MERCURY ANALYTICS Canadian Business Leadership Study — Project 10079A

Canadian Business Leadership &
National Identity Focus Group

An online qualitative focus group exploring Canadian civic sentiment, business leader credibility, bank brand perceptions, and the future role of financial sector executives in national issues — with a featured evaluation of CIBC CEO Harry Cullum.

Session
10079A — Group 1
Moderator
Graham (Independent)
Group Profile
Informed Canadian Adults
Duration / Size
~90 Min · 7 Participants
Participant Profiles

Seven participants across British Columbia, Quebec, Alberta, Saskatchewan, and Ontario — a cross-regional sample of informed Canadian professionals. Last initials not collected; first names used per session protocol.

Nick W.
Freelancer / Content Creator
Feeling: Unsure
Location: Vancouver, BC
Work: Tech support, acting, demo reel production, website management
Hobbies: Model building, board games, creating content
"We do need to shake things up — but they need to learn to see from our perspective and have a better understanding of us."
Marc
Theater Teacher Assistant
Feeling: Tense
Location: Montreal, Quebec
Work: Teaching assistant for children's theater, Olivier, QC
Hobbies: Drawing, film, arts
"Today's political landscape requires speaking boldly — you need to call out disinformation and sometimes you can't just seek bipartisan consensus."
Liah
Biomedical Mechanical Engineer
Feeling: Middle
Location: Montreal, Quebec
Work: Respiratory research equipment manufacturer
Hobbies: Running, cycling, crafts, volunteering at son's school
"We need fresh blood — science, tech, research. Banks are doing well because of how things already are, and they may not have the incentive to shake things up."
Bishop
HR Consultant
Feeling: Optimistic
Location: Calgary, Alberta
Work: Human resources consulting; works with insurance and benefits programs
Hobbies: Soccer
"Only one hand cannot wash yourself clean — you wash both hands and it gets cleaner. Nation building takes everyone, all hands on deck."
Ashley
HR Software Entrepreneur
Feeling: Hopeful
Location: Vancouver, BC
Work: Owns an HR software company
Hobbies: Cooking, travel (40 countries by age 40)
"Record profits at the big banks don't go back into account holders' hands — I'm wondering who it actually benefits, because it's not the average Canadian."
Zain
Law Enforcement
Feeling: Not Hopeful
Location: South Saskatchewan (originally Toronto)
Work: Law enforcement officer
Hobbies: Travel, motorcycle riding, working out
"Bank leaders make enough money to not worry about day-to-day things most of us in major cities actually have to worry about."
Onaope
Administrative Assistant
Feeling: Ambivalent
Location: Toronto, Ontario
Work: Administrative assistant at a Black women's health & maternal health organization
Hobbies: Coaching youth volleyball
"Canada is a melting pot, but we don't always have the systems in place to support the people who are actually contributing to it."
Key Exchange Periods

Five pivotal discussion moments that generated the richest participant engagement and clearest insight signals.

1

Opening Word Exercise: "I Am Feeling ___ About Canada"

~0:00–0:15

The session opened with a fill-in-the-blank exercise that immediately revealed a deeply divided national sentiment. Responses ranged from "hopeful" and "optimistic" to "not hopeful," "tense," and "unsure" — with the majority clustering around cautious ambivalence. The split tracked closely with participants' relationship to Mark Carney's new government and their proximity to the US-Canada border and trade dynamics.

Ashley "I voted Liberal for the first time in my entire life and I like how he's handling things at the border. I like the direction the country is going."
Bishop "It feels like an aircraft taking off — it's bumpy right now, but once you're airborne it becomes a smooth sail. With Carney, I'm optimistic."
Zain "Carney was an economist banker in the UK, but 94% of his portfolio is US-based. A leader with the majority of his wealth in another country could make decisions that favor himself."
2

US-Canada Relations: Border Anxiety & Tariff Fatigue

~0:17–0:22

Multiple participants described a visceral personal shift in how they feel about crossing the US border — something that was previously routine. The group also shared a common experience of deliberately tuning out US-Canada trade news for mental health reasons, as the constant back-and-forth of tariff escalations became impossible to track. This "deliberate disconnection" from political news is a meaningful signal about information overload.

