Part 2: The Merchant Loyalty Industrial Complex Collapse  

fsim.ca/docs/Credit_cards_Part_2v4.pdf

Mark Sibthorpe

Since November 2, 2021, Loyalty Ventures Inc.'s (Airmiles) market cap has decreased from $861.42M to $2.11M, a decrease of -99.75%. This compares closely to 2018, when Aimia sold Aeroplan back to Air Canada and partners TD and CIBC for $238 million. For reference, in 2005 Aeroplan launched an IPO valuing it at $2 billion. Related to Aimia’s downfall, it had also previously sold the UK Nectar program to Sainsburys for $120 million, $580 million lower than it paid for Nectar in 2007.

This report digs under the surface and uncovers why loyalty is going the way of the dodo.

Merchants should not waste time fighting card networks  

fsim.ca/docs/Card_fees_ongoing.pdf

Mark Sibthorpe

This is part one of a two part assessment of merchant frustration due to high credit card fees. The second part of this report will outline an alternative approach that merchants can consider. An approach that is a win for them and also for the card networks.

The full story of SVB March 12th, 2023  

fsim.ca/docs/SVB_special_report2.pdf

Mark Sibthorpe

Aggregated news and research related to SVB. Apart from SVB, included in this report is related news with respect to other banks and non-traditional companies looking to add financial services that also appear risky.

March 2023 bank earnings summary  

fsim.ca/docs/bankearningsfriday.pdf

Mark Sibthorpe

This report provides a snapshot into recent bank earnings and related news as published in fsim.ca reports.

Real estate report: October 30th, 2020  

fsim.ca/docs/Oct30rereportv1.pdf

Mark Sibthorpe

The big buzz in real estate recently is Mark Carney being scooped up by Brookfield. This means more juice for riskier borrowers. Brookfield, a huge player in real estate, both residential and commercial, recently bought its remaining shares from Sagen (Genworth MI Canada), which values the company at $3.8 bn.

VersaBank’s New High-Security VPN Proving Especially Valuable During COVID-19 Pandemic  

fsim.ca/docs/TailscaleReleaseMarch30FINAL.pdf

Press Release

2014 FSIM when Bernanke visited Montreal  

fsim.ca/docs/MockBernanke.pdf

Mark Sibthorpe

Considering Bernanke is hated by the Republicans and hated even more by the Democrats, and is currently under scrutiny for saving AIG but not Lehman, (in hindsight) with respect to issues over solvency vs liquidity, the Montreal lovefest attended by 1,100 people yesterday must have been a welcome respite. Click the link to read the entire 2014 report.

Eisman's big Canadian bank short  

fsim.ca/docs/eisman2.pdf

Mark Sibthorpe

I have been reporting on Steve Eisman's short position for quite some time.  As the analyst reaction to Eisman shows (link below), Eisman has taken a lot of heat for shorting Canadian banks. Instead of capitulating, in September 2019 he publicly disclosed the fact that he added Canadian Tire to his position, He explains the rationale for this in a BNN interview late 2019. Essentially, his big concern with respect to banks was non-performing loans in Alberta. He feels Canadian bank CEOs are not prepared for a credit cycle. He specifically referenced ATB (a private bank) in discussing his concerns. Looking at the numbers today, my guess is that he has made off like a bandit.

VersaBank Beta-Testing Its New, High Volume Mortgage Finance App   

fsim.ca/docs/VBCortelMortFinanceAppFeb62020.pdf

Press Release

VersaBank announces it is initiating beta-testing on its newly developed high-volume mortgage software app with the Cortel Group, one of Canada’s largest home and condominium builders. The app, named “Direct Connect”, was designed to facilitate and significantly reduce the lengthy finance approval process typically experienced by home buyers when visiting home and condo pre-construction sales offices.

How and why you need to defend your brand against disruptors  

Mark Sibthorpe

Technology, and being open to opportunities, has preempted transformation in banking. At the top of change are Mint, PayPal and ApplePay; three examples of transformative solutions that are now ubiquitous. On the horizon: Uber and Google, both having recently announced partner based banking services. Further down in the plumbing is Duca Impact Labs, Versabank, and Revolut. This report shows how cost conscious FIs can, not only stay relevant in the face of adversity, but punch well above their weight. All thanks to creative thinking and the ongoing commoditization of technology.

Kick the can(nomics)  

fsim.ca/docs/Kick.pdf

Mark Sibthorpe

Canada has used consumer debt to provide life support to the economy. This strategy which basically pushed the day of reckoning to the next government was old back in 2014, and now is well past its sell-by-date. Recognizing this, and desperate to keep the economy out of a recession, Trudeau is spending more money now than any government in Canadian history. This report disusses a possible alternative.

ScoreCard Bill Morneau, Canada's Minister of Finance  

fsim.ca/docs/ScoreCardMorneau.pdf

Mark Sibthorpe

This report is a scorecard I designed in order to rank the performance of the current Minister of Finance, Bill Morneau. I do regular rankings because, otherwise, I cannot measure the performance in a meaningful way. The scoring is based on a variety of metrics as detailed on the ‘score-table’ on page 3. Examples of the criteria and weighting include:

Observations and overview of 2018 NB flood support from government and insurance companies.  

fsim.ca/docs/Observations and overview of 2018 NB flood support from government and insurance companies..pdf

Mark Sibthorpe

Flood aftermath is linked to post traumatic stress. Here are some findings from a study conducted by Queensland University following a flood:

"The findings showed that aftermath stress contributed to poor mental health outcomes over and above the flood itself, prior mental health issues and demographic factors," Ms Dixon said.

"Aftermath stress was the strongest predictor of post-traumatic stress symptoms with 75 per cent of people saying the most difficult aspect was the aftermath and dealing with insurance companies," she said.

