The Globe and Mail reports in its Friday edition that the basic structure of Canada's banking industry is oligopolistic by any measure. The Globe's Konrad Yakabuski writes that Canada's Big Six banks control 85 per cent of banking assets, totalling more than $8-trillion. By comparison, U.S. banks operating subsidiaries or branches in Canada have assets of $113-billion, or about 1.4 per cent of the Big Six total. It is unclear whether President Donald Trump is aware of these figures. Clearly, however, someone on Wall Street, or perhaps even Mr. Trump's own Treasury Secretary Scott Bessent, has complained to him about Canada's protectionist banking rules. "American banks are not allowed to do business in Canada. Can you believe that?" Mr. Trump declared earlier this month. Fact checkers labelled Mr. Trump's statement as untrue. While U.S. banks can operate in Canada, ownership limits and regulations make it hard for them to compete with the Big Six banks, except in niche areas. It seems Mr. Trump suggests that American banks cannot compete on the same terms as at home and aims to change that. A more concentrated, regulated banking sector here has led to less competition and economic dynamism compared with the U.S.