see the number of TFWs that BMO was bringing in within that same timeframe.

    • Didnt CBC do a story about that in ON? BMO was laying off Canadian workers and hiring TFWs who were being paid way less. This was in the IT sector btw.

      • Yes, that’s correct. This story was the first to blow the whistle on TFW program abuses.

        The bank had to do a lot of backtracking in a hurry, including extending transfers or job offers to the laid off Canadian IT workers. Not long afterwards, it was investigated for abusing the program. BMO supposedly planned to offshore much IT work to India. It argued successfully that the TFWs were brought in to facilitate the offshoring. They were let off the hook. (Apparently, Ottawa has no problem with losing jobs to offshoring.

  4. There are so many temporary foreign workers now in Toronto in the Financial Services industry that all us laid off Canadians cannot get jobs. There are still tons at Scotia Bank and RBC, it is absolutely anti-Canadian. They layoff Canadians making $65/hour and bring in temporary foreign workers at $45-55. It is as simple as that. Its am absolute disgrace but the Executives look good and it is great for the bottom line. The job market in Toronto is atrocious as a result. There is a lot of business culture clash too. Ask the Executives and they could care less they laid off 100 Canadians, so what they deserved to be laid off, its a competitive world…really is this where we are heading???

    • maybe if the Canadians that are making $65/hr would be willing to take a pay cut to $45-55/hour then maybe they wouldn’t be losing their jobs. I am sure there are a lot of people out there that would like to make that kind of money an hour, I know I would! This is in the Financial Services industry? No wonder there are so many bank service charges, it’s to pay the greedy Canadian $65/hr!

      • You are wrong Kate. If every Canadian was willing to go from $65/hr to $45/hr…then the greedy CEO’s will start looking to fire $45/hr to replace with $10/hr. As Canadian, you should stand up for our rights to earn big bucks, afterall we pay big taxes. Dont fight for the wrong side. The CEO’s and the PM are the problem here.

  5. I was glad to see my bank wasn’t on the list. Also, not as many fast food places as I thought. I don’t go to many but it looks like I won’t be going to A&W anymore. Great site! I’ll support Canadian employers everyday and will stay away from TFW employers as much as I can.

  6. I was so naïve as to the reason behind why so many Filipinos employed at TD Canada Trust….and now my reasoning is to boycott my long term membership with that bank to a smaller trust company. I’ve been with TD Bank since 1981 where the tellers and staff were as close as your family members, and today the environment doesn’t have that feel of the past. Time to employ those who have no jobs, on welfare, and on the streets before bringing in illegals !!

  7. fyi.. not everyone who has an accent or who isn’t Canadian-born are TFWs… many of them are landed immigrants whose credentials were assessed and were deemed as SKILLED WORKERS by the Canadian government, hence, they were granted PR status upon arriving in Canada. they too are affected in the same way that Canadians are affected by the TFWs.

  8. ATB have lots of TFW mostly from India or the third world. Hundreds of them. They also hire non Canadians and foreign students graduating from Canadian universities. They probably don’t even check their citizenships and backgrounds. Go look at their so called Campus near the airport. There are so many computer science grads from UofC or Sait looking for work.They should be the first priority not these foreign workers.

  9. this is ABSOLUTELY DISGUSTING, there is no reason to hire TFW for banks, and please tell me WHY do they have ACCESS to our private information?

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  11. what possible excuse could a bank or credit union have for hiring foreign workers ?
    Many people would give their eye teethe to get on with the banks.
    It used to be that the requirements for this program,…designed to help the temp worker program of agricultural workers,…used to be tighter. The Libs and Cons , loosened the requirements to kiss the buts of bug business.
    Our federal public service used to have some discretion in decision making on these apps,…now they have none, and are ordered to rubber stamp all these apps,……..disgusting. The Rich get Richer, and the working class get poorer,….and this is how.

  12. I see my bank CIBC is on the list, where do you go, to put your money in? Well the joke is on them! I dont have a job! I been out work for 6mos! When Target close down, they sould of been on the list and walmart and Superstore!

  13. How many other industries are awash with third world ? Is anyone else bugged with our TV media showing a group of Canadian school kids with over half being third world…..not realistic !! Truly they must spend time herding in enough students to make it look like we are mostly third world here. Now it seems looking like white folks is a shame and I resent it !!!!!!

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