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.

POILIEVRE VOWS TO REMOVE GST ON NEW HOMES UNDER $1-MILLION

G&M - Rachelle Younglai, Stefanie Marotta (2024-10-29)

Federal Conservative Leader Pierre Poilievre said he would eliminate the federal goods and services tax on new homes priced under $1-million and $8-billion from the Liberals’ existing housing programs if his party forms the government after the next election. Mr.

GOLDMAN SACHS OPENS OFFICE IN RIYADH’S GIANT FINANCIAL DISTRICT

G&M - Nicolas Parasie (2024-10-29)

Goldman Sachs Group Inc.

HSBC TO BUY BACK $3 BILLION SHARES AS PROFIT BEATS ESTIMATES

Yahoo Finance (2024-10-29)

Europe’s largest bank said Tuesday that it would repurchase up to $3 billion of shares on the back of a 9.9%

GOLD NEARS RECORD WITH FOCUS ON KEY US DATA AND ELECTION ENDGAME

Yahoo Finance (2024-10-29)

Gold advanced toward a record as traders prepared for key data that will help to set the stage for the next Federal Reserve policy decision, while the countdown to the US presidential election continued.

MACKLEM SAYS BANK OF CANADA WILL HAVE TO ‘DISCOVER’ WHERE NEUTRAL RATE IS

BNN - Erik Hertzberg (2024-10-29)

“It makes sense to take some bigger-than-normal steps when you’ve taken some really big steps on the way up,” Macklem said.

CANADA ON TRACK TO BE WORLD'S THIRD-LARGEST WHEAT EXPORTER IN '24-25 CROP YEAR

BNN - Amanda Stephenson (2024-10-29)

According to a 2024-25 outlook released last week by Agriculture and Agri-Food Canada, production of all principal field crops in the country is estimated to increase 1.8

SANTANDER BEATS PROFIT ESTIMATES AMID SIGNS OF INTEREST DRO

Bloomberg - Jorge Zuloaga (2024-10-29)

Banco Santander SA posted better-than-expected profit in the third quarter, as the lender sees progress in adjusting to lower interest rates. The

PRIVATE CREDIT’S BANKING ROMANCE MAY TURN SOU

Bloomberg (2024-10-29)

To understand the wave of bank partnerships with private-credit fund managers during the past year or so, think back to the boom in mortgage lending through securitization in the early 2000s.

CANADIAN PERMANENT RESIDENT APPLICATIONS FALL 57%, WEAKEST MONTH IN YEARS

Better Dwelling (2024-10-29)

Canadian permanent resident applications have made a sharp drop over the past twelve months.

WALL STREET TO CAPITALIZE ON RATE CUTS

Investment Executive (2024-10-29)

“Falling interest rates have bolstered fee income from investment banking and wealth management and are likely to support a recovery in loan growth,” the report said.

WHY A RISE IN REPORTED BULLYING AT U.K. BANKS MAY BE POSITIVE

Investment Executive - James Langton (2024-10-29)

“[A] high number of complaints could be an indicator of a healthy culture in which people feel they can speak up, confident they will be listened to.

BANK OF JAPAN LIKELY TO HOLD RATES, BUT SIGNAL THAT HIKES REMAIN ON THE TABLE

WSJ - Megumi Fujikawa (2024-10-29)

The bank is also slated to release its quarterly outlook on growth and prices.

TENS OF THOUSANDS OF TAXPAYER ACCOUNTS HACKED AS CRA REPEATEDLY PAID OUT MILLIONS IN BOGUS REFUNDS

CBC - Harvey Cashore, Daniel Leblanc (2024-10-29)

At the height of this year's tax season, the Canada Revenue Agency discovered that hackers had obtained confidential data used by one of the country's largest tax preparation firms, H&R Block Canada.

THE FALL OF THE HOUSE OF SHARPE: WHAT EXACTLY HAPPENED TO BRIDGING FINANCE?

Canadian Business (2024-10-29)

When they started out in the ’90s, David Sharpe and Natasha Hilfer were both both fiercely smart and exceedingly ambitious, with eyes on the finance sector.

BANK OF CANADA EXHORTS FINTECHS TO GET ON BOARD WITH NEW RULES, WARNS OF REPERCUSSIONS

G&M - Mark Rendell (2024-10-29)

The Bank of Canada is urging thousands of digital payment companies to get on board with a new regulatory regime that starts rolling out this week, warning that it could take a tough line with businesses that fail to sign up. Starting

VISA EARNINGS TOP ESTIMATES, REVENUE JUMPS

Yahoo Finance (2024-10-29)

Visa (V) posted better-than-expected fiscal fourth quarter results.

BDC, EQUIFAX LAUNCH SMALL BUSINESS HEALTH INDEX TO TAKE PULSE OF CANADA'S SMES

Yahoo Finance (2024-10-29)

“Our innovative idea was that if we could combine the BDC and Equifax data, we could create a definitive measure of the business landscape in Canada,” said Sue Hutchison, chief executive of Equifax.

TRADER SAYS TD BANK SPOOFING DEAL DENIES HIM A FAIR TRIAL

BNN (2024-10-29)

Nadarajah’s lawyers said in a court filing that the government’s announcement of the deal turned “the constitutional right to a fair trial on its head” by telling the world that the trader was guilty.