Ashley "I cross the border 90 times a year. I have actually now witnessed things at the border firsthand. It's something I was never uncomfortable with — and I don't enjoy going down there anymore."
Liah "I slowed down following the news just for my own mental health. They might search my phone at the border, and even if it's not logical — am I going to risk being thrown in jail for no reason?"
Onaope "At the border I was told I need to declare I'm American or they can't protect me. I had no idea what was going on. So this year, I don't think we're going to the States for tournaments."
3

Business Leader Gallery: Heroes & Villains

~0:32–0:42

When asked who is shaping Canada's future beyond politicians, participants initially struggled to name positive figures — but reacted immediately and intensely to a negative example. Galen Weston (Loblaws CEO) triggered a sharp collective response around price-fixing, Buy Canadian greenwashing, and profiteering during a cost-of-living crisis. The airline industry received similar treatment. On the positive side, Toby Lütke (Shopify) and Arlene Dickinson (Dragons' Den) emerged as the only two figures that generated genuine, unprompted enthusiasm.

Ashley "Galen Weston turned a Buy Canadian movement into an excuse to increase prices. They've been caught price-fixing on bread, and the fine was a tenth of what they made in profit — that just encourages them to keep doing it."
Bishop "Toby Lütke and Shopify built a leading Canadian tech company from scratch. That puts Canada in the league of other nations — puts it on the map."
Nick W. "Arlene Dickinson really knows what she's discussing. I met her earlier last year and we had a very thorough conversation about business with a whole group."
4

Bank CEO Credibility on National Issues: "Record Profits Don't Trickle Down"

~0:41–0:50

The group engaged in a substantive debate about whether Canadian bank CEOs have the credibility or motivation to lead on national issues. Skeptics argued that record bank profits are not reaching average Canadians, that banks operate in a stagnant and non-innovative industry, and that their wealth insulates them from everyday concerns. Supporters countered that the financial sector sustains the entire economy and that a National Economic Summit model could channel their expertise productively. The most salient recurring challenge: bank CEOs are seen as operating primarily for shareholders, not citizens.

Ashley "Canadian banks are making record-breaking profits, but that's not going back into account holders' hands. It's benefiting the people at the top."
Liah "Banking is a very old school field. Things are going well for them because of the way things already are — maybe they don't have the incentive to shake things up. We need fresh ideas, new approaches."
Bishop "The financial sector drives the economy. If the banking sector collapses, it collapses on ordinary people. I'm for benevolent capitalism — they should contribute, but in a mix with other sectors."
5

Harry Cullum Stimulus Evaluation: The Intern-to-CEO Narrative Wins

~1:09–1:30

Participants were shown a stimulus card with biographical and professional statements about CIBC CEO Harry Cullum — a figure none of them had heard of before the session. After reading, the group selected the statements they found most compelling. The strongest-performing message by far was Statement A — Cullum's journey from summer intern at CIBC to CEO — which resonated as a story of loyalty, institution building, and authentic career progression. Statement F (community board memberships: Sinai Health, United Way) and Statement D (proven track record, exceptional team building) were secondary picks. The group consistently noted that the stimulus cards felt too corporate and not "human" enough.

Liah "He worked his whole way up — it shows the bank is interested in building up youth talent. And that he liked the experience so much that he continued. The loyalty is compelling, without harping on all the big achievements."
Marc "Statement F is concrete. Being board member of United Way and Sinai Health — those are real things. Statement D just sounds like a blank resume. 'Built an exceptional team' — prove it."
Ashley "The statements weren't very human — they were extremely business-driven. The only thing I really know about him now is that he started as an intern in Vancouver and is on boards."
Canadian Bank Brand Perceptions

Spontaneous word associations and impressions from participants for each of Canada's Big Five banks, elicited through an unprompted round-robin exercise.