With this in mind, I felt it was important to understand how New Brunswick flood victims were treated.

Update Argentina: a sign of the times  

fsim.ca/docs/Update Argentina_ a sign of the times.pdf

Mark Sibthorpe

Argentina is in the news daily because the situation is dire, and may be an indication of further contagion. The most dramatic story that speaks of the a leading cause of its troubles was the recent arrest of the public works secretary, Jose Lopez. June 15th he was caught hiding millions in cash in a monastery. No this is not a plot for a comedy.

Summary of Canada's flood news, 2017 to present  

fsim.ca/docs/Summary-of-flood-news-2017-present.pdf

Mark Sibthorpe

This report covers flood news in Canada from 2017 to present and highlights the relevent issues for home-owners and the insurance industry.

Banking on Pot  

fsim.ca/docs/c10191_banking-on-pot.pdf

SBS

As states across the US legalize marijuana for both medicinal and recreational purposes, it has fueled a growing industry of marijuana related businesses (MRBs).

Canadian banking industry overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

Introduction
Small banks
Small medium sized banks
Medium sized banks
Medium large banks

2014 Mobile payments the Apple pay way  

fsim.ca/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

With Walmart Pay about to userp Apple Pay, I thought I would share my 2014 book on mobile payments and loyalty. The guilde was written for Merchants that want to understand loyalty, credit, mobile payments and Apple Pay, but anyone involved with credit and loyalty might find it useful.
The book is a prelude to Walmart leaving MCX, and chronicles the evolution that led to Walmart Pay. There is an extensive case study of Walmart that looks into its efforts to become an ILC and to avoid paying credit card transaction fees ('merchant discount').
It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and industry facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives. 

Death to bitcoin, long live the blockchain   (See full report)

Mark Sibthorpe

Jamie Dimon calls bitcoin a fraud used by criminals, yet he has jumped into the blockchain with both feet.

TD bank industry conduct  

fsim.ca/docs/tdind2.pdf

Mark Sibthorpe

TD’s share price recently collapsed by $7 bn in one day due to CBC’s allegations of aggressive selling tactics. A huge fall from a bank that was trading at a premium as recently as January. This was even before the most recent allegation of TD attempting to avoid paying taxes on advertising.
This report chronicles the events leading up to the collapse, shows TD's performance, analyses other related issues.

Book review: Back from the Brink  

fsim.ca/docs/backbrink.pdf

Mark Sibthorpe

This is a book review of the book Back from the Brink by Paul Halpern, Caroline Cakebread, Christopher C. Nicholls and Poonam Puri.

Footnote 151  

fsim.ca/docs/footnote151.pdf

Mark Sibthorpe

Footnote 151 implies an important regulatory change related to derivative contracts. It means that US Banks will not be required to hold as much capital against commodities. If you want to understand the implications of this regulatory change in more detail, see the enclosed related article detailing the changes. For contextual purposes, I have also included two Rolling Stones Magazines reports from 2010 and 2014 that chronicle the role large US banks have played in manipulating commodities. You might question the credibility of these sources, but rest assured, these reports are based on United States Senate hearings which outline the issues in a 396 page report related to the implied risks. 

Save the Canadian economy now  

fsim.ca/docs/helecopter-money.pdf

Mark Sibthorpe

Consumer debt spending appears to have insulated Canada from the worst of the credit crisis, but now the alarming magnitude of consumer debt ($1.92-trillion) could exacerbate a day of reckoning.
This report assesses the issues at hand and recommends the solution to get Canada's economy on track.

Reasons financial service companies should consider gamification  

fsim.ca/docs/GamingEventProposal-printsample--en-final.pdf

Mark Sibthorpe

Gamification of business processes resulted on Mint.com growing to 10 million users within 4 years. This report explains how.

National Bank Special Report  

fsim.ca/docs/NatBSpec.pdf

Mark Sibthorpe

According to Bloomberg, National Bank of Canada will take a C$64 million ($48 million) restructuring charge in the fourth quarter and said its investment in Maple Financial Group Inc., which is being probed by German regulators, may be at risk of a “substantial loss.”

Will Canadian banks charge companies for deposits?  

fsim.ca/docs/depgrowthimpact2.pdf

Mark Sibthorpe

In light of today’s possible rate cut, this report discusses how a bank rate cut and capital ratio pressure could precipitate negative corporate deposit interest rates in Canada.

Canadian Tire's (CTC) - Canadian Tire Financial Services (CTFS) Scotia deal overview and risk assess  

fsim.ca/docs/ctfsfinal.pdf

Mark Sibthorpe

Review of the Canadian Tire Financial Services deal with Scotiabank, risks, opportunity and benefits.

Finance minisiter scorecard August 26, 2015  

fsim.ca/docs/Scorejo-August-2015.pdf

Mark Sibthorpe

This report looks at Joe Oliver, minister of finance’s progress to date, and assigns a grade to his government’s performance to date.

Xtreme Branch  

fsim.ca/docs/xbranch.pdf

Mark Sibthorpe

Branches are evolving to meet the digital age. This documents tracks the evolution with real-world examples.

Canadian Nudge  

fsim.ca/docs/nudge.pdf

Mark Sibthorpe

CWB cause for concern  

fsim.ca/docs/cwbupdate.pdf

Mark Sibthorpe

BNTV Overview  

fsim.ca/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

• Analytics
• Financial services industry monitor (FSIM) industry briefings and developments reports
• Research

Challenger banks not a threat to big banks  

fsim.ca/docs/challenger.pdf

Mark Sibthorpe

This report looks at Canadian challenger banks (apart from merchant led banks) and explains why they have not threatened larger institutions. It also looks at ways in which these upstarts have achieved success.

