The 1960s

When Earl McLaughlin was finally appointed, he was the first university-trained CEO. Teamwork and delegation, modernization and training, were the themes of the new Bank, at the core of which was a retail network that had grown to 1,089 branches and 18,000 employees. The old "bank boy" culture was fading.

With its Centennial and Expo '67, Canada assumed a new stature. Consumer confidence was high. The economy was healthy.

Centennial also brought the Bank Act of 1967, with far-reaching changes for Canadian bankers, their staff and their customers. The 6% interest ceiling on consumer loans was removed, mortgages and car loans could now be written, mutual funds could be sold, and equally significant: banks could now distribute credit cards.

G. Raymond
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