TD Bank
Positive Sentiment
Strong stock growth Nick's primary bank Increasing investment
Mentioned first and most positively. Nick uses TD as his primary bank and cites stock performance. Marc uses TD business banking despite frustrations. Generally seen as the safe default.
BMO
Neutral / Quiet
Reserved Conservative strategy Quieter presence Traditional
Consistent descriptor across all participants: low visibility, low news coverage, conservative positioning. Not a negative perception — more invisible than disliked. "Quietly in their own corner."
CIBC
Mixed / Underestimated
Immigrant-friendly Newcomer-focused Accessible credit Low visibility
Ashley initially didn't know they were "still around." Bishop and Zain surfaced a meaningful differentiator: CIBC's strong reputation for newcomer banking — opening accounts and extending credit for recent immigrants at Pearson Airport and beyond.
RBC
Most Polarizing
Trying too hard Performative sustainability Poor service Olympics sponsor Most capable
The group's most complex reaction. Marc hates it as his business bank ("shared offices, long waits, cut services"). Yet Ashley and Liah — both critical of RBC — also named it as the bank doing the most to make Canada better, citing Olympics sponsorship, newcomer programs, and small business grants for women.
Scotiabank
Modern / Accessible
Scene points / cinema Modern feel Convenient Buy local aligned
Liah sees it as a "kids bank" due to the Scene cinema tie-in, but Onaope views it as "modern" and aligned with buy-local through grocery promos. Nick uses it as a convenient backup to TD. More positive than negative overall.

Which bank is doing the most to make Canada a better place?

Spontaneous nominations from participants when asked which big five bank contributes most to Canadian society beyond day-to-day business.

Harry Cullum — CIBC CEO Evaluation

Participants reviewed stimulus cards about Cullum's background and selected their most and least compelling messages, then discussed the CIBC initiatives they most want Cullum to pursue.

Statement Preference Votes (n=7)

Participants were asked to choose the single statement they found most positive or compelling about Harry Cullum.

A
Started at CIBC as a summer intern; has built entire career there, rising to CEO
3 votes
D
Proven track record leading key business areas; built exceptional team driving strong results
2 votes
F
Active board member of Sinai Health and United Way Toronto; committed to community
2 votes
E
Committed to building more inclusive financial systems for underserved Canadians
0 votes
B
Climate/green energy investment and sustainability leadership in the sector
0 votes

Statement A ("intern to CEO") resonated as authentic loyalty and built-from-within leadership. Statement F valued for concrete, named community organizations vs. vague corporate language of D.

What More Would Participants Want to Know?

Unprompted requests for information not covered by the stimulus cards — what would make Cullum feel more real and trustworthy.

Family & Personal Life
Ashley raised wanting to know about his family. Liah noted pointedly that male executives rarely have family mentioned in their bios — but it would be expected if Cullum were a woman. The request is fundamentally about making him human, not about family status per se.
Where He Lives
Marc noted province or region — kept vague enough to not expose his address, but enough to show he is grounded in Canada and not directing wealth offshore. "All his profits going to Scotland or Ireland" is a concern raised earlier in the session about Carney; Cullum should proactively address this.
Hobbies & Life Outside Work
Liah asked whether he is an athlete or has notable interests outside the bank. The group consistently wants executives to feel like "real people" — relatable beyond their corporate role. The stimulus cards felt "extremely business-driven" per Ashley.
One-Sentence Summary (Ashley)
"The only thing I really know about him is that he started as an intern in Vancouver and is on boards."
Future initiatives participants most want CIBC and Cullum to prioritize (top-2 vote from each participant, n=7)
H
Strengthening Canada's International Trade & Economic Relationships
Most popular initiative. Participants tied directly to Cullum's global experience in Asia and Europe. Seen as uniquely credible territory for a Big Five bank CEO — and more politically neutral than government officials.
5
votes
B
Green Energy Investment & Climate Finance Leadership
Liah and Marc both chose this — "green energy is now cheaper than all other energy, the time to move forward is now." Seen as where banking resources could have outsized national impact.
3
votes
C
Financing National Infrastructure Projects
Ashley framed this as the natural fit: "No one has more fiduciary responsibility than a bank — they seem like a natural fit to co-spearhead these projects with the public sector."
3
votes
F
Investing in the Next Generation of Canadian Talent & Universities
Bishop's priority: "Youth are the future of Canada. Investment in talent should go beyond universities to alternative education pathways." Nick cites his own work in the talent industry.
2
votes
E
Building More Inclusive Financial Systems
Onaope: "Canada is a melting pot, but the systems to support contributors to that melting pot are not always in place. Inclusive financial systems will be needed forever."
1
votes
A
Safe & Responsible Use of AI in Banking
Zain: "If you automate away the teller role, people who would've worked their way up from there lose that career pathway. AI adoption needs to be human-centered, not just cost-driven."
1
votes
Emergent Themes

Six primary themes identified through cross-participant pattern analysis across the full ~90-minute session.