Gamification of financial data project  

fsim.ca/docs/GamingEventProposal-printsample--en-final_original.pdf

Mark Sibthorpe

This document contains details on how BankNews.TV is helping kids learn programming via gamification of financial data.

The impact a rate rise will have for Canadian banks  

fsim.ca/docs/irr-f.pdf

Mark Sibthorpe

Canadian banks have made money throughout the credit crisis, but this trend may be about to reverse. The rational supporting this prediction is that revenue has grown despite a declining net interest margin (NIM). It has grown in spite of this fact because Canadian debt (loan lease volume) has risen significantly, as shown in chart 2.

FIFA: the new goldenballs  

fsim.ca/docs/goldenballs.pdf

Mark Sibthorpe

Yesterday, the Attorney General of Switzerland (OAG) opened criminal proceedings related to the FIFA scandal. This report outlines some of the events related to the criminal investigation, with a particular focus on banking.

Scorecard Minister of Finance: JIm Flaherty  

fsim.ca/docs/Scorecard Min Fin Flaherty April 8 2014.pdf

Mark Sibthorpe

March 18, Finance Minister Jim Flaherty resigned from cabinet after having endured a difficult year due to health issues. This report looks at his legacy and attempts to grade his government’s performance to date.

Sample RFP for a Loyalty Program  

fsim.ca/docs/sample RFP for a loyalty program.pdf

Mark Sibthorpe

Merchants extend financial services  

fsim.ca/docs/merchantfs.pdf

Mark Sibthorpe

Merchant led financial services are growing in importance once again. This is exemplified in the ongoing UK rivalry between ASDA, Sainsbury and Tesco. Together these merchant/financial service companies provide the backstop for three different approaches for merchants looking to extend their financial services.

Hot Money: real-estate  

fsim.ca/docs/hotmoney.pdf

Mark Sibthorpe

Currency Cheat Sheet: a guide for the rest of us  

fsim.ca/docs/currencycheatsheet.pdf

Mark Sibthorpe

Riches to Rags? Summary of possible risks for Genworth MI CANADA, INC.  

fsim.ca/docs/gq4risk.pdf

Mark Sibthorpe

Genworth had its Q4 2014 earnings call. Genworth own about 30% of the mortgage default insurance in Canada. Not surprisingly, the earnings call became focussed on Alberta; and for good reason, with 20% of its outstanding insured mortgage balance in Alberta, sensitivity to the oil shock and how Genworth plan to manage related risks were discussed in detail.

Canadian Western Bank Competitive Forecast  

fsim.ca/docs/cwbf.pdf

Mark Sibthorpe

Based on historical financial data (see detailed charts pages 5-8), the oil based recession in Alberta, and comparison against two of its peers, this document outlines my observation with respect to CWB’s future performances.

Liquid Canada: the tipping point  

fsim.ca/docs/Liquid.pdf

Mark Sibthorpe

This report examines liquidity issues in the Canadian financial service industry.

Bank Fees  

fsim.ca/docs/Bank fees.pdf

Mark Sibthorpe

Recently the CBC and The Globe and Mail both reported on what has been referred to as a consumer “bank fee outcry”. CBC compares banks to cable and phone companies, standing accused of trying to gouge customers with service fees. The backlash appears to have originated in conjunction with the NDP and the Consumers Council of Canada which argues that there is anxiety ‘among consumers about banking fees’.

Cheap Oil Report  

fsim.ca/docs/co2.pdf

Canada's Economy, a strategic solution  

fsim.ca/docs/ces.pdf

Mobile Payments Blueprint: guide to credit and loyalty transformation for merchants  

fsim.ca/docs/booksample.pdf

Guide to system selection  

fsim.ca/docs/gssnow.pdf

Read sample report: Guide to system selection. This sample would normally cost $99 but is available free as a sample. Click here view sample report.

SCOTIABANK SAYS TECHNICAL GLITCH THAT DISRUPTED DIRECT DEPOSIT, CHEQUE PAYMENTS HAS BEEN RESOLVED

G&M (2026-01-28)

“We are deeply sorry for the inconvenience the earlier technical issue has had on our clients, and sincerely appreciate their patience as we worked through this,” Ms.

NATIONAL BANK CEO SAYS NEXT PRIME MINISTER MUST OVERHAUL EMISSIONS CAP AND ENERGY ASSESSMENT RULES

G&M (2025-04-24)

National Bank of Canada chief executive officer Laurent Ferreira says the next prime minister should overhaul the federal emissions cap and the impact assessment on energy and natural resource projects. As

HARD-WON VICTORY FOR RBC RETIREES REFLECTS A BIGGER PROBLEM WITH PRIVATE PENSION PLANS

G&M - ERICA ALINI AND MEERA RAMAN (2025-04-24)

Jim Laughlin might see his Royal Bank pension increase next year – for the first time in almost a quarter-century. The

FIRST-TIME HOMEBUYERS IN ONTARIO ARE GETTING OLDER, AND FAST

G&M - Jason Kirby (2025-04-24)

The typical first-time homebuyer in Ontario is now close to five years older than they were just a decade ago as eroding affordability forces buyers to delay their transition to ownership. In

FIXED MORTGAGE RATES ARE RISING. HERE’S WHAT CANADIAN BORROWERS SHOULD KNOW

G&M (2025-04-24)

Mortgage shoppers who haven’t already locked in could be regretting it as fresh tariff confusion pushes bond yields and fixed mortgage rates higher. While

PRINCIPAL FINANCIAL'S PROFIT RISES ON HIGHER PREMIUMS, FEE INCOME

Yahoo Finance (2025-04-24)

Fees and other revenue rose to $1.08

NEW BRUNSWICK, NEWFOUNDLAND AND LABRADOR SIGN AGREEMENT TO KNOCK DOWN TRADE BARRIERS

Yahoo Finance (2025-04-24)

"This is a time when the U.S.