WEALTHSIMPLE CEO CALLS CANADA’S PRODUCTIVITY LAG A ‘CRISIS’

Bloomberg (2024-10-29)

The head of Wealthsimple Inc.

TORONTO CONDO PRICES JUST HAD ONE OF THE WORST MONTHS ON RECORD

Better Dwelling (2024-10-29)

Greater Toronto condo prices are plunging.

MAJORITY OF YOUNG CANADIANS PLAN TO BUY HOMES WITHIN 5 YEARS: POLL

Investment Executive (2024-10-29)

But despite housing market challenges, the survey says 58% of non-homeowners aged 18 to 43 in Canada are still determined to purchase a home within the next five years.

RUSSIA RAISES INTEREST RATE TO 21 PERCENT, ITS HIGHEST IN DECADES

Reuters - Elena Fabrichnaya and Gleb Bryanski (2024-10-28)

Russia's central bank hiked its key interest rate by 200 basis points on Friday to 21%, the highest level since the early years of President Vladimir Putin's rule, when Russia was recovering from the chaos that followed the collapse of the Soviet Union. The

EUROPEAN CENTRAL BANK HEAD, CHRISTINE LAGARDE: "CLIMATE CHANGE" REQUIRES A COMPLETE OVERHAUL OF THE ENTIRE ECONOMY, IN LINE WITH THE "GREEN TRANSITION"

X (2024-10-28)

Including the need to "reduce our carbon footprint in everything we do, from banknotes to how we supervise banks.

WHY REGISTERING UNDER CANADA’S RETAIL PAYMENTS ACTIVITIES ACT HAS A MULTITUDE OF BENEFITS

Finextra - Madhvi Sonia (2024-10-28)

Registering under the Retail Payments Activities Act (RPAA) will allow payments services providers (PSPs) operating in Canada to bolster the safety and reliability of their retail services, while also protecting end users from specific risks.

IN CONVERSATION WITH DAN KELLY, PRESIDENT & CEO OF CFIB: NAVIGATING CANADA’S SMALL BUSINESS LANDSCAPE

Central 1 (2024-10-28)

I’m really excited by the potential for faster payments in Canada.

MAYBE IT’S NOT ALL BAD THAT CANADA STILL DOESN’T HAVE OPEN BANKING

G&M - JohnTurley-Ewart (2024-10-28)

The contrast between the Canadian and U.S.

BANK OF CANADA CRASHES GIC PARTY, SENDS RETIREMENT SAVERS PACKING: JACKSON

BNN - Dale Jackson (2024-10-28)

The Bank of Canada drove another nail in the coffin for Canadians who invest in fixed income this week after slashing its benchmark interest rate by a whopping 50 basis points (half of a per cent) to 3.75

WHY SMALL BUSINESS NEED BETTER INTERNATIONAL BANKING ACCESS

BNN (2024-10-28)

CEO of Loop Financial Cato Pastol explains why small business may be missing out on the benefits of international banking access.

NEXT HURDLE FOR TREASURIES IS WHETHER US KEEPS DEBT SALES STABLE

Bloomberg (2024-10-28)

With its confidence in future interest-rate cuts shaken by US economic resilience, the Treasuries market is also facing doubts about how much longer the US government can avoid ramping up its borrowing. Even

THE MOST DISRUPTIVE TECHNOLOGY IN HUMAN HISTORY

Bloomberg (2024-10-28)

It’s been a hectic week, what with Prime Minister Keir Starmer (via a careless choice of words) saying that shareholders aren’t working people, and sweeping speculation about what the Budget might hold — the most pertinent of which for the readership of this newsletter is probably the threat to impose

WHY EVERYTHING YOU THINK YOU KNOW ABOUT MONEY IS WRONG

Apple Podcasts (2024-10-28)

Author and economist David McWilliams joins Merryn to discuss his latest book Money: A Story of Humanity, and how the evolution of currency is central to the rise and fall of civilizations.

‘INDUSTRY,’ THE HIT SHOW ABOUT FINANCE, LEAVES BANKERS SCRATCHING THEIR HEADS

WSJ - Alexander Saeedy (2024-10-28)

For instance, why would traders at Pierpoint be working on a company’s initial public offering of stock—something that would so obviously be run by the equity capital markets syndicate.

CANADA SLOW TO EMBRACE NATURE RISK REPORTING

Investment Executive - James Langton (2024-10-28)

An industry-led group that’s pioneering corporate disclosure of nature-related financial risks is reporting a surge in companies and financial institutions embracing its reporting framework, but only a handful of them are Canadian.

MOODY’S DOWNGRADES SOME TORONTO-DOMINION RATINGS, QUESTIONING EFFECTIVENESS OF BANK’S GOVERNANCE

G&M - Stefanie Marotta (2024-10-25)

Moody’s Ratings downgraded Toronto-Dominion Bank TD-T late Wednesday on concerns over governance weaknesses and anti-money laundering failures that led U.S.

