Bank CEOs focus on returns as trade uncertainty overhang persists

TORONTO — Canada’s big banks have done better than expected this year, but CEOs say trade uncertainty is still an overhang that will take some time to shake out.

Speaking at the Scotiabank Financials Summit in Toronto, banking leaders say the future of the Canada-U.S.-Mexico free trade deal is the biggest unknown as they look to drum up more business.

They say many consumers and businesses are holding back on big decisions because of the combined uncertainty over trade, interest rates and the economy as a whole, leaving banks to focus heavily on efficiencies to make the most of existing activity.

BMO chief executive Darryl White says there already is some more certainty in the U.S. after the big new tax law passed, while Canada is lagging because the future of trade with the U.S. is sti