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.

G7 COUNTRIES PLEDGE TO TACKLE ‘EXCESSIVE IMBALANCES’ IN GLOBAL ECONOMY

G&M - Steven Chase, Nojoud Al Mallees, Mark Rendell (2025-05-23)

Finance ministers and central bankers from Group of Seven countries took aim at unfair economic practices that generate “excessive imbalances” in the global trading system on Thursday, at the end of three days of meetings in Alberta.

CANADIAN FIRST-TIME HOME BUYERS RELY ON NON-MORTGAGE DEBT & GIFTS

Better Dwelling (2025-05-23)

Speaking of overextended purchases, gifts are becoming a more important part of purchasing.

ATB POSTS $348M NET INCOME FOR 2024-25

Investment Executive - Jonathan Got (2025-05-23)

ATB Wealth had $37.2

NATIONAL PRODUCTIVITY EDGED UP IN 2024 AFTER DECLINING FOR THREE YEARS

Investment Executive (2025-05-23)

Quebec’s productivity increased 2% in 2024 after falling 2.6%

RECESSION WARNING FROM BANKING GIANT: 100K JOB CUTS LIKELY AS HOUSING FALTERS

Mortgage Broker News - Candyd Mendoza (2025-05-23)

“We’re very worried that we’re going to be in a formal recession in the second and third quarters and that we can see perhaps another 100,000 jobs lost,” said Caranci in an interview with The Globe and Mail.

TD EARNINGS TAKE A HIT IN Q2

Mortgage Broker News (2025-05-23)

Adjusted net income dropped to $3.63

GROUPS REPRESENTING INVESTMENT MANAGERS URGE REGULATORS TO HARMONIZE PROVINCIAL SECURITIES REGULATIONS

G&M - Alexandra Posadzki (2025-05-23)

Groups representing Canada’s investment management industry are urging provincial regulators to reduce interprovincial trade barriers by harmonizing their securities regulations. CFA

CANADA POST REJECTS UNION REQUEST FOR BARGAINING PAUSE, OFFERS WAGE HIKE AS STRIKE DEADLINE NEARS

G&M - Meera Raman (2025-05-22)

On the penultimate day of bargaining at Canada Post before more than 55,000 workers could walk off the job, the Crown corporation presented a new contract offer that includes wage increases but rejected the union’s request for a two-week pause to consider it. The

CPPIB CEO EXPECTS ‘ROLLER-COASTER’ YEAR FOR INVESTORS AFTER 9.3% RETURN IN PAST FISCAL YEAR

G&M - James Bradshaw (2025-05-22)

The Canada Pension Plan Investment Board’s chief executive officer is expecting global economic growth to be lower this year amid a “roller-coaster” period for markets that has caused investors to “sit on their hands” while they wait to see what comes next. The

TRUMP SAYS HE’S SERIOUSLY CONSIDERING TAKING FANNIE MAE AND FREDDIE MAC PUBLIC

G&M - Jasper Ward (2025-05-22)

“Fannie Mae and Freddie Mac are doing very well, throwing off a lot of CASH, and the time would seem to be right,” Trump said, without providing further details. Fannie

EIGHT SMOKING HOT HOUSING MARKETS ACROSS CANADA

G&M - Rob Carrick (2025-05-22)

The overall picture on home prices tells us the trade war has scared buyers away, and that prices are falling. But

BITCOIN SURGES TO NEW RECORD ABOVE $109,500

Yahoo Finance - Ines Ferre (2025-05-22)

Bitcoin's record comes on the heels of a key procedural victory in the Senate on Monday night for a bill to regulate stablecoins — cryptocurrencies tied to assets like the US dollar.

CANADA'S TOP PENSION FUND DROPS NET-ZERO EMISSIONS TARGET

Yahoo Finance (2025-05-22)

"Net-zero commitments are not optional," Shift said in a statement.

WALL STREET TUMBLES UNDER THE WEIGHT OF RISING TREASURY YIELDS AND U.S. DEBT WORRIES

BNN (2025-05-22)

“Bonds finally appear to be getting equities’ attention,” according to Jonathan Krinsky, chief market technician at BTIG, pointing in particular to the 30-year Treasury yield, which jumped back above 5% and approached its highest level since 2023.

