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.

MARK MULRONEY TO JOIN CIBC AS GLOBAL VICE-CHAIR UNDER INCOMING CEO

G&M (2025-08-14)

Canadian Imperial Bank of Commerce CM-T is hiring investment banker Mark Mulroney as a vice-chair in the office of incoming chief executive Harry Culham. Mr.

RBC, BMO PLANNING $2-BILLION SALE OF MONERIS, SOURCES SAY

G&M (2025-08-14)

Royal Bank of Canada RY-T and Bank of Montreal BMO-T have placed their Canadian payments joint venture up for sale, in a deal that may value the business as highly as US$2-billion, four people familiar with the matter said. Moneris

HOW TO KNOW IF A FLIGHT IS A BETTER DEAL THROUGH POINTS OR WITH CASH

G&M - SALMAAN FAROOQUI (2025-08-14)

I book at least one or two flights each year using my Aeroplan points, and until now the way I decided whether I was getting a good deal was instinct. I’d

JEFFERIES HIKES CANADIAN BANK PRICE TARGETS, BUT WARNS VALUATIONS SET A HIGH BAR

Yahoo Finance (2025-08-14)

“While we are not forecasting any material disruption to earnings, we also note that the run-up in valuations post second-quarter reporting edges the group closer to overvalued territory as several concerns about the economy have not eased,” Aiken wrote.

WEALTHSIMPLE ASKS CANADA TO REVIEW RISING BANK TRANSFER FEES

Yahoo Finance (2025-08-14)

In its submission for the budget consultation on Tuesday, Wealthsimple asked the Financial Consumer Agency of Canada to review practices related to transfers between banks and government to amend the Income Tax Act and related regulations to contain exit and transfer fees on registered accounts.

BRAZILIAN DIGITAL LENDER NUBANK POSTS 42% PROFIT BOOST; SHARES JUMP

Yahoo Finance (2025-08-14)

The firm, which has nearly 123 million clients across Brazil - its main market - Colombia and Mexico, posted a $637 million second-quarter net profit for the April to June period.

CANADA’S LARGEST PENSION EARNS 1% AFTER WEAK US DOLLAR HIT GAINS

Bloomberg (2025-08-14)

Canada Pension Plan Investment Board returned 1% last quarter as the weak US dollar largely offset gains in stocks and energy assets. Net

SCOTIABANK LAYS OFF INVESTMENT BANKERS IN US, ASIA PACIFIC

Bloomberg (2025-08-14)

Bank of Nova Scotia has carried out a series of layoffs in its US and Asia Pacific investment-banking divisions, according to people with knowledge of the matter. The

KLARNA IS SELLING UP TO $26 BILLION OF BUY-NOW, PAY-LATER LOANS TO NELNET

Bloomberg (2025-08-14)

Klarna Group Plc agreed to sell as much as $26 billion of buy-now, pay-later loans to the student loan giant Nelnet Inc.

CANADIAN REAL ESTATE FACES IMMIGRATION SHIFT FROM TAILWIND TO HEADWIND: RBC

Better Dwelling (2025-08-14)

The bank sees home sales climbing 7.9%

ATB FINANCIAL POSTS 10.6% INCREASE IN Q1 EARNINGS

Investment Executive (2025-08-14)

ATB Financial reported a record $378.8

MORTGAGE RATES SLIP TO LOWEST LEVEL OF 2025

WSJ (2025-08-14)

“What I’ve told our members is to just sort of expect there are going to be these moments of opportunity,” said Michael Fratantoni, chief economist at the Mortgage Bankers Association; “But don’t expect they’re going to last long.”

VERSABANK EXPANDS RECEIVABLE PURCHASE PROGRAM WITH LAUNCH OF SECURITIZED FINANCING SOLUTION AND APPOINTS VETERAN US EXECUTIVE TIMOTHY COMISKEY TO LEAD INITIATIVE EXTERNAL INBOX

VersaBank (2025-08-14)

This strategy is intended to capitalize on the current demand from larger point-of-sale and other financing companies for lower-cost securitized financing amidst the current interest rate environment.

