“banks have always been in the crosshairs”. Although, the CIBC chief executive Victor Dodig refused to comment on the Liberal Party leader’s proposal he underscored the major role played by the banks in Canada during the COVID-19 pandemic, providing assistance and benefits to the average citizen, particularly amid the global health crisis.
“Most Canadians, whether through large pension plans or through their own investments, have investments in banks, and they benefit from those dividends that we pay, and they benefit from our economic growth, and that contributes to their livelihood,” he noted during an earnings call with BNN Bloomberg.
Dodig was further inquired on his thoughts regarding a possible leftward shift in the global political arena, paving the way for a system in which bank profits are managed in a manner similar to utility earnings, with only a certain level of returns permitted by governments. “I would like that not to happen anywhere in the world,” he replied, adding that the state should instead be focusing on universal health care, guaranteeing that citizens are well-educated, while facilitating the utilisation of private capital in productive uses.
“That is where the world should be going. Sometimes it leans left, sometimes it leans right, but usually — usually — common sense does prevail over time,” the CIBC chief added.