SCOTIABANK SAYS MOBILE, ONLINE BANKING SERVICE ‘FULLY RESTORED’ AFTER HUNDREDS OF OUTAGE REPORTS

BNN - Luca Caruso-Moro, Aarjavee Raaj (2025-05-22)

Scotiabank’s service has been “fully restored,” the company said, after hundreds of users reported outages on Wednesday morning.

G7 FINANCE SUMMIT GETS UNDERWAY IN CANADA AS TRADE WAR LOOMS

BNN (2025-05-22)

John Manley, former deputy prime minister and former finance minister of Canada, weighs in on what to expect from the G7 finance summit this week.

TD FOLDS US MUNI, CREDIT VOICE TEAMS INTO AUTOMATED TRADING

Bloomberg (2025-05-22)

Toronto-Dominion Bank is folding its US municipal fixed income business into its electronic trading unit, as the Canadian firm looks to streamline its operations amid a boom in automated trading. Rick

CANADIAN MORTGAGE RATES SET TO RISE AS YIELDS SOAR ON INFLATION DATA

Better Dwelling (2025-05-22)

Canadian bond yields are rising aggressively this week, as inflation expectations climb.

VERSABANK TO HOST SECOND QUARTER FISCAL 2025 FINANCIAL RESULTS CONFERENCE CALL/WEBCAST WEDNESDAY, JUNE 4, 9:00 AM

VersaBank (2025-05-22)

To join the conference call by telephone without operator assistance, you may register and enter your phone number in advance at https://emportal.ink/4jdDXlc

OSFI'S SPRING 2025 QUARTERLY RELEASE: CONTINUOUSLY WORKING TO ENSURE THE SAFETY AND STABILITY OF CANADA’S FINANCIAL SYSTEM

OSFI (2025-05-22)

OSFI regularly reviews and updates its guidelines so that they continue to keep pace with changes to institutions’ risk and operating environments.

TD CUTTING 2% OF WORKFORCE, BEATS SECOND-QUARTER PROFIT ESTIMATES

G&M - Stefanie Marotta (2025-05-22)

Toronto-Dominion Bank TD-T is cutting two per cent of its workforce as part of a cost-cutting plan while the lender fixes gaps in its anti-money laundering processes. TD

'BIG GAINS TO BE HAD' IF CANADA'S PENSION FUND GIANTS INVESTED MORE AT HOME: DESJARDINS

Yahoo Finance - John MacFarlane (2025-05-22)

The funds take in money from their investments and worker contributions, but also pay out benefits.

BANK OF CANADA COULD CUT THREE MORE TIMES: DESJARDINS

Yahoo Finance (2025-05-22)

Jimmy Jean, chief economist at Desjardins Group, talks with Financial Post's Larysa Harapyn about what's ahead for the Canadian economy and the Bank of Canada.

CANADIAN HOME PRICES DROPPED FURTHER IN APRIL. THEY'RE STILL OUT OF REACH FOR MANY CANADIANS

Yahoo Finance - John MacFarlane (2025-05-22)

“In the context of ongoing economic uncertainty, moderate population growth and the risk that long-term interest rates will remain higher for longer than expected, home prices are likely to remain under pressure in the coming months,” King wrote.

BIG SIX BANKS TO FACE HIGHER LOAN LOSS RESERVES, LOWER BORROWING DEMAND AS TRADE WAR STRESSES ECONOMY

G&M - Stefanie Marotta (2025-05-21)

Canada’s banks are expected to continue grappling with higher loan loss reserves and lower borrowing activity as U.S.

CORPORATE PROPERTY OWNERS FUELING HOUSING RENT INCREASES IN TORONTO

G&M - Carlo Cantisani (2025-05-21)

Companies that own rental housing properties charge higher rents across all building classes than the average neighbourhood price in Toronto, according to a new study released Tuesday. The

CIRO REACHES $2.8-MILLION SETTLEMENT WITH CANACCORD OVER GATEKEEPER RULE VIOLATIONS

G&M - Jameson Berkow (2025-05-21)

Canada’s investment industry regulator has reached a settlement with Canaccord Genuity Inc.