BANK OF CANADA GOVERNING COUNCIL SPLIT ON NEED FOR MORE RATE RELIEF, SUMMARY SAYS

G&M - Mark Rendell (2025-08-13)

The Bank of Canada’s governing council is divided on whether more interest rate relief may be needed to navigate the economic slowdown caused by the trade war with the United States, according to a summary of the discussions ahead of last month’s rate decision. The

GOLDMAN SACHS SEES FED CUTTING RATES THRICE IN 2025, TWICE MORE IN 2026

Yahoo Finance (2025-08-13)

The Goldman note followed data on Tuesday showing U.S.

FANNIE MAE FORMER EMPLOYEES SUE COMPANY, PULTE FOR DEFAMATION

Yahoo Finance (2025-08-13)

The ex-employees of the government-controlled mortgage giant are seeking damages amounting to more than $2 million per person, according to complaints filed in Fairfax County Circuit Court in Virginia, which were distributed to the media by their lawyers.

INSURER SUNCORP'S FULL-YEAR PROFIT UP 8%, ANNOUNCES $262 MILLION SHARE BUYBACK

Yahoo Finance (2025-08-13)

Australian insurer Suncorp reported a better-than-expected full-year cash earnings on Thursday, driven by improved underlying insurance margins and higher investment returns, and announced a share buyback plan of up to A$400 million ($261.72

SOME BOC GOVERNORS WONDER, HAS THE CENTRAL BANK ALREADY CUT ITS RATE ENOUGH?

Yahoo Finance (2025-08-13)

The summary of deliberations show that, in addition to a rate hold, monetary policymakers considered a quarter-point cut at the July meeting.

EVERGRANDE LIQUIDATORS TARGET FOUNDER’S ASSETS IN PIVOTAL STAG

Bloomberg (2025-08-13)

More than a year after China Evergrande Group’s liquidators began pursing the wealth of seven key defendants, the high-profile case is now entering a critical phase. So

BMO SAID TO WEIGH $1 BILLION SALE OF TRANSPORTATION FINANCE ARM

Bloomberg (2025-08-13)

Bank of Montreal is exploring a sale of its transportation finance business, which could fetch about $1 billion, according to people familiar with the matter. The

FIDELITY INVESTMENTS’ ASSETS JUMP NEARLY 9% TO HIT $6.4 TRILLION

Bloomberg - Katherine Chiglinsky (2025-08-13)

Fidelity Investments, the world’s third-largest investment manager, posted an 8.5%

BANKING’S AILING CLIMATE COALITION LOSES GROUND IN EUROPE

Bloomberg (2025-08-13)

Inside the world’s largest climate coalition for banks, there’s speculation that an exodus led by Wall Street could be about to spread to the European Union. The

WILL CANADIANS LOSE THEIR HOMES? BC RULES FIRST NATIONS OWNS 6% OF RICHMOND

Better Dwelling (2025-08-13)

The case’s 863-page ruling can drastically change the legal landscape of land ownership.

DESJARDINS POSTS $900M IN Q2 NET EARNINGS

Investment Executive (2025-08-13)

The wealth management and life and health insurance segment posted $226 million in net earnings, down $20 million compared to the same period last year.

U.S. NATIONAL DEBT HITS RECORD $37T, TREASURY REPORTS

Investment Executive (2025-08-13)

The law is set to add $4.1

HOW ONE BIG PRIVATE-EQUITY FUND MAKES ITS NUMBERS INCOMPREHENSIBLE

WSJ (2025-08-13)

Many fund managers strive to be transparent with their financial disclosures.

A QUESTRADE CLIENT LOST $70,000 IN A CYBER CRIME. WHAT HAPPENED NEXT SHOWS A GROWING RISK FOR INVESTORS

G&M (2025-08-12)

In early January, Megan Tong lost around $70,000 after hackers logged into one of her self-directed investment accounts, cashed in all her holdings and briefly bought and sold tens of thousands of dollars worth of two Chinese stocks. But

AUSSIE 'BIG FOUR' BANKS CUT HOME LOAN RATES FOLLOWING RBA MOVE

Yahoo Finance (2025-08-12)

The move brings the central bank's total rate reduction from the beginning of the year to 75 basis points.