BOE’S MANN WARNS UK MAY HAVE CUT INTEREST RATES PREMATURELY

Yahoo Finance - Tom Rees and Irina Anghel (2024-10-25)

“If you have structural persistence in the relationship between wages and price formation that lasts, that is persistent and embedded, then it’s premature to start cutting until you purge those behaviors,” she said.

KOREA SAID TO INDICT BNP PARIBAS FOR ILLEGAL SHORT-SELLING

Yahoo Finance (2024-10-25)

The French bank was charged last week with violating local capital markets law, according to the people, who requested anonymity discussing a private matter.

‘THEY HAVE SOME CATCHING UP TO DO’: EXPERT REACTION TO BOC’S JUMBO RATE CUT

BNN - Jordan Fieguel (2024-10-25)

“It’s rare that the bank hikes or cuts by more than 25 basis points… it’s a bit of an unusual move but at the same time, it may be a little bit of catching up.

CRYPTO FIRMS CHARGED WITH MARKET MANIPULATION IN US STING

BNN - Zeke Faux (2024-10-25)

The scheme involved wash trades — using accounts you control to trade assets back and forth to create the false impression of volume, the government said.

SWEDEN’S RIKSBANK SEEN EASING AT HIGHER PACE IN BLOOMBERG POLL

Bloomberg (2024-10-25)

Sweden’s central bank is likely to take interest rates lower at a faster pace than previously anticipated, according to economists surveyed by Bloomberg. Respondents

BARCLAYS POSTS PROFIT BEAT ON INVESTMENT BANKING, U.K. DOMESTIC STRENGTH

WSJ - Elena Vardon (2024-10-25)

The British bank on Thursday reported a pretax profit of 2.23

HARRIS STOPS TALKING ABOUT CLIMATE CHANGE

WSJ - Bjorn Lomborg (2024-10-25)

You might think Ms.

CANADA PLANS TO SHRINK ITS POPULATION… AFTER IMMIGRATION DEMAND PLUMMETS

Better Dwelling (2024-10-25)

The current permanent resident target will be slashed by over a fifth, over two years.

THIS ISN’T YOUR DADDY’S BANK RUN: FSB

Investment Executive - James Langton (2024-10-25)

Additionally, the median deposit outflow of these runs — 24% of pre-run deposits — was more than double the median of past deposit runs, which were around 10% of deposits.

NUMBER OF WORKERS ON EI CONTINUES TO RISE: STATCAN

Investment Executive - James Langton (2024-10-25)

Over this period, the jobless rate rose by 0.5

CANADIAN HOUSING OUTLOOK

TD - Rishi Sondhi (2024-10-25)

In terms of risks to our forecast, there is considerable uncertainty around the impact of the new federal policies.

BANK OF CANADA CUTS ITS KEY INTEREST RATE BY A HALF-POINT TO 3.75%

G&M - Mark Rendell (2024-10-23)

The Bank of Canada delivered an oversized interest-rate cut on Wednesday and said that its fight with inflation is almost over, accelerating the pace of monetary policy easing in an attempt to engineer a soft landing for the Canadian economy. As

VENTUM FINANCIAL ANNOUNCES LEADERSHIP SHAKEUP FOLLOWING DEPARTURE OF PRESIDENT LAST WEEK

G&M - Clare O'Hara (2024-10-23)

Ventum Financial Corp.

THE BANK OF CANADA RISKS BEING WAY BEHIND THE CURVE. CANADA WILL PAY FOR IT

G&M - Carl Gomez (2024-10-23)

Carl Gomez is the chief economist and head of market analytics at CoStar Group Canada. On

THE NATIONAL | TRUDEAU LEADERSHIP ULTIMATUM

CBC (2024-10-23)

A group of Liberal MPs gives Prime Minister Justin Trudeau a leadership ultimatum: Decide if you’re staying or going by Monday.

'CANADIANS CAN BREATHE A SIGH OF RELIEF,' MACKLEM SAYS, AS BANK OF CANADA CUTS INTEREST RATE BY 50 BASIS POINTS

Yahoo Finance - Alicja Siekierska, Jeff Lagerquist and John MacFarlane (2024-10-23)

Macklem said on Wednesday that the Bank opted to take a bigger step “because inflation is now back to the two per cent target and we want to keep it close to the target.”

BANKS LOWER PRIME RATES TO 5.95% AFTER BANK OF CANADA MOVE

Yahoo Finance (2024-10-23)

All of the Big Six banks including RBC, TD, BMO, Scotiabank, CIBC and National Bank say they have lowered their prime rate to 5.95

FINTRAC WARNS OF WAYS LAWYERS MAY BE FACILITATING MONEY LAUNDERING

Yahoo Finance (2024-10-23)

The warning comes as other agencies like Canada's banking regulator has also raised money laundering concerns, and in the wake of TD Bank Group paying more than US$3 billion in the U.S.

REAL ESTATE WHAT DOES THE BANK OF CANADA’S RATE CUT MEAN FOR REAL ESTATE?

BNN - Daniel Johnson (2024-10-23)

“While this will likely encourage some buyers to enter the market and may encourage more sellers to list in anticipation of these buyers, it’s likely that many will wait for the final rate announcement of the year before making a move.

