Canadian banks 'recruiting executives from around the world'

The fallout from the economic crisis is helping Canadian banks to strengthen their boardrooms with executives from foreign institutions, it has been claimed.

As senior figures in the US and UK banking sectors continue to find their remuneration packages under intense scrutiny, many executives are jumping ship to join Canadian institutions, the Globe and Mail reports.

According to the newspaper, Canada-based banks are stepping up executive appointments and "adding talent as never before" due to the clampdown on bonuses currently affecting some of the world's major financial centres.

It states that the nation's banks have emerged as "the beneficiaries of a financial diaspora", with many senior employees abandoning top firms in Wall Street and the City in favour of Canada.

However, convincing top executives to move to the world's second largest country in physical terms remains a difficult task.

"Internationally, professionals are willing to work on Canadian platforms, but they don't want to move to Toronto," consultant Jim Beqaj told the publication.

Meanwhile, a new report from law firm Eversheds has stated that Shanghai could soon usurp London as the world's second most important financial centre.