BANKS SCORE WIN WITH $2 BILLION DEBT DEAL FOR FINTECH INTRAF

Bloomberg (2025-08-12)

Financial technology firm IntraFi raised more than $2 billion in the leveraged loan market, marking a win for Wall Street banks against private credit firms, which had discussed providing a debt package in recent months. A

PRIVATE CREDIT LOSERS EMERGE FROM RUINS OF GERMAN PROPERTY BUST

Bloomberg (2025-08-12)

It was a “trailblazing” project - and for the two small pension funds that helped finance it, a chance to prop up the retirement savings of dentists and pharmacists in rural northern Germany. Yet

META’S $29 BILLION DEAL MARKS KEY MOMENT FOR PRIVATE CREDIT

Bloomberg (2025-08-12)

The heavy hitters of private credit have been waiting for this moment for years. Major

HERE'S WHAT YOU NEED TO KNOW AS AIR CANADA FLIGHT ATTENDANTS RALLY ON 'DAY OF ACTION'

CBC (2025-08-12)

However, three days' notice of a strike or lockout could be issued by either side, with job action possible as of Aug.

CANADIAN HOME SALES TO STAY WEAK UNTIL PRICES DROP—VOLUNTARY OR FORCED: BMO

Better Dwelling (2025-08-12)

The bank’s math suggests rates in the low 3% range would provide enough stimulus to pick up home sales, requiring rates to fall about 100 basis points (bps).

TRUMP PREPARING IPO FOR FANNIE MAE AND FREDDIE MAC LATER THIS YEAR

WSJ (2025-08-12)

The Trump administration is preparing to sell stock in mortgage giants Fannie Mae FNMA 20.45%increase;

JOB LOSSES UNLIKELY TO PROMPT BOC RATE CUT IN SEPTEMBER, SAYS SCOTIABAN

Mortgage Broker News (2025-08-12)

The July downturn was driven largely by seasonal factors.

MARKET PARTICIPANTS SURVEY—SECOND QUARTER OF 2025

BOC (2025-08-12)

The Market Participants Survey results are based on questionnaire responses from about 30 financial market participants.

OSFI IS PLEASED TO ANNOUNCE LUC BEAUDOIN AS OUR NEW CHIEF INFORMATION SECURITY OFFICER EFFECTIVE AUGUST 11, 2025.

OSFI (2025-08-12)

His expertise spans strategic planning, service delivery, cyber operations, and research—making him a valuable addition to OSFI as we continue to strengthen our digital and cyber capabilities.

QUEBEC ENGINEERING BODY FINDS FORMER SNC-LAVALIN CEO GUILTY ON MULTIPLE COUNTS OF MISCONDUCT

G&M - AAJAH SAUTER (2025-08-12)

Former SNC-Lavalin Group chief executive Jacques Lamarre has been found guilty of seven of 14 allegations of misconduct made against him by Quebec’s professional order for engineers. Last

CANADA’S OBSESSION WITH HOUSING IS STUNTING OUR FUTURE

G&M - HANIF BAYAT (2025-08-12)

Among the Group of Seven nations, Canada invests the largest share of GDP in housing and the second-smallest share in intellectual property (IP), according to the Organization for Economic Co-operation and Development. Housing

CIBC SHAKES UP LEADERSHIP RANKS AS HARRY CULHAM PREPARES TO STEP INTO CEO ROLE

G&M (2025-08-12)

Canadian Imperial Bank of Commerce CM-T is shaking up its most senior leadership team, as Harry Culham prepares to take the reins from chief executive officer Victor Dodig. Mr.

CIBC SHAKES UP LEADERSHIP RANKS AS HARRY CULHAM PREPARES TO STEP INTO CEO ROLE

G&M (2025-08-12)

Canadian Imperial Bank of Commerce CM-T is shaking up its most senior leadership team, as Harry Culham prepares to take the reins from chief executive officer Victor Dodig. Mr.