AUSTRALIA’S TOP PENSION FUNDS TO ADD BILLIONS IN PRIVATE ASSETS

BNN - Amy Bainbridge (2024-10-23)

Australia’s A$3.9

GOLDMAN SACHS, APPLE FINED BY CFPB

Investment Executive - James Langton (2024-10-23)

The companies launched the card in 2019, “despite warnings to Goldman’s board… that the Apple Card disputes system was ‘not fully ready’ due to technological issues,” the CFPB said in its order.

ROYAL SETTLES THE CASE OF THE MISSING RESP GRANTS

Investment Executive - James Langton (2024-10-23)

Almost 1,500 investors missed out on over $1 million in federal grants, after Royal Mutual Funds Inc.

SAVE THE DATE FOR OUR SECOND QUARTERLY RELEASE

OSFI (2024-10-23)

As part of the release, Tolga Yalkin, Assistant Superintendent, Regulatory Response, will give remarks and take questions on our latest releases.

OPEN BANKING CHALLENGES AMERICA’S COZY LENDERS’ CLUB

FT - Roula Khalaf (2024-10-23)

Consumers tend not to care how banks actually work.

THE BANK OF CANADA RISKS BEING WAY BEHIND THE CURVE. CANADA WILL PAY FOR IT

G&M - Carl Gomez (2024-10-22)

Carl Gomez is the chief economist and head of market analytics at CoStar Group Canada. On

BARCLAYS REPORTEDLY RE-ENTERS TALKS WITH BROOKFIELD ABOUT DEAL FOR BRITISH PAYMENTS BUSINESS

G&M (2024-10-22)

Barclays has re-entered negotiations with Brookfield Asset Management BAM-T -1.26%decrease

PALTRY SMOKING SETTLEMENT SHOWS THE REAL TOBACCO INDUSTRY IS THE CANADIAN GOVERNMENT

G&M - Max Krangle (2024-10-22)

Max Krangle is a former general counsel of R.J.

WHY A BIGGER BOC RATE CUT WON'T CHANGE THE LANDSCAPE FOR THOSE TRYING TO QUALIFY FOR A MORTGAGE

Yahoo Finance (2024-10-22)

“I think in the next two months, it's going to become harder and harder to buy a new home, and lots of people are going to be able to qualify for more than they would have before,” Zlatkin said.

TD'S CHIEF ECONOMIST TAKES 'UNUSUAL POSITION' WITH 25 BP BANK OF CANADA RATE-CUT CALL

Yahoo Finance (2024-10-22)

The last time this happened was in 2001, she says, after the dot-com bubble burst in the U.S.,

HSBC SPLITS EAST AND WEST IN MAJOR REVAMP AND APPOINTS FIRST FEMALE FINANCE CHIEF

Selena Li, Lawrence White and Sinead Cruise (2024-10-22)

By combining the two divisions - except in Hong Kong and the UK - into the new corporate and institutional division, Elhedery hopes to drive closer cooperation and deliver on the lender's recent stated focus to cross-sell more products to internationally focused customers.

JAMIE DIMON WOULD BE AN 'AMAZING' TREASURY SECRETARY: MARK CUBAN

Yahoo Finance (2024-10-22)

He explains, "Just having the conversation with him sends the message that Kamala Harris is a hardcore capitalist, that she wants businesses of all sizes to grow.

JPMORGAN, AT ODDS WITH GOLDMAN, SEES SOLID RUN AHEAD FOR STOCKS

BNN (2024-10-22)

“We want to make sure that people do understand that we are assuming multiple contraction,” Monica Issar, JPMorgan Wealth Management’s global head of multi-asset and portfolio solutions, said at a round-table on Monday.

CANADA’S RISING UNEMPLOYMENT NOW A GREATER RISK THAN MORTGAGE RENEWALS: RBC

Better Dwelling (2024-10-22)

Their current forecast has the unemployment rate hitting 7% by early 2025.

REPORT CARD ON BANKS 2024 SUMMARY VIDEO

Investment Executive (2024-10-22)

This provides a detailed chart on earnings for banks base on a variety of metrics.

FINANCIAL SERVICES ROUNDUP: MARKET TALK

WSJ (2024-10-22)

0953 ET – U.S.

A SMALL BANK’S FAILURE LEAVES BIG DEPOSITORS FEELING THE PAIN

WSJ (2024-10-22)

There is a big message in a tiny lender’s abrupt failure late last week: Customers with large deposits can lose money when their bank goes belly up. Whether

WHY HEDGE FUNDS ARE BETTING AGAINST THE GREEN ECONOMY

BNN - David Gura and David Fox (2024-10-21)

Gura: Bloomberg’s Sheryl Lee analyzed positions more than 500 hedge funds have taken on green energy, and she found that more of those funds are now going short on ESG than are going long.

BANKS, PRIVATE CREDIT VIE FOR $5 BILLION BAUSCH + LOMB DEBT

BNN (2024-10-21)

At $5 billion, the debt deal could become one of the largest ever arranged by private credit.

ZOMBIE COMPANIES MAY FINALLY SUCCUMB TO BANKRUPTCY ON BOJ HIKES

Bloomberg (2024-10-21)

After three decades of ultra-loose monetary policy, even small hikes in interest rates by the Bank of Japan are poised to fuel an increase in the number of zombie companies that could be tipped into insolvency. Bankruptcies

CANADIAN HOUSEHOLD DEBT GROWTH IS SLOWING DESPITE FALLING RATES

Better Dwelling (2024-10-21)

Canadian households still racked up more debt, but they’re starting to look a little tired of borrowing.

