David Rozin—who previously held roles at RBC and National Bank—is reportedly joining the U.S. banking giant in Toronto this month to lead its Canadian innovation economy business. (The Globe and Mail)

Talking point: The move shows intensifying competition in Canada’s tech banking market, where domestic lenders have spent years building relationships. Canadian banks expanded aggressively into the sector in the late 2010s and gained further ground after the March 2023 collapse of Silicon Valley Bank, which freed up both clients and talent. JPMorgan is reportedly planning to offer a full range of banking services with the aim of doubling its innovation banking business and headcount in Canada. It currently has five tech bankers across Toronto, Montreal and Vancouver and has already signed multiple Canadian clients, including legaltech company Clio. Andrew Kresse, co-head of commercial banking, previously told The Globe that the bank’s strategy is to “complement the local banks” by becoming the preferred partner for Canadian tech firms expanding internationally.