🍁
Canada at an Inflection Point — Cautious Hope Under Pressure
The group is neither uniformly optimistic nor pessimistic about Canada's direction. Carney's election represents a hopeful reset for most, but persistent undercurrents — US aggression, weak military, housing costs, immigration anxiety, and populist rhetoric — temper enthusiasm. The dominant emotional register is "guardedly optimistic, waiting to be proven right or wrong."
🇺🇸
US-Canada Relations as an Embodied, Daily Anxiety
The US-Canada conflict is not abstract for this group — it manifests personally through border crossing discomfort, news fatigue, disrupted youth sports travel, and employer holding patterns on USMCA-linked hiring. Multiple participants have deliberately reduced news consumption for mental health reasons, creating a "deliberate disconnection" that limits their awareness of what's actually happening in negotiations.
🏗️
Nation Building Requires Private-Public Partnership, Not Either Alone
Universal consensus: government is poor at execution and prone to cost overruns; private sector is good at delivery but needs oversight and accountability. The group wants major Canadian companies involved in infrastructure, housing, energy, and talent — but with government setting direction and guardrails. Bureaucracy, monopolies, and the slow pace of Canadian project delivery are seen as systemic barriers.
⚖️
The Authentic vs. Extractive Business Leader Divide
Participants have a clear intuitive taxonomy for business leaders: those who build real things and contribute (Shopify's Lütke, Arlene Dickinson) vs. those who extract value through market monopolies, greenwashing, and price exploitation (Loblaws' Weston, airline industry CEOs). Bank CEOs occupy an uneasy middle — neither extractive villains nor authentic heroes in the group's mental model, largely because they are invisible and unknown.
🏦
Bank CEO Credibility Gap: Profits Don't Feel Like Progress
Record profits at Canadian banks are not perceived as a national success story by this group — they are seen as benefiting shareholders rather than account holders or communities. This creates a specific credibility problem for bank CEOs attempting to speak on national issues: their personal wealth insulates them from everyday problems, and their industry's success is seen as occurring despite, not because of, innovation or public benefit.
🌱
The Intern-to-CEO Archetype as a Trusted Leadership Narrative
When Harry Cullum's story was revealed, the "intern to CEO through loyalty and hard work" narrative was the single most resonant element — outperforming statements about business results, community involvement, and global experience. This reflects a broader appetite for leaders whose career trajectories demonstrate institutional commitment and authenticity rather than parachuted credentialism or resume-polishing.

Canada Sentiment at Session Open

Participant self-reported words for "I am feeling ___ about Canada." Categorized by valence; some participants offered multiple words.

Key Findings & Learnings

Ten evidence-based insights derived from participant responses across the full session.