GOLD HITS NEW HEIGHTS, HAS ROOM TO RUN: NBF

Investment Executive (2024-10-21)

“This isn’t just a new nominal record but also a historic high in inflation-adjusted terms, surpassing a 45-year-old benchmark,” the report said.

“THIS ISN’T JUST A NEW NOMINAL RECORD BUT ALSO A HISTORIC HIGH IN INFLATION-ADJUSTED TERMS, SURPASSING A 45-YEAR-OLD BENCHMARK,” THE REPORT SAID.

WSJ (2024-10-21)

Last month, after more than three years investigating, the Justice Department filed an antitrust lawsuit against Visa that alleges it illegally monopolized the market for debit-card payments.

WHY CO-BRANDED CARDS CAN BE HIGH RISK, HIGH REWARD FOR BANKS

WSJ (2024-10-21)

Nearly 30% of adults own credit cards that are partnerships between brands and banks.

METRO’S MOI REWARDS LOYALTY PROGRAM COMING TO ONTARIO STORES

G&M - Rosa Saba (2024-10-21)

Metro MRU-T is expanding its Moi Rewards program into Ontario later this week after rolling it out in Quebec and New Brunswick last year. It’s

CONSORTIUM INCLUDING CPPIB TO TAKE CONTROL OF NORD ANGLIA FOR US$14.5-BILLION INCLUDING DEBT

G&M - KANE WU AND ADWITIYA SRIVASTAVA (2024-10-21)

Swedish investment firm EQT AB has formed a consortium with Neuberger Berman Private Markets and the Canada Pension Plan Investment Board to take ownership of international schools operator Nord Anglia Education for $14.5-billion

IS THE GAMIFICATION OF INVESTING A BLESSING OR A CURSE?

G&M - Pete Banerjee (2024-10-21)

Picture yourself logging into your investing app, greeted with a leaderboard, notifications that nudge you toward the “top-traded” stock, and colorful confetti animations that celebrate your first trade.

WISDOMTREE PAYS $4 MILLION OVER SEC GREENWASHING CHARGES

Yahoo Finance (2024-10-21)

From March 2020 until November 2022, WisdomTree said three ESG exchange-traded funds did not invest in companies involved in fossil fuels and tobacco, but the SEC found the funds in fact invested in companies that were involved in coal mining and transportation, natural gas extraction and distribution, and retail sales

FINTECH GIANT STRIPE TO BUY CRYPTO STARTUP BRIDGE

Yahoo Finance (2024-10-21)

Digital currencies are gaining traction after the U.S.

WHAT IS THE HEZBOLLAH-LINKED FINANCIAL INSTITUTION ISRAEL IS TARGETING IN LEBANON?

Yahoo Finance (2024-10-21)

After assassinating most of Hezbollah’s top political and military commanders, including the group’s longtime leader Sayyed Hassan Nasrallah, and pummeling its communities with devastating airstrikes, Israel says it is now going after the Shiite group’s funders and financial institutions in an attempt to further disrupt it and its base of

CANADIAN PENSION FUNDS READY €7 BILLION SALE OF CUBICO

BNN (2024-10-21)

The two pension funds are working with Bank of America Corp.

BANK OF CANADA NEARS DECISION ON OVERSIZED RATE CUT

G&M (2024-10-20)

The Bank of Canada is widely expected to accelerate monetary-policy easing this week with an oversized interest-rate cut in response to weak economic growth and concerns that inflation could get stuck below the central bank’s target. In

COUCHE-TARD PLANS TO FUND MOST OF US$47-BILLION OFFER FOR 7-ELEVEN OWNER WITH DEBT, KEEP EQUITY ‘MINIMAL’

G&M (2024-10-20)

Alimentation Couche-Tard Inc.

ONTARIO GOVERNMENT PLANS GOVERNANCE REVIEW AT PENSION FUND MANAGER OMERS

G&M (2024-10-20)

The Ontario government is launching a governance review of the province’s largest pension fund for municipal employees, responding to pressure from associations representing police and firefighters that complained of a perceived lack of transparency from one of the pension plan’s two boards of directors. The

PUTIN TURNS TO NORTH KOREAN TROOPS AS RUSSIA’S ECONOMY HEADS FOR A ‘MELTDOWN’

Yahoo Finance (2024-10-20)

"The direct military cooperation between Russia and North Korea that has been reported by foreign media has now been officially confirmed," the spy agency said in a statement, according to Reuters.

GERMANY DENIES REPORT IT IS MULLING LAW TO PROTECT BANKS FROM FOREIGN TAKEOVERS

Yahoo Finance (2024-10-20)

Berlin was taken aback by UniCredit's swoop to build a large stake in state-backed Commerzbank, a move the Italian bank says could lead to a merger.

UBS BANKERS UNDER PRESSURE FROM LAWYERS TO RETHINK ESG LABELS

Yahoo Finance (2024-10-20)

The decision to rein in the use of certain ESG (environmental, social, governance) product labels and claims at UBS coincides with a wider shift inside the finance industry, as regulators in Europe churn out stricter rules and the number of activist lawsuits increases.

