Prime Minister Mark Carney waves following his speech at the Liberal national convention in Montreal on April 11.Christinne Muschi/The Canadian Press
John Turley-Ewart is a contributing columnist for The Globe and Mail, a regulatory compliance consultant and a Canadian banking historian.
Prime Minister Mark Carney is apparently “a riddle wrapped in a mystery inside an enigma,” as Winston Churchill once said of the Russians. One NDP strategist suggests that Mr. Carney’s “magic” is that he isn’t a politician. A former adviser to Justin Trudeau thinks Mr. Carney is a politician, an opportunistic one at that, trading on the Liberal brand to his own electoral advantage.
Author Stephen Maher is telling American audiences reading Time magazine that Mr. Carney’s success has much to do with who he is not, namely Mr. Trudeau. And there are political pundits that promote the notion that he is the man for the moment, that U.S. President Donald Trump “gave rise to [Mr.] Carney and his unique talents.”
There is much to recommend these points of view, yet the lens through which to see Mr. Carney most plainly may be his career as a banker. Success to him looks like closing deals that help achieve the financial goals of clients. In this case, his client is Canada. And the most recent deal he closed is a majority government.
Bank-bashing in Canada can obscure the fact that the work of a good banker can be transformative. Bankers were among the Fathers of Confederation, and many bankers proved the strongest promoters of the Canadian project from its earliest days.
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Frank Pike was one of those bankers. His name is lost to the present, but his contribution isn’t. A Newfoundlander by birth, he moved west to Canada in the late 19th century, learned the sweet spot of the banking profession is relationship-building, complemented it with an aptitude for knowing a good loan from a bad one, mastered mentoring staff and seized opportunities to forge economic communities wherever work took him.
The people of Camrose, Alta., witnessed his abilities firsthand over a five-year period. When town residents learned in 1910 Mr. Pike was moving to Saskatoon, the outpouring spoke to the human touch he gave banking.
He provided loans and gave customers a safe place to deposit savings, sparking economic growth and financial well-being. Mr. Pike established a branch of the Canadian Club, organized the local Board of Trade and was the inspiration behind the Agricultural Society, all efforts to connect Camrose to the wider Albertan and Canadian economy.
Townspeople signed a letter to him that reads: “Our loyalty to your institution is inseparably wrapped up in our personal loyalty to yourself, remembering, as we do, the splendid relations that for the past five years have resulted in such mutual advantage.”
Mr. Carney’s relationship building skills developed as a banker have been on full display since he became Prime Minister. He persuaded King Charles III to come to Canada last year and open the 45th Parliament of Canada, a measure of his influence and ability to push back against Mr. Trump’s effort to undermine Canadian sovereignty.
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Last week, the President of Finland, Alexander Stubb, visited Canada, played a little shinny with Mr. Carney for the cameras and lauded our Prime Minister’s personability. Yet the height of Mr. Carney’s ability to connect involved the recent floor-crossing of Marilyn Gladu.
As observed by The Line’s Jen Gerson in a podcast, the former Conservative MP’s meeting with Mr. Carney during the announcement of her change in political allegiances was revealing. The Prime Minister “mirrored her posture” and made Ms. Gladu feel “really seen and heard,” which Ms. Gladu genuinely projected back for the camera.
She is not alone. For many Canadians, Mr. Carney’s approach to governing has left them feeling seen and heard, including Western premiers. This helps explain the 58 per cent of Canadians who approve of his performance.
Most importantly, at this moment in Canada’s economic story, when a new report from Royal Bank of Canada suggests there is a $1.8-trillion investment opportunity for the country to land over the next decade, Mr. Carney is for the first time in years making business leaders abroad and at home feel “seen and heard.” This September, he plans to host 100 of the world’s biggest investors at a summit to win more investment.
Lisa Baiton, chief executive officer of the Canadian Association of Petroleum Producers, told The Globe and Mail last week that “We have appreciated the change in tenor and approach over this past year. Federally, the focus is on mission rather than ideology, and that makes for … more pragmatic decision-making.”
Camrose didn’t celebrate Mr. Pike because he was a nice guy. He showed his Camrose clients the money when it was time to make deals. He delivered on his word.
With a majority government in place, the test Mr. Carney faces is the measure of a good banker: delivering on one’s word.