CAISSE GENERATED A 4.6-PER-CENT YTD RETURN THROUGH JUNE, BUT FUTURE OUTLOOK UNCLEAR

Yahoo Finance (2025-08-12)

The Caisse outperformed its benchmark index for equities and fixed income.

ATB REMAINS ‘COMMITTED’ TO ENERGY INDUSTRY AFTER CORMARK ACQUISITION, CEO SAYS

BNN (2025-08-12)

“We are very committed to the energy industry in Western Canada and more broadly, Canada,” Curtis Stange, president and CEO of ATB, told BNN Bloomberg in a Tuesday interview.

CANADA’S ORGANIZED REAL ESTATE SYSTEM DEALT A BLOW IN CLASS ACTION SETTLEMENT

Better Dwelling (2025-08-12)

A large brokerage like RE/MAX ending its restrictive policies for agents and brokers is a major blow to organized real estate—drastically reducing its power.

SCOTIABANK PARTNERS WITH INTERNATIONAL CREDIT HISTORY FIRM

Investment Executive (2025-08-12)

Scotiabank has partnered with credit analytics company Nova Credit to let newcomers use their international credit history to apply for credit cards with higher limits in Canada, the bank announced Tuesday. The

FINANCIAL REGULATORS NEED CLARITY FROM TRUMP ADMINISTRATION, BANKING INDUSTRY HEAD SAYS

G&M - STEFANIE MAROTTA (2025-08-11)

Anthony Ostler travelled to Switzerland in May with a sobering message for the world’s banking standard-setter: If countries continue to apply new global capital requirements inconsistently, the competitiveness of the banking sector could take a hit as geopolitical turmoil destabilizes economies around the world. The

BUILDER CHINA SOUTH CITY ORDERED TO LIQUIDATE BY HONG KONG COURT

Bloomberg (2025-08-11)

Developer China South City Holdings Ltd.

TRUMP’S 50% LEVY IS FORCING INDIAN BANKS TO SCRUTINIZE EXPORTERS

Bloomberg (2025-08-11)

Indian banks are increasing scrutiny of new loan applications from exporters by asking about exposure to the American market and contingency plans for coping with US President Donald Trump’s steep tariffs, according to people familiar with the matter. Bloomberg

DEBT MARKET JITTERS SIGNAL CAUTION FOR HIGH-FLYING STOCKS

Reuters (2025-08-11)

Investors are backing out of or taking active bets against high-priced corporate credit, where they anticipate a correction in response to signs of slowing economic growth that could eventually impact stocks. In

TRUMP SIGNS ORDER BROADENING ACCESS FOR ALTERNATIVE ASSETS IN 401(K)S

Reuters - Isla Binnie and Nandita Bose (2025-08-11)

U.S.

TRUMP PUT A TARIFF ON GOLD — OR DID HE? WHAT YOU NEED TO KNOW ABOUT THE BULLION CONFUSION

FP (2025-08-11)

Gold prices surged on Thursday after a letter from the U.S.

TRUMP EXPOSES US RETIREES TO NEW WORLD OF RISK WITH 401K ORDER

FT - Antoine Gara, Jamie John and Eric Platt (2025-08-11)

Donald Trump this week opened the private equity and cryptocurrency industries to trillions of dollars in new investments from US retirement savers, potentially reshaping the financial future of 90mn Americans and turbocharging the growth of asset managers and digital currency groups. But

FINANCIAL INDUSTRY FORUM ON ARTIFICIAL INTELLIGENCE II: A COLLABORATIVE APPROACH TO AI THREATS, OPPORTUNITIES, AND BEST PRACTICES, WORKSHOP 1 - SECURITY AND CYBERSECURITY

G&M (2025-08-10)

The resulting report, “A Canadian Perspective on Responsible AI,” highlighted the need for financial institutions to adopt comprehensive risk management strategies to address the unique challenges posed by AI.

'WORST JOBS READING IN THREE YEARS' RAISES ODDS OF BANK OF CANADA RATE CUT NEXT MONTH

FP (2025-08-10)

For example, while 10 of 16 sectors shed jobs, most of the losses were full-time, private-sector positions.