SCOTIABANK ECONOMISTS SLAM BOTH MAJOR PARTY PLATFORMS IN CANADA

BNN (2025-04-24)

“Neither party is running on fiscal austerity,” Young wrote, adding that Conservative Leader Pierre Poilievre’s deficits are “marginally tighter” than the baseline projected by the Parliamentary Budget Officer in March — if one includes the generous revenue assumptions.

CANADA IPO BANKERS HAIL ‘REVOLUTIONARY’ NEW FUNDRAISING RULE

FP (2025-04-24)

Investment bankers are applauding steps taken by Canada’s securities regulators to make it easier to do initial public offerings, and to raise money afterwards. At

YUKON LAUNCHES FIRST-TIME HOMEBUYER LOAN PROGRAM TO PAY UP TO HALF OF DOWN PAYMENTS

BNN (2025-04-24)

Premier Ranj Pillai says in a statement that the program is meant to cover a gap between a first-time homebuyer’s savings and the barrier created by a high down-payment amount, especially when buyers may also be paying rent on their current home.

CANADA LOST 370K PAYROLL JOBS AS TARIFF CONFLICT BEGAN… OR GAINED 80K

Better Dwelling (2025-04-24)

When the narrative doesn’t match the data, it’s time to check the unadjusted data.

WSJ MARKETTALK

WSJ (2025-04-24)

People may be buying fewer airline tickets, but they’re still racking up spending on airline credit cards.

RBC HIRES JPMORGAN’S WAGNER AS HEAD OF PRIVATE CAPITAL MARKETS

BNN (2025-04-23)

Wagner is set to join the Canadian lender’s investment-banking arm, RBC Capital Markets, after a period of gardening leave, reporting to Jim Wolfe, head of global investment-banking capital markets, some of the people said, asking not to be identified discussing confidential information.

BILLIONAIRE PAULSON SAYS CENTRAL BANKS WILL KEEP BUYING GOLD

BNN (2025-04-23)

“The trend will continue, and the voracity of that trend will depend on political developments,” Paulson said in an interview.

GOOGLE IS TWICE A MONOPOLIST. FIXING IT WILL BE THE HARD PART

BNN - Josh Sisco (2025-04-23)

U.S.

CARNEY’S LIBERALS HOLD NARROW LEAD WITH SIX DAYS LEFT BEFORE CANADA ELECTION

Bloomberg (2025-04-23)

Mark Carney’s Liberal Party is holding on to a narrow lead in opinion surveys with less than a week to go before Canada’s election, as US tariff threats remain a top issue in the campaign. Among

EASING LEVERAGE LIMITS ON BANKS COULD BACKFIRE

FT (2025-04-23)

US Treasury Secretary Scott Bessent has said he wants to deregulate the financial system responsibly. He

TIME TO THINK THE UNTHINKABLE ABOUT BANK REGULATION

FT (2025-04-23)

The bank supervisors of the world are, through speeches and “Dear CEO” letters, warning their charges of the need to prepare for elevated geopolitical risk.

UNPACKING THE BANK OF CANADA'S PAUSE: FP VIDEO TALKS TO THE ECONOMISTS

FP (2025-04-23)

FP Video’s Larysa Harapyn also spoke with mortgage broker Ron Bulter about what it will take to get Canada’s “muted” housing market moving.

LIBRO CREDIT UNION REPORTS STRONG YEAR, FOCUSED ON FINANCIAL WELL-BEING

Libro Credit Union (2025-04-23)

Net income before profit-sharing and taxes of $28.6

VERSABANK'S 2025 ANNUAL MEETING ON APRIL 24 TO BE LIVESTREAMED FROM NASDAQ MARKETSITE IN NEW YORK CITY / BANK TO RING NASDAQ CLOSING BELL APRIL 25

VersaBank (2025-04-23)

Versabaml announced its upcoming annual meeting of shareholders (the "Meeting") will be held at the VersaBank Innovation Centre of Excellence, 1979 Otter Place, London, Ontario on Thursday, April 24, 2025 at 10:30 a.m.

QUEBEC JUDGE ORDERS AIR CANADA TO PAY PASSENGERS $10-MILLION IN DAMAGES AFTER CLASS ACTION

G&M (2025-04-23)

The Quebec Court of Appeal has ordered Air Canada AC-T to pay passengers more than $10 million in damages in a class-action lawsuit that alleged they charged more than the ticket price advertised. In

ONTARIO SECURITIES COMMISSION CRIMINALLY CHARGES THREE DIRECTORS OF BANKNOTE CAPITAL INC. WITH FRAUD

G&M (2025-04-23)

Ontario’s securities watchdog has criminally charged three directors of Banknote Capital Inc.

BESSENT SAYS IMF AND WORLD BANK NEED REFORM AND THERE'S AN 'OPPORTUNITY FOR A BIG DEAL' WITH CHINA

Yahoo Finance (2025-04-23)

Treasury Secretary Scott Bessent leveled harsh criticism at the operations of the World Bank and the International Monetary Fund on Wednesday even as he tried to reassure nervous investors that the United States would maintain its global leadership role.

WALL STREET MISSED WARNING SIGNS AHEAD OF $1 BILLION FINTECH IMPLOSION

Bloomberg - Donal Griffin and Lucca De Paoli (2025-04-23)

Big banks like Citigroup and Natixis thought they were backing a $1 billion fintech darling.

CANADIAN REAL ESTATE SHORTAGE OVERSTATED, CONDOS WON’T FIX COSTS: BMO

Better Dwelling (2025-04-23)

“Indeed, the number of people per unit has risen over the past three years, driven by population growth… in order to return the ratio in the chart to 2016 levels, Canada needs another 600k units,” explains Reitzes.