01
National Sentiment Is Split — Carney Is a Hopeful Signal, Not a Done Deal
Participants who voted Liberal for the first time express cautious optimism about Carney. Skeptics cite his US-weighted personal portfolio, Canada's military deficiencies, and immigration policy anxiety (Bill C-3) as substantive reasons for doubt. Neither camp is settled — both are in a "prove it" posture.
02
US-Canada Relationship Has Become Physically and Emotionally Invasive
This is no longer just a trade policy story. Multiple participants have personal, lived experiences of discomfort at the US border. Onaope (dual citizen) was instructed to declare her US citizenship or face unprotected status. Ashley, who crosses 90 times a year, no longer enjoys crossing. These are visceral shifts in how Canadians relate to their southern neighbor.
03
Most Canadians in This Group Cannot Name a Canadian Bank CEO
Before the stimulus exercise, none of the seven participants could name Harry Cullum. Only one knew Dave McKay (RBC) — and primarily for negative reasons (return-to-office policy, HSBC layoffs). Bank CEOs are functionally invisible to this educated, politically aware demographic.
04
CIBC's Strongest Unsolicited Asset: Immigrant-Friendly Reputation
Before the Cullum stimulus was introduced, CIBC was perceived as low-visibility and nearly defunct by some. But Bishop and Zain surfaced a meaningful differentiator: CIBC's reputation for extending credit and opening accounts for newcomers to Canada. This positioning — largely unadvertised — is one of the brand's most authentic and differentiated assets.
05
RBC Is Both Most Capable and Most Inauthentic in the Group's Mind
RBC generated the session's most contradictory reactions. Multiple participants who personally dislike the bank still named it as the most credible for national impact — citing its Olympics sponsorship, newcomer programs, and small business grants for women. The brand's community investment programs have real resonance, but sit uncomfortably alongside widespread perceptions of performative sustainability and poor employee/customer treatment.
06
The "Intern to CEO" Story Is Cullum's Most Powerful Narrative Asset
Statement A (career journey from summer intern to CEO at a single institution) outperformed all others in the stimulus exercise. Participants read it as loyalty, as institution-building, and as proof that the bank invests in people. This narrative is both unique and transferable across media formats and should anchor any Cullum communications strategy.
07
Concreteness Beats Credentials in Stimulus Messaging
Marc's critique of Statement D ("proven track record, exceptional team building") was sharp and echoed by others: it reads like a blank resume. Statement F (United Way, Sinai Health) won votes specifically because it names real organizations doing visible community work. Future Cullum communications should prioritize named, verifiable commitments over achievement-summary language.
08
International Trade Is the Territory Where a Bank CEO Has Unique Credibility
Initiative H (strengthening Canada's international trade relationships) received the most votes for future CIBC priorities AND was identified as the area where a bank CEO has unique credibility that politicians lack — tied to Cullum's global work experience in Asia and Europe. This creates a clear, authentic public role for Cullum that is non-partisan and expertise-grounded.
09
Participants Want Executive Leaders to Be Human, Not Just Credentialed
The group's request for family information, province of residence, and personal hobbies reflects a broader demand for humanization in how executives present themselves. The Cullum stimulus cards were unanimously experienced as "too corporate" — generating respect for his CV but not genuine connection or trust. The same critique extends to bank sector communications broadly.
10
AI in Banking Surfaces Unprompted Concern About Career Pathway Erosion
Zain's choice of Initiative A (responsible AI in banking) was motivated by concern that automating teller roles removes the entry-level career ladder he associates with upward mobility in the financial sector. This reflects a broader Canadian anxiety about AI's impact on working-class career pathways — one that bank CEOs commenting on AI must address explicitly and proactively.
Strategic Recommendations

Six actionable directions informed by participant insights from this session.

Recommendation 01
Lead with the Intern-to-CEO Story in All Cullum Positioning
The single most resonant narrative in the stimulus exercise was Cullum's career journey from CIBC summer intern to CEO. This should anchor all external communications, media profiles, and executive positioning — it signals loyalty, institution-building, and authenticity in a way no credential-list can replicate.
Recommendation 02
Humanize Cullum: Add Personal Life Context to His Public Profile
Participants unanimously found the stimulus cards "too corporate." Adding details about where he lives (province), personal interests, and family — in moderate, approachable doses — would close the credibility gap between impressive resume and trusted leader. This applies to all future op-eds, interviews, and media appearances.
Recommendation 03
Position Cullum on Trade & International Economics as His Public Agenda
Initiative H (Canada's international economic relationships) was both the most popular future priority AND the area where participants see bank CEOs as uniquely credible. Cullum's Asian and European work experience provides authentic credentials. In the current US-Canada trade environment, this is a timely and high-visibility space for him to enter publicly.
Recommendation 04
Amplify CIBC's Newcomer Banking Positioning — It's an Underused Asset
Bishop and Zain surfaced CIBC's reputation for immigrant-friendly banking (accessible accounts, rapid credit building) as a genuine differentiator — one that emerged organically without any prompting. This is likely CIBC's most distinctive brand asset in multicultural urban markets and should be surfaced more prominently in brand communications and Cullum's public narrative.
Recommendation 05
Use Named, Verifiable Commitments in All Institutional Messaging
Marc's critique — "prove it" — reflects a broader demand for specificity in executive communications. Naming real organizations (United Way, Sinai Health), real numbers (loan commitments, grants disbursed), and real places (communities served) is far more credible than achievement-summary language. All future messaging should lead with concrete, named initiatives over abstract claims.
Recommendation 06
Proactively Address the "Profits Don't Trickle Down" Perception
The group's sharpest collective challenge to bank CEOs is that record profits benefit shareholders, not communities. Cullum and CIBC should develop a clear, compelling narrative around how CIBC's financial performance translates into tangible public benefit — through inclusive financial access, community investment, and small business support — and communicate it consistently and proactively.