HOUSEHOLD DEBT CONTINUES TO RISE: STATCAN

Investment Executive (2024-10-20)

Real-estate-driven debt — mortgage borrowing and home equity lines of credit (HELOCs) — accounted for the bulk of the activity, $7.0

BANK OF CANADA NEEDS TO 'FLIP THE SCRIPT' AS WEAK ECONOMIC DATA BUILDS UP

FP (2024-10-20)

Both Brown and Mendes are calling for the Bank of Canada to cut interest rates by 50 basis points at its next policy announcement on Oct.

AMEX PROFIT BEATS AS EXPENSE DISCIPLINE OFFSETS SPENDING SLOWDOWN

Reuters (2024-10-20)

American Express (AXP.N),

RECOVERY OF US BANK FAILURE FUND AHEAD OF SCHEDULE, FDIC SAYS

Reuters (2024-10-20)

The FDIC, a key guarantor of financial stability in the world's largest economy, says restoration of the insurance fund, which comprises banks' insurance payments, is going according to plan it does not foresee major turbulence on the horizon despite some problem areas for the banking industry. "While

NORDEA CEO FLAGS PRICE WAR IN SWEDEN AS LENDERS BATTLE FOR MARKET SHARE

Reuters (2024-10-20)

He added this was mostly happening in Sweden where banks were pushing down margins to gain some traction. Meanwhile,

ANNUAL PACE OF CANADIAN HOUSING STARTS IN SEPTEMBER UP 5% FROM AUGUST, CMHC SAYS

G&M (2024-10-17)

Canada Mortgage and Housing Corp.

TD BANK GROUP SAYS CHARLES SCHWAB INVESTMENT WILL ADD ABOUT $178-MILLION FOR FOURTH QUARTER

G&M (2024-10-17)

TD Bank Group TD-T says The Charles Schwab Corp.’s

MCKINSEY NEARS US$500-MILLION SETTLEMENT WITH DOJ OVER OPIOID PROBE, SOURCES SAY

G&M (2024-10-17)

Consulting firm McKinsey & Co is close to an agreement with U.S.

TD’S EXPENSIVE BOARD FAILED TO FIX YEARS OF ROT

G&M - David Milstead (2024-10-17)

Toronto-Dominion Bank TD-T spends millions of dollars each year to pay august, accomplished business leaders to serve on its board of directors, the ultimate stewards of the corporation. They

MORGAN STANLEY SHARES JUMP TO RECORD AS BANK’S PROFIT EXCEEDS FORECASTS ON DEALMAKING SURGE

ALEXANDRA STEVENSON and MATTHEW GOLDSTEIN - Tatiana Bautzer, Manya Saini and Niket Nishant (2024-10-17)

Morgan Stanley’s MS-N +6.50%increase

BANK OF CANADA NEEDS TO 'FLIP THE SCRIPT' AS WEAK ECONOMIC DATA BUILDS UP

Yahoo Finance - Gigi Suhanic (2024-10-17)

Most economists at major financial institutions now expect third-quarter annualized GDP to come in at one per cent to 1.5

AN ARGENTINE PROVINCE HAS A CREATIVE SOLUTION TO PRESIDENT MILEI'S AUSTERITY: PRINTING ITS OWN MONEY

Yahoo Finance - Isabel Debre (2024-10-17)

The bills bear the face of Ángel Vicente “Chacho” Peñaloza, the caudillo, or strongman, famed for defending La Rioja in a 19th-century battle against national authorities in Buenos Aires.

JAPAN INSURER WITH $400 BILLION IN ASSETS PREDICTS RECORD NIKKEI

Yahoo Finance - Nao Sano (2024-10-17)

The Nikkei 225’s all-time high of 42,224.02

TD ECONOMIST PREDICTS ‘SIZEABLE’ BUMP IN HOUSING MARKET ACTIVITY THIS QUARTER

BNN - Jordan Fleguel (2024-10-17)

“In our latest forecast we put out in mid September, we had a fairly sizeable increase in quarter-on-quarter Canadian home sales in the fourth quarter of this year, reflecting the extent of the rate relief that we have in the system and additional relief that we’re expecting,” he said.

NATIONAL BANK CEO FERREIRA TOUTS THE COMPANY’S FOCUS ON CANADA

BNN - Christine Dobby (2024-10-17)

The Montreal-based bank sees plenty of room to grow within the country and hopes to complete its planned acquisition of Edmonton-based Canadian Western Bank early next year, Ferreira said Wednesday at the Bloomberg Canadian Finance Conference in New York.

BANK OF CANADA TO CHOP RATES A FULL POINT BY YEAR END, MARION SAYS

BNN - Randy Thanthong-Knight and Christine Dobby (2024-10-17)

With inflation excluding shelter costs already slipping below the central bank’s target range and joblessness among young men rising to a decade high, policymakers may opt to reduce policy by 50 basis points at each of their next two meetings, according to Stéfane Marion, chief economist and strategist at National

ECB TO STEP UP PACE WITH BACK-TO-BACK RATE CUTS: DECISION GUIDE

BNN - Mark Schroers (2024-10-17)

“The ECB’s focus has shifted from too-high inflation to too-weak growth,” said Paul Hollingsworth, chief economist for Europe at BNP Paribas.