WHAT EACH PARTY’S ELECTION PLEDGES WILL COST

Investment Executive (2025-04-23)

The Liberal Party plans to introduce $129 billion of new spending and $52 billion of revenue and savings in the next four years, adding $219 billion to the federal debt over the same period. The

NATIONAL BANK SIGNS DEAL TO BUY PGM GLOBAL HOLDINGS

Investment Executive (2025-04-23)

National Bank also says PGM Global’s dual registration with both the Canadian Investment Regulatory Organization and the Financial Industry Regulatory Authority in the U.S.

TRUMP’S TIRADE AGAINST FED CHAIR POWELL ROILS MARKETS AS INVESTORS QUESTION ENDGAME

G&M - Tim Kiladze and Darcy Keith (2025-04-22)

U.S.

LAWSUITS ACCUSE INSURERS OF COLLUDING TO DROP COVERAGE IN FIRE-PRONE PARTS OF CALIFORNIA

G&M (2025-04-22)

Two lawsuits filed in Los Angeles allege major home insurance companies have colluded to limit coverage in California communities at high risk for wildfires and force homeowners onto the state’s last-resort insurance plan that offers basic coverage and high premiums. Insurers,

VERSABANK ADDS SECOND US RPP PARTNER; RAPIDLY SURPASSES US$70 MILLION IN US RPP ASSETS IN JUST 75 DAYS

VersaBank (2025-04-22)

"Our US RPP assets are growing faster than expected," said David Taylor, President and Chief Executive Officer, VersaBank.

BMO PULLS OUT OF MUTUAL FUND PARTNERSHIP WITH U.S. TECH INVESTOR CATHIE WOOD

G&M - Clare O'Hara (2025-04-22)

Bank of Montreal’s BMO-T asset management arm has ended its ill-timed partnership with Cathie Wood, the prominent U.S.

DOLLAR CLOSE TO MULTI-YEAR LOWS VERSUS EURO, SWISS FRANC AS TRUMP ATTACKS THE FED

Yahoo Finance (2025-04-22)

Trump ramped up his criticism of Fed chief Jerome Powell on Monday, calling him a "major loser" and demanding that he lower interest rates "NOW" or risk an economic slowdown.

‘STILL GOING UP’: ANALYST SEES GOLD-BUYING TREND CONTINUING

BNN - Jordan Fleguel (2025-04-22)

“If the U.S.

NVIDIA INVESTORS BALK AT BEATEN DOWN VALUATION AS RISKS MOUNT

BNN (2025-04-22)

“The outlook isn’t as compelling as it was, and you really have to make a lot of assumptions here, about tariffs, China, hyperscalers, the macro,” said Krishna Chintalapalli, portfolio manager and tech sector head at Parnassus Investments.

CANADIAN HOUSING STARTS COLLAPSE AS ONTARIO FALLS TO 2009 LEVELS

Better Dwelling (2025-04-22)

The country’s largest (& most expensive) province has seen housing demand completely collapse.

BMO AND LINK INVESTMENT MANAGEMENT INC. LAUNCH NEW WORKPLACE SAVINGS PLATFORM

Yahoo Finance (2025-04-22)

The online enrollment process guides plan holders through a series of questions to determine their risk profile, time horizon and investment objectives, which are used to recommend an investment portfolio comprised of BMO ETFs.

DOW HEADED FOR WORST APRIL SINCE 1932 AS INVESTORS SEND ‘NO CONFIDENCE’ SIGNAL

WSJ - Hannah Erin Lang (2025-04-22)

The Dow Jones Industrial Average shed almost 1,000 points on Monday and is headed for its worst April performance since 1932, according to Dow Jones Market Data.

HOW LONG WILL BIG U.S. BANKS CONTINUE TO LEAD THE WORLD?

WSJ - Telis Demos (2025-04-22)

America is the China of banking. While

BANK TRADING DESKS ARE MINTING MONEY FROM TRUMP’S TARIFF CHAOS

WSJ - Annamaria Androitis (2025-04-22)

Wall Street is raking in even more money from trading than it did during the market’s Covid-19 era swings. Goldman

CAPITAL ONE’S $35 BILLION DEAL FOR DISCOVER GETS THE GREEN LIGHT

WSJ - Gina Heeb (2025-04-22)

A marriage of two of the country’s biggest credit-card issuers is moving forward. Capital

CAPITAL ONE PROFIT RISES 10%, HELPED BY RESILIENT CONSUMERS

Yahoo Finance - Paige Smith (2025-04-22)

“The US consumer remains a source of strength in the economy,” Capital One Chief Executive Officer Richard Fairbank said in a conference call with analysts.

A COURT IN IVORY COAST REMOVES A FORMER CREDIT SUISSE CEO FROM THE PRESIDENTIAL BALLOT

Yahoo Finance (2025-04-22)

A court in Ivory Coast ruled on Tuesday that Tidjane Thiam, a former CEO of Credit Suisse, is not eligible to run for president because of his dual Ivorian-French nationality, according to a lawyer representing him.

TRUMP SAYS HE HAS 'NO INTENTION' OF FIRING FEDERAL RESERVE CHAIR

Yahoo Finance (2025-04-22)

The U.S.

CANADA TO BECOME A DYSTOPIAN NIGHTMARE, HOUSEHOLDS WILL FLEE: GOV REPORT

Better Dwelling (2025-04-22)

Then there’s a more troubling thought—this may be exactly the path some policymakers want, and doubling down on the problem and pitching it as a solution is the desired outcome.

HERE’S WHY YOUNG PEOPLE AREN’T BECOMING FINANCIAL ADVISORS

Investment Executive - Kevin Press (2025-04-22)

One of the reasons 20-somethings tend not to appreciate the value of financial advice is because their own financial lives are uncomplicated.