EXCLUSIVE-SOFTBANK SELECTS BANKS FOR US IPO OF PAYMENTS APP PAYPAY, SOURCES SAY

Yahoo Finance (2025-08-10)

The PayPay offering may raise more than $2 billion from investors when it takes place, which the sources said could be as soon as the final quarter of this year.

INSURANCE GIANT SUN LIFE FINANCIAL'S SECOND-QUARTER PROFIT UP 11% TO $716 MILLION

Yahoo Finance (2025-08-10)

The company attributed some of the increase to growth in Asia but says it was offset by an impairment charge of $61 million related to the early termination of a U.S.

MANULIFE PUSHES INTO PRIVATE LENDING WITH DEAL TO BUY MAJORITY STAKE IN U.S. FIRM COMVEST

G&M - James Bradshaw (2025-08-08)

Manulife Financial Corp.

GOLD BAR TARIFF SURPRISE GIVES NEW BLOW TO SWITZERLAND

Yahoo Finance (2025-08-08)

Bullion traders had expected gold bars of one kilogram and 100 ounces to be exempt from Trump’s other tariffs, including the shock 39% country rate he put on Switzerland.

TRUMP’S SURPRISE FED PICK BUYS HIM TIME ON CHAIR SELECTION

Bloomberg (2025-08-08)

President Donald Trump’s move to fill a slot at the Federal Reserve on a temporary basis offers him a chance to install an ally at the central bank, while giving him more time to weigh an even larger decision: who will be the next Fed Chair. Trump

CITIGROUP HIRES GUILLERMO BAYGUAL FROM RIVAL JPMORGAN AS CO-HEAD OF M&A

Bloomberg (2025-08-08)

Citigroup Inc.

CANADIAN INSOLVENCIES RISE TO 2010-LEVELS AS BANKRUPTCIES SOAR

Better Dwelling (2025-08-08)

Consumer insolvencies have been climbing steadily over the past few years, up 15% from last year.

MANULIFE POSTS $1.79B Q2 NET INCOME

Investment Executive (2025-08-08)

Core earnings in Canada for the first half of 2025 were $793 million, up $27 million compared to the same period last year.

THE BANK OF ENGLAND CUTS ITS MAIN INTEREST RATE TO 4%, THE LOWEST LEVEL SINCE MARCH 2023

Investment Executive (2025-08-08)

The rate cut is the bank’s fifth since last August, when policy makers began lower borrowing costs from a 16-year high of 5.25%.

SHOPIFY AGAIN BECOMES CANADA’S MOST VALUABLE COMPANY AFTER BIG SECOND QUARTER

G&M - Irene Galea (2025-08-07)

Shopify Inc.

CANADA CAN AVOID THE U.S. OPEN-BANKING MESS – BUT ONLY IF IT MOVES NOW

G&M - Steve Boms (2025-08-07)

In the United States, open banking is unravelling.

MAJOR CHANGES COMING TO AEROPLAN WILL PUT TOP SPENDERS FIRST

G&M - Barry Choi (2025-08-07)

Aeroplan is undergoing a major transformation, changing how members earn points, qualify for status and access benefits.

TRANS MOUNTAIN PIPELINE DELIVERS $12.6 BILLION IN NEW REVENUE TO OILPATCH, WINDFALL TO GOVERNMENTS: REPORT

Yahoo Finance (2025-08-07)

Trans Mountain has increased Canadian oil shipments to refineries in the United States and more than tripled the share of exports to countries abroad, including China.

MANULIFE BUYS COMVEST TO BUILD $18.4 BILLION PRIVATE CREDIT UNIT

Bloomberg (2025-08-07)

Manulife Financial Corp.

PRIVATE CREDIT FUELS A ‘BUY NOW, PAY LATER’ LENDING BOOM IN ASIA

Bloomberg (2025-08-07)

Maria Hazel Regalado, a 48-year-old mother of four in the Philippines, needed a computer last year so she could work from home.