THE WORLD’S CENTRAL BANKS AREN’T FOLLOWING THE FED’S LEAD ANYMORE

Bloomberg - Tom Orlik (2024-10-17)

All politics, the saying goes, is local.

QUEBEC TO LOWER STUDY PERMITS, SHOULD THE REST OF CANADA FOLLOW?

Better Dwelling (2024-10-17)

Canada has seen explosive growth of its temporary population, and Quebec is one of the top destinations.

A SECOND TRUMP PRESIDENCY STANDS TO RADICALLY REMAKE WORLD TRADE

WSJ - Greg IP (2024-10-17)

In his first term as president, Donald Trump resurrected tariffs as a tool of economic diplomacy, regularly deploying them as a lever to extract new trade deals from other countries.

COUCHE SAYS IT WANTS TO BUY ALL OF 7-ELEVEN OWNER’S BUSINESSES

G&M - Nicolas Van Praet (2024-10-17)

Seven & i controls the 7-Eleven chain’s 85,000 stores around the world as well as a series of other assets including a bank, life insurance units and credit card businesses.

NEW FEDERAL MORTGAGE POLICIES WILL BOOST CANADIAN HOME PRICES IN 2025: TD

Yahoo Finance - John MacFarlane (2024-10-17)

The new federal housing policies, announced in September, take effect on Dec.

OSFI ANNUAL REPORT 2023-2024

OSFI (2024-10-17)

Further, our mandate was expanded through Budget 2023 to include integrity, security, and foreign interference in our supervisory and regulatory functions.

IS THE INSURANCE INDUSTRY VERGING ON COLLAPSE?

Insurance Business - Daniel Wood (2024-10-17)

The extreme losses being experienced by the insurance industry have some industry stakeholders considering the unthinkable: will the industry collapse? Regulators and insurance leaders in Australia were asked this question at a government inquiry’s public hearing. The

DISCOVER FINANCIAL, SEC WORKING TO RESOLVE MISCLASSIFICATION MATTER

WSJ (2024-10-17)

Discover Financial DFS 1.99%increase;

SUPERINTENDENT OF FINANCIAL INSTITUTIONS DEFENDS REGULATORS' RECORD AFTER TD’S GUILTY PLEA

BNN - Daniel Johnson (2024-10-17)

The head of Canada’s banking regulator defended the record of the Office of the Superintendent of Financial Institutions (OSFI) following anti-money laundering issues at TD Bank. Last

MID-SIZED BANKS SEE HIGHER CUSTOMER SATISFACTION THAN BIG FIVE: J.D. POWER SURVEY

BNN (2024-10-17)

The survey shows the average ranking among mid-sized banks like Tangerine, ATB Financial and Simplii Financial came in at 644 out of a possible 1,000 points, while satisfaction was an average of 611 among the Big Five banks.

CHINA’S MEGA BANKS TRIM DEPOSIT RATES AS STIMULUS HITS PROFITS

Bloomberg (2024-10-17)

China’s largest state-owned lenders have cut their deposit rates on Friday, their second reduction this year as they rushed to salvage record low margins amid weakened profitability. Major

GOLD HOVERS NEAR RECORD AS MIDEAST TENSIONS SPARK HAVEN DEMAND

BNN - Sybilla Gross (2024-10-17)

Haven demand outweighed macro headwinds that would normally weigh on the precious metal, after US reports on Thursday diminished bets on the scale of Fed easing.

CANADIAN HOUSING STARTS STAGNANT, 3X GROWTH WAS NEVER REALISTIC: BMO

Better Dwelling (2024-10-17)

Further adding, “The 12-month average for new starts has turned down again to sit at 244k.

ALL QUIET ON THE BANK-BRANCH FRONT

Investment Executive (2024-10-17)

At Bank of Montreal (BMO; with an IE rating of 8.1,

THE TD BANK ANTI-MONEY LAUNDERING DEBACLE DEMANDS ACTION FROM OTTAWA ON COMPLIANCE RISKS

G&M - JohnTurley-Ewart (2024-10-15)

The DOJ’s astonishing case against Toronto-Dominion Bank TD-T -4.01%decrease ,

UNEMPLOYMENT RATE FALLS TO 6.5% IN CANADA BUT 'MIXED SIGNALS' MUDDY ODDS OF A 50 BP RATE CUT

Yahoo Finance - John MacFarlane (2024-10-15)

Market odds of a 50 basis point cut on Oct.