CARD COMPANIES GET READY FOR A WORSENING ECONOMY

WSJ (2025-04-22)

The effects of President Trump’s trade war haven’t yet shown up in the financial results of the largest lenders, whose businesses provide a window into Americans’ spending habits.

HOME EQUITY WILL STAY TAX-FREE IN CONSERVATIVE GOVERNMENT, POILIEVRE PROMISES RETIREES

Mortgage Broker News (2025-04-22)

Pierre Poilievre says a Conservative government would never impose a tax on home equity, warning that the Liberals could consider it to fund spending plans, claims the Liberals strongly deny.

U.S. FEDERAL RESERVE CAN WAIT ON ANY INTEREST RATE MOVES, POWELL SAYS

G&M - Christopher Rugaber (2025-04-17)

“As that great Chicagoan Ferris Bueller once noted, `Life moves pretty fast,’” Powell said in a speech to the Economic Club of Chicago.

‘THE RALLY HAS BECOME A BIT UNHINGED’: GOLD ZOOMS PAST $3,300 AS INVESTORS SEEK SHELTER FROM TARIFF WAR

G&M - Brijesh Patel (2025-04-17)

Gold prices extended their record run on Wednesday to breach $3,300 per ounce, as a weaker dollar and escalating U.S.-China

TD BANK CLOSED ACCOUNTS OF PRO-CHINA GROUP, EX-LIBERAL MP HAN DONG, RECORDS SHOW

G&M - Robert Fife, Steven Chase (2025-04-17)

Toronto-Dominion Bank closed down the accounts of a pro-Beijing organization on suspicion of money laundering in the spring of 2023, and shuttered the joint account of then-sitting MP Han Dong without explanation, according to confidential documents. Records

BANK OF CANADA HOLDS KEY INTEREST RATE STEADY AMID TARIFF UNCERTAINTY, EVEN AS ECONOMISTS SEE FURTHER CUTS AHEAD

Yahoo Finance - John MacFarlane, Jeff Lagerquist (2025-04-17)

"What happens with inflation will depend importantly on what happens with tariffs," Macklem said.

MORE CANADIANS ARE 'UNDERWATER' ON THEIR VEHICLES AND MAY HAVE NO IDEA ABOUT IT

Yahoo Finance - Gabriel Friedman (2025-04-17)

“What you have are these people that show up to try to sell their car and they’re expecting a cheque to put money in their pockets,” he said.

BEST CREDIT CARD FOR GAS REWARDS: HOW TO SAVE AT THE PUMP

Yahoo Finance (2025-04-17)

Credit-card issuers like American Express (AXP), Bank of America (BAC), and Wells Fargo (WFC) offer cash-back rates at gas stations for some of their most popular rewards credit cards.

‘CONFUSED’: BANK OF CANADA FACING CALLS IT SHOULD HAVE CUT AMID INFLATION, GROWTH RISKS

BNN - Daniel Johnson (2025-04-17)

“They decided to hold, so to us it tells us that the Bank of Canada is equally weighting, at this point, the downside risk to growth against the upside risk to inflation.

RATE HOLD MEANS STATUS QUO FOR CANADA’S STRUGGLING HOUSING MARKET: EXPERTS

BNN (2025-04-17)

Ratesdotca mortgage and real estate expert Victor Tran said the current economic environment is not inspiring consumer confidence in large purchases, such as a mortgage on a home, and the Bank of Canada’s rate hold won’t do much to change that.

TEXT OF THE BANK OF CANADA’S LATEST INTEREST RATE DECISION

Investment Executive (2025-04-17)

In Canada, the economy is slowing as tariff announcements and uncertainty pull down consumer and business confidence.

BRITAIN'S AUDIT WATCHDOG PROBES EY OVER POST OFFICE SCANDAL

Reuters (2025-04-17)

“We have been notified of the FRC’s intention to open an investigation into the EY audits of Post Office Limited for the financial years ending March 2015 – March 2018," a spokesperson for EY said.

REGULATORY SNAG IN BNP’S AXA IM BID MAY CAST DOUBT ON SIMILAR DEALS, SOURCES SAY

Reuters - Mathieu Rosemain and Charlie Conchie (2025-04-17)

BNP Paribas, opens new tab embarked on a 5.1

TODAY’S HOT BANKING BUSINESS IS LENDING TO LENDERS

WSJ - Telis Demos (2025-04-17)

Once again, banks are struggling to expand their loan books.

THE PAY-ME-NOW ECONOMY: HOW CONSUMERS ARE DRIVING INSTANT DISBURSEMENTS

Pymnts (2025-04-17)

Consumers are no longer willing to wait.

CREDIT UNIONS CAPITALIZE ON CONSUMER TRUST TO BOOST GROWTH

Pymnts (2025-04-17)

More CUs are forging ahead with mobile-centric rewards tied to those cards, digital payments and budgeting and transaction management offerings.

BANK OF CANADA LIKELY TO PAUSE TO ASSESS TARIFF HIT: DECISION GUIDE

BNN (2025-04-16)

“As a result of the broad uncertainty, coupled with a better-than-feared outcome on Liberation Day, we do not expect the Bank of Canada to cut rates on Wednesday,” Ian Pollick, global head of fixed income, currency and commodities strategy for Canadian Imperial Bank of Commerce, said in an interview.

BARCLAYS CLOSE TO SELLING STAKE IN PAYMENTS UNIT TO BROOKFIELD

Bloomberg (2025-04-16)

A deal would see Barclays following the footsteps of many of its European rivals in trimming their stakes or even exiting these businesses that handle electronic payments.

CMHC REPORTS ANNUAL PACE OF HOUSING STARTS SLOWED IN MARCH

BNN (2025-04-16)

The annual pace of starts of single-detached homes in centres with a population of 10,000 or greater rose one per cent to 43,012 in March, while the rate of starts of all other homes in centres with a population of 10,000 or greater fell four per cent to 160,273.