ISRAEL’S FINANCIAL MARKETS ARE SOARING DESPITE 22 MONTHS OF BRUTAL WAR

Bloomberg (2025-08-07)

When Eylon Penchas talks to foreign investors these days, some complain the private equity executive isn’t enthusiastic enough.

TORONTO REAL ESTATE PRICES SLIP $302K BELOW PEAK, INVENTORY HITS RECORD

Better Dwelling (2025-08-07)

The benchmark is currently 23.6%

GREAT-WEST LIFECO SAYS Q2 NET EARNINGS DOWN 11% BUT BASE EARNINGS HIT RECORD HIGH

Investment Executive (2025-08-07)

Great-West Lifeco had $3.3

WHITE HOUSE PREPARES ORDER TARGETING BANKS AS TRUMP CLAIMS DISCRIMINATION

Reuters (2025-08-07)

The White House is preparing to act against banks for allegedly dropping customers for political reasons, sources said, after President Donald Trump said he believes banks including JPMorgan (JPM.N),

MONETARY POLICY REPORT

BOC (2025-08-06)

Canadian economic activity has slowed considerably because of the trade conflict but is showing signs of resilience.

POSTHASTE: CONDO PRICES IN THE SUBURBS ARE CRATERING

Yahoo Finance (2025-08-06)

Prices in communities surrounding Toronto such as Halton Hills, Ont.,

CHINA’S POLICY BANKS RUSH TO ISSUE BONDS BEFORE TAX DEADLINE

Yahoo Finance (2025-08-06)

The issuers are trying to beat the new tax rule in a likely effort to save on their financing costs, especially as the reopening of previously issued bonds will continue to enjoy a tax-exemption, said Zhou Guannan, an analyst at Huachuang Securities Co.

GOLD HOLDS LONGEST WINNING STREAK SINCE FEBRUARY ON ECONOMY WOES

Yahoo Finance (2025-08-06)

Signs of weakness in the world’s biggest economy have spurred wagers on the Federal Reserve easing monetary policy at its next meeting in September, with traders seeing a 90% chance of a cut.

TIPS TO HELP MANAGE YOUR BUY NOW, PAY LATER LOANS

BNN (2025-08-06)

About 4 in 10 Americans under the age of 45 say they’ve used “buy now, pay later″ services when spending on entertainment or restaurant meals, or when paying for essentials like groceries or medical care, according to a poll from The Associated Press-NORC Center for Public Affairs Research.

CANADA’S GDP LAGS OECD AS IMMIGRATION-LED GROWTH STRATEGY BACKFIRES

Better Dwelling (2025-08-06)

Real GDP showed annual growth of 1.5%

AUTO SALES UP 6.9% IN JULY DESPITE ONGOING TRADE DISRUPTIONS: DESROSIERS

Investment Executive (2025-08-06)

The firm estimates 172,000 vehicles were sold in July, up 6.9%

FCA TO DROP BAN ON CRYPTO ETNS FOR RETAIL INVESTORS

Investment Executive (2025-08-06)

“Since we restricted retail access to [crypto] ETNs, the market has evolved and products have become more mainstream and better understood.

BERKSHIRE SHARES TUMBLE AS WARREN BUFFETT PREPARES TO STEP DOWN

FT (2025-08-06)

Shares of Warren Buffett’s Berkshire Hathaway have underperformed the wider market by one of the biggest margins in decades, as his retirement as chief executive nears and some investors head for the exits. Berkshire’s

TRUMP CLAIMS JPMORGAN AND BOFA TURNED AWAY HIS BUSINESS

CNBC (2025-08-06)

President Donald Trump said Tuesday that the two largest American banks previously rejected him as a customer, reviving claims that conservative clients were being unfairly denied accounts.

CANADA'S ECONOMY IS SHOWING 'RESILIENCE' AGAINST U.S. TARIFFS. WHY?

Yahoo Finance - Craig Lord (2025-08-05)

"Consumption is still growing," Macklem said.