INTEREST RATES HAVE FURTHER TO FALL, BUT FIXED MORTGAGE RATES ARE ALREADY NEARING THEIR BOTTOM

G&M - Salamaan Faroooqui (2024-10-15)

The Bank of Canada is widely expected to cut its headline interest rate by an additional 2 or 2.5

INTEREST RATES HAVE FURTHER TO FALL, BUT FIXED MORTGAGE RATES ARE ALREADY NEARING THEIR BOTTOM

G&M - Salamaan Faroooqui (2024-10-15)

The Bank of Canada is widely expected to cut its headline interest rate by an additional 2 or 2.5

INFLATION FALLS TO 1.6%, MAKING A CASE FOR LARGER BANK OF CANADA RATE CUT

G&M (2024-10-15)

Canada’s inflation rate dropped below 2 per cent in September for the first time in more than three years, the latest sign of price stability that potentially tips the Bank of Canada to a larger interest-rate cut next week. The

BIG CANADA BANKS SEE JUMBO CUT AFTER SURPRISINGLY SOFT INFLATION

Yahoo Finance - Erik Hertzberg (2024-10-15)

Erik Hertzberg Tue, October 15, 2024 at 1:39 p.m.

MASSIVE U.S. FINE AGAINST TD BANK HIGHLIGHTS RELATIVELY MODEST PENALTIES IN CANADA

Yahoo Finance - Ian Bickis (2024-10-15)

The limited fines available to Fintrac means the $9.2

REGIONAL BANK STOCKS, DJT TRADING HALTED: MARKET DOMINATION

Yahoo Finance - Julie Hymann (2024-10-15)

We are seeing a sell off here and it is deepening a little bit in the case of the dow, we're now off 267 points about 6/10 of 1%.

WALL STREET BANKS NOTCH SURPRISE TRADING HAUL ON STOCKS BONANZA

Bloomberg (2024-10-15)

The most volatile quarter since the heights of the pandemic has delivered a windfall to Wall Street’s trading desks. Goldman

RBNZ SAYS HIGHER CASH RATE WAS NEEDED TO OFFSET BANK LIQUIDITY

Bloomberg (2024-10-15)

New Zealand’s central bank said it had to hike interest rates more than expected in its last tightening cycle because of the amount of liquidity that had been added to the financial system during the Covid-19 pandemic. The

CANADIAN REAL ESTATE PRICES FALL, MARKET UNSURE IF BOUNCE IS NEAR

Better Dwelling (2024-10-15)

Canadian home prices continue to slip lower, though they remain range bound.

FEW ADVISOR COMPLAINTS ABOUT PRODUCT SHELF RESTRICTIONS AT THE BIG SIX

Investment Executive (2024-10-15)

Planners and advisors working within the branches of Canada’s Big Six banks are generally satisfied with their ability to choose investments for clients — even though they are restricted to selling only their banks’ in-house, proprietary products.

GOLDMAN SACHS REPORTS 2024 THIRD QUARTER EARNINGS PER COMMON SHARE OF $8.40 AND ANNUALIZED RETURN ON COMMON EQUITY OF 10.4%

Goldman Sachs (2024-10-15)

David Solomon, Chairman and CEO of Goldman Sachs, said, “Our performance demonstrates the strength of our world-class franchise in an improving operating environment.

OSFI ANNUAL REPORT 2023-2024

OSFI (2024-10-15)

Further, our mandate was expanded through Budget 2023 to include integrity, security, and foreign interference in our supervisory and regulatory functions.

THREE BIG TAKEAWAYS FROM BANK EARNINGS

WSJ - Gina Heeb (2024-10-15)

The country’s biggest banks said American consumers appeared to be on steadier financial footing in the third quarter, with executives suggesting the economy has either reached or neared a soft landing. JPMorgan

GOLDMAN SACHS PROFITS JUMP 45% TO $3BN AFTER TRADING BOOST

FT - Joshua Franklin (2024-10-15)

Goldman Sachs’ quarterly profits jumped 45 per cent to $3bn in the third quarter, boosted by its equity trading business, even as the bank took another hit from its retreat from retail banking. Goldman’s

JPMORGAN REWRITES LAWS OF FINANCE — WITH SOME HELP

FT (2024-10-15)

Jamie Dimon does not like the suggestion that JPMorgan is “dominant”, as an analyst discovered on the US megabank’s earnings call on Friday.

AMERICAN LOVE OF CREDIT CARDS WILL BLUNT INSTANT PAYMENT APPEAL

FT (2024-10-15)

Card transaction fees.

HURRICANE MILTON PAYOUTS LIKELY TO HIT $36BN, ACCORDING TO RISK MODELLERS

FT (2024-10-15)

Hurricane Milton, which tore through central Florida last week causing widespread damage, will lead to about $36bn of insurance payouts for the private sector, according to risk modeller Karen Clark & Company. The

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.

POILIEVRE VOWS TO REMOVE GST ON NEW HOMES UNDER $1-MILLION

G&M - Rachelle Younglai, Stefanie Marotta (2024-10-29)

Federal Conservative Leader Pierre Poilievre said he would eliminate the federal goods and services tax on new homes priced under $1-million and $8-billion from the Liberals’ existing housing programs if his party forms the government after the next election. Mr.

GOLDMAN SACHS OPENS OFFICE IN RIYADH’S GIANT FINANCIAL DISTRICT

G&M - Nicolas Parasie (2024-10-29)

Goldman Sachs Group Inc.

HSBC TO BUY BACK $3 BILLION SHARES AS PROFIT BEATS ESTIMATES

Yahoo Finance (2024-10-29)

Europe’s largest bank said Tuesday that it would repurchase up to $3 billion of shares on the back of a 9.9%