TREASURIES FALL WITH KEY GAUGE OF RISK REACHING DECADE HIGH

Bloomberg (2025-04-16)

“There are real fundamental concerns driving yields higher, rather than just investors exiting positions amid market volatility,” Ed Yardeni, the founder of Yardeni Research in New York, wrote in a note.

WHAT THE BANK OF CANADA INTEREST RATE DECISION ON WEDNESDAY COULD MEAN FOR A HOUSING MARKET HIT BY TRUMP TARIFF UNCERTAINTY

Yahoo Finance - John MacFarlane (2025-04-16)

The limited activity happening in the market is largely by people earning significant salaries who can handle economic turbulence, says Ron Butler, a mortgage broker at Butler Mortgage.

BIG BANKS MAINTAIN 'THE SKY IS NOT FALLING' AMID TRUMP TARIFF TURMOIL. SO FAR.

Yahoo Finance - David Hollerith (2025-04-16)

Many banks said their consumer customers were still spending, defaults were still manageable, and businesses were not experiencing distress despite the uncertainty about the months ahead.

CANADIAN REAL ESTATE PRICES HIT MULTI-MONTH HIGH, DEMAND WEAKEST SINCE 2009

Better Dwelling (2025-04-16)

Canadian existing home prices hit a new multi-month high.

BORING MONEY MARKET FUNDS FACE INNOVATION: MOODY’S

Investment Executive (2025-04-16)

However, these new vehicles that offer the same basic proposition as traditional funds — low risk and high liquidity — also come with the added benefits of “greater flexibility, transparency and lower costs than traditional MMFs.”

CITIGROUP PROFIT BEATS ESTIMATES, MOVES TOWARD TARGET AS TRADING REVENUE JUMPS

Reuters (2025-04-16)

Citigroup's return on tangible common equity, a closely watched profitability gauge, reached 9% in the first quarter, moving closer to its goal of 10% to 11% next year. Shares

JUDGE SCRAPS US RULE CAPPING CREDIT CARD LATE FEES AT $8

Reuters (2025-04-16)

Pittman, an appointee of President Donald Trump, agreed with both sides that the rule violated the Credit Card Accountability and Disclosure Act of 2009 because it prohibited card issuers from charging fees "reasonable and proportional to violations." The

CIBC LAUNCHES SPONSORSHIP OF TORONTO’S WNBA TEAM

G&M - Andrew Willis (2025-04-15)

The WNBA’s Toronto Tempo has scored a sponsorship from Canadian Imperial Bank of Commerce, with the bank backing the team’s drive to become a national champion in women’s basketball. Canadian

BRITAIN'S FINANCIAL WATCHDOG SETS UP IN US AND ASIA TO ATTRACT FIRMS TO UK

Yahoo Finance (2025-04-15)

Britain's Financial Conduct Authority has appointed staff in the United States and the Asia-Pacific region for the first time, to help overseas firms to enter the British market and boost exports of UK financial services, the watchdog said on Tuesday.

WHY EVERYONE IS WORRIED ABOUT THE BOND MARKET — ESPECIALLY DONALD TRUMP

Yahoo Finance (2025-04-15)

Immediately after Trump’s April 2 announcement of sweeping “reciprocal” tariffs on U.S.

BANK CLIMATE GROUP WINS ‘OVERWHELMING SUPPORT’ FOR NEW DIRECTION

Bloomberg - Alistair Marsh (2025-04-15)

Most banks in the industry’s biggest climate alliance endorsed a proposal that will refocus the group on providing financial support for the energy transition and also hold signatories to a less stringent standard for reducing the emissions enabled by their lending. Shargiil

CANADIAN INCOME INEQUALITY HITS A HIGH, ECONOMIC MOBILITY DISAPPEARS

Better Dwelling (2025-04-15)

A widening income gap is also a problem for everyone, even those at the top of the food chain.

PRODUCT ROUNDUP: HARVEST BANKS ON NEW LOW-VOLATILITY ETFS

Investment Executive - Noushin Ziafati (2025-04-15)

Harvest’s portfolio management team will select 40 stocks for HVOL and HVOI based on a few screens: they must have low beta risk ratings, they must be large or mid-capitalization Canadian equities, and they must have low historical and potential volatility, Heakes said.

BMO DEFENDS CLIMATE EFFORTS

Investment Executive (2025-04-15)

BMO chief executive Darryl White said the bank is committed to being the lead partner for companies in the energy transition, and part of that means meeting with energy advocates on both sides.

JUDGE ORDERS BANK OF AMERICA TO PAY $540 MILLION IN FDIC LAWSUIT

Reuters (2025-04-15)

The FDIC sued Charlotte, North Carolina-based Bank of America for $1.12

AIMCO STOPS NON-ESSENTIAL BUSINESS TRIPS TO U.S. AMID TRADE WAR

FP - Layan Odeh and Paula Sambo (2025-04-15)

Employees can no longer travel to attend conferences or speaking events in the U.S.,

CANADIAN PENSIONS TARGET EUROPE AS TRUMP SHAKES UP WORLD ORDER

FP - Layan Odeh (2025-04-15)

Trump has launched a global trade war without precedent, imposing 10 per cent tariffs on dozens of countries and putting 145 per cent levies on goods from China, while also upending longstanding security and trade alliances with European nations and other allies, including Canada.