AUSTRALIAN DEBT BUYER CREDIT CORP FORECASTS HIGHER PROFIT IN FY26, SHARES SOAR

Yahoo Finance (2025-08-05)

The Sydney-based firm expects net profit after tax of A$100 million to A$110 million ($64.57

HERE ARE THE TARIFFS CURRENTLY ACTIVE IN THE U.S.-CANADA TRADE WAR

BNN (2025-08-05)

A July analysis from RBC Economics found that of all Canadian imports to the U.S.

CITI WIDENS PRIVATE CREDIT NET BEYOND APOLLO DEAL WITH NEW ROLE

Bloomberg (2025-08-05)

Citigroup Inc.

PRODUCT ROUNDUP: J.P. MORGAN ASSET MANAGEMENT UNVEILS GLOBAL EQUITY ETF

Investment Executive (2025-08-05)

The JPMorgan Global Select Equity Active ETF (TSX: JGLO) provides Canadian investors with access to one of the asset manager’s “most successful institutional global equity mandates,” said Jay Rana, head of Canadian advisor business with JPMAM, in an interview

BERKSHIRE TAKES $3.8 BILLION KRAFT HEINZ WRITE-DOWN AS QUARTERLY PROFITS DECLINE

G&M - Jonathan Stempel (2025-08-03)

Warren Buffett’s Berkshire Hathaway said on Saturday it took a US$3.76-billion

NO TRADE DEAL WITH U.S. BETTER THAN A BAD ONE: CANADIAN BUSINESS GROUPS

BNN (2025-08-03)

“A little more time now can deliver lasting benefits for an integrated North American economy — and that’s well worth the wait,” said Candace Laing, president and CEO of the Canadian Chamber of Commerce, in a statement.

BOE IS PROBABLY ABOUT TO CUT RATES DESPITE A SPIKE IN INFLATION

Yahoo Finance (2025-08-03)

In contrast to the caution of the US Federal Reserve, which kept borrowing costs unchanged again on Wednesday, the BOE is looking through the fastest inflation in 17 months and focusing instead on growth worries after back-to-back contractions in gross domestic product and mounting job losses over the spring.

THE FATE OF A LITTLE-KNOWN COMPANY BEHIND GOLDMAN’S APPLE CARD IS IN LIMBO

WSJ (2025-08-03)

The unassuming 84-year-old is the force behind the little-known company that gives Apple’s AAPL -2.50%decrease;

VICTIMS OF MIS-SOLD CAR FINANCE COULD GET LESS THAN £950 PER DEAL

BBC (2025-08-03)

The Supreme Court ruled on Friday that hidden commissions from lenders to dealers on car loans were not unlawful, meaning millions of motorists will not be able to claim.

BARCLAYS LATEST BRITISH LENDER TO QUIT CLIMATE BANKING ALLIANCE

Reuters - Virginia Furness (2025-08-03)

Barclays' decision to quit the foremost banking alliance focused on tackling climate change follows that of HSBC and several major U.S.

STANDARD CHARTERED CEO SAYS 'SHAME ON THEM' OF BANKS QUITTING NET ZERO

FP - Natasha White and Harry Wilson (2025-08-03)

“Most of our clients in most of our markets haven’t backed away at all,” he said.

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.

MARK MULRONEY TO JOIN CIBC AS GLOBAL VICE-CHAIR UNDER INCOMING CEO

G&M (2025-08-14)

Canadian Imperial Bank of Commerce CM-T is hiring investment banker Mark Mulroney as a vice-chair in the office of incoming chief executive Harry Culham. Mr.

RBC, BMO PLANNING $2-BILLION SALE OF MONERIS, SOURCES SAY

G&M (2025-08-14)

Royal Bank of Canada RY-T and Bank of Montreal BMO-T have placed their Canadian payments joint venture up for sale, in a deal that may value the business as highly as US$2-billion, four people familiar with the matter said. Moneris

HOW TO KNOW IF A FLIGHT IS A BETTER DEAL THROUGH POINTS OR WITH CASH

G&M - SALMAAN FAROOQUI (2025-08-14)

I book at least one or two flights each year using my Aeroplan points, and until now the way I decided whether I was getting a good deal was instinct. I’d