AWHEREAS the Royal Bank and the Bank of Montreal have announced that they intend to merge; and

WHEREAS similar mergers in the past have resulted in staff reduction levels of one-third; and

WHEREAS the merger could result in a loss of from 9,000 to 28,000 jobs; and

WHEREAS the merged bank would have more than 300 branches within Toronto, many of which could be closed; and

WHEREAS such a merger could have significant implications in Toronto;

NOW THEREFORE BE IT RESOLVED THAT the Economic Development Department, the Planning Department and the City Treasurer report to the Urban Environment and Development Committee on the full implications for Toronto of such a merger;

AND BE IT FURTHER RESOLVED THAT in the interim, the City of Toronto advise the Federal Government that the proposed merger of the Royal Bank and the Bank of Montreal is not in the interests of the people of Toronto;

AND BE IT FURTHER RESOLVED THAT the Treasurer report on the implications of the City transferring its banking business from the merged bank to other chartered Canadian banks.@

City Clerk

 R.Walton/dcm