CANADIAN INFLATION SURPRISINGLY EASES AHEAD OF COIN-TOSS BANK OF CANADA RATE DECISION

G&M - Matt Lundy (2025-04-15)

Canada’s inflation rate surprisingly cooled in March as travel-related prices fell during the month, setting up a hotly debated Bank of Canada interest rate decision on Wednesday that is clouded by the trade war. The

BANK OF CANADA FACES A CLOSE-CALL RATE DECISION AS IT STARES DOWN ECONOMIC TURBULENCE

G&M (2025-04-14)

The Bank of Canada is facing a tricky interest rate decision this week against the backdrop of roiling financial markets, a federal election and erratic U.S.

MORGAN STANLEY, CITI CUT US EARNINGS ESTIMATES AS SEASON STARTS

Yahoo Finance (2025-04-14)

Citi’s head of US equity strategy, Scott Chronert lowered his 2025 prediction for the S&P 500 to 5,800 from 6,500, predicated on earnings of $255 a share for companies in the index, down from a previous $270 projection.

ARGENTINA'S PESO: WHERE'S THE CURRENCY HEADED AFTER FX REGIME OVERHAUL?

Yahoo Finance - Jorga Otaola (2025-04-14)

The peso will now be allowed to float freely within a gradually expanding band between 1,000-1,400 pesos per dollar.

GOLDMAN PUTS $4,000 GOLD ON THE AGENDA AS HUNT FOR HAVENS GROWS

Yahoo Finance (2025-04-14)

Goldman analysts including Lina Thomas now see gold rallying to $3,700 an ounce by the end of this year — with prices set to hit $4,000 an ounce by mid-2026 — while UBS strategist Joni Teves pointed to $3,500 an ounce by December 2025, according to two separate notes on

ECONOMISTS EXPECT ANNUAL INFLATION RATE TO COME IN AT 2.6% FOR MARCH

BNN (2025-04-14)

“We’re still expecting to see strength in core inflation, still expecting to see strength in food inflation,” he said in an interview.

BESSENT IS WRONG ABOUT BANKS SAVING TREASURIES

Bloomberg - PAUL J. DAVIES (2025-04-14)

When senior politicians start talking about technicalities of obscure financial regulations on mainstream TV you can be sure something is up.

YOTTA WENT BUST AND TOOK $96 MILLION OF CLIENT MONEY WITH IT

Bloomberg - Paige Smith, Claire Ballentine, and Emily Mason (2025-04-14)

Then came coins and the money we know today – with even our grandparents sharing stories of how they kept wads of cash under their mattress or in another hard-to-reach area for safekeeping. Nowadays

TD BOARD CHAIR RE-ELECTED WITH 42.3% OF SHAREHOLDER VOTES WITHHELD

Investment Executive - Jonathan Got (2025-04-14)

Other TD board members also saw lower than usual support from shareholders.

BANK OF ENGLAND DELAYS LONG-DATED GILT AUCTION DUE TO MARKET TURMOIL

Reuters - David Milliken (2025-04-14)

The Bank of England said on Thursday that it was postponing an auction of 600 million pounds ($774 million) of long-dated government bonds due on April 14 "in light of recent market volatility". BoE

US BANK PROFITS RISE, BUT EXECUTIVES RAISE MORE TARIFF ALARMS

Reuters - Nupur Anand, Saeed Azhar and Tatiana Bautzer (2025-04-14)

While it is too early to understand the full implications of the tariffs, households and businesses were starting to respond to the import levies, executives at the biggest U.S.

CITI CLIENTS IN RUSSIA RECEIVING SOME FROZEN FUNDS, RUSSIAN LAWYERS SAY

Reuters (2025-04-14)

Western sanctions imposed in June 2022 on Russia's National Settlement Depository (NSD) in response to Russia's military offensive in Ukraine led to Russian investors' holdings in European depositories Euroclear and Clearstream being frozen. Around

META CEO MARK ZUCKERBERG TAKES THE STAND AT U.S. ANTITRUST TRIAL

G&M - Jody Godoy (2025-04-14)

The case poses an existential threat to Meta, which by some estimates earns about half of its U.S.

WHY EARNING AND BURNING YOUR CREDIT CARD LOYALTY POINTS MATTER

G&M (2025-04-14)

For example, the American Express Gold Rewards Card is a good travel credit card because it earns you two points per dollar spent on travel, gas, groceries, and drugstore purchases.

MARK CARNEY ET PIERRE POILIEVRE à « TOUT LE MONDE EN PARLE » | ÉLECTIONS CANADA 2025

Youtube (2025-04-14)

La quatrième semaine de campagne électorale s'annonce importante, car les chefs s'affronteront lors de deux débats, mercredi et jeudi.

SCOTIABANK SAYS TECHNICAL GLITCH THAT DISRUPTED DIRECT DEPOSIT, CHEQUE PAYMENTS HAS BEEN RESOLVED

G&M (2026-01-28)

“We are deeply sorry for the inconvenience the earlier technical issue has had on our clients, and sincerely appreciate their patience as we worked through this,” Ms.

NATIONAL BANK CEO SAYS NEXT PRIME MINISTER MUST OVERHAUL EMISSIONS CAP AND ENERGY ASSESSMENT RULES

G&M (2025-04-24)

National Bank of Canada chief executive officer Laurent Ferreira says the next prime minister should overhaul the federal emissions cap and the impact assessment on energy and natural resource projects. As

HARD-WON VICTORY FOR RBC RETIREES REFLECTS A BIGGER PROBLEM WITH PRIVATE PENSION PLANS

G&M - ERICA ALINI AND MEERA RAMAN (2025-04-24)

Jim Laughlin might see his Royal Bank pension increase next year – for the first time in almost a quarter-century. The

FIRST-TIME HOMEBUYERS IN ONTARIO ARE GETTING OLDER, AND FAST

G&M - Jason Kirby (2025-04-24)

The typical first-time homebuyer in Ontario is now close to five years older than they were just a decade ago as eroding affordability forces buyers to delay their transition to ownership. In