CANADA IS ENTERING A RECESSION AND WILL SOON BLEED ANOTHER 100,000 JOBS: TD CHIEF ECONOMIST

G&M - Jennifer Dowty (2025-05-21)

The S&P/TSX Composite Index on Tuesday closed above 26,000 for the first time, marking its tenth straight day of gains, as valuations continue to expand despite trade uncertainties that threaten the economy. However,

CANADA LOOKS TO HELP BUILD UKRAINE'S PENSION SYSTEM, FINANCE MINISTER SAYS

Yahoo Finance - Julia Payne (2025-05-21)

"I had the privilege with Sergii to meet a number of pension funds and a number of very important investors to look at what's going to come next," he said, while addressing a press conference with Ukrainian Finance Minister Sergii Marchenko at the beginning of G7 meetings in Banff, Alberta.

BANK OF CANADA RATE CUT ODDS FOR JUNE FALL AFTER APRIL INFLATION DATA

BNN (2025-05-21)

Excluding energy from the consumer price index, StatCan said inflation would have come in at 2.9

BANK OF CANADA LOSES GRIP: CORE INFLATION SOARS ABOVE TOLERANCE

Better Dwelling (2025-05-21)

Canadian headline inflation showed a healthy reduction, due entirely to the removal of a tax.

WSJ MARKET TALK

WSJ (2025-05-21)

1418 ET – JPMorgan Chase CEO Jamie Dimon says he would not take the possibility of severe stagflation off the table despite recently reached trade deals that are easing the brunt of President Trump’s trade war.

US LIFE INSURERS’ OFFSHORE REINSURANCE LIABILITIES BREACH $1TN

FT (2025-05-21)

Please use the sharing tools found via the share button at the top or side of articles.

DID YOUR MUTUAL FUND OUTRANK MOST OTHERS? DON'T COUNT ON IT TO CONTINUE, S&P SAYS

Yahoo Finance (2025-05-19)

Very few Canadian actively-managed funds that deliver top-tier performance in one year have been able to maintain that outcome, according to data from S&P Dow Jones Indices.

US JUDGE REJECTS VANGUARD $40 MILLION MUTUAL FUND SETTLEMENT, CITES SEC ACCORD

Yahoo Finance (2025-05-19)

In a 25-page decision, Murphy agreed with an objecting class member that approving the $40 million settlement didn't make sense because it would leave investors with less money, with more than $13 million taken out for their lawyers' legal fees.

CANADA POST RECEIVES STRIKE NOTICES FROM POSTAL WORKERS UNION

Yahoo Finance (2025-05-19)

In case of a nationwide strike, the postal company said it would not accept any new items until the disruption was over, and mail and parcels would not be delivered.

JAMIE DIMON SPEAKS AT JPMORGAN INVESTOR DAY: KEY TAKEAWAYS

Yahoo Finance (2025-05-19)

JPMorgan Chase (JPM) held its annual investor day on Monday.

FIVE THINGS TO WATCH FOR IN THE CANADIAN BUSINESS WORLD IN THE COMING WEEK

Yahoo Finance (2025-05-19)

TD Bank Group will report its second-quarter results before markets open on Thursday.

TARIFFS, ECONOMIC UNCERTAINTY CHILLING COTTAGE HOUSING MARKET, REPORT SAYS

BNN (2025-05-19)

“Recreational buyers are temporarily on the sidelines as they await for further clarity or signs of economic stability.”

FOREIGN INVESTORS DIVESTED FROM CANADIAN SECURITIES IN MARCH

Investment Executive (2025-05-19)

There was a $19.9-billion

PRODUCT ROUNDUP: CIBC BRINGS NEW CASH MANAGEMENT, FIXED-INCOME ETFS TO MARKET

Investment Executive (2025-05-19)

“Our new CIBC ETFs are designed to provide secure and yield-enhancing cash solutions, and a robust long-term income solution.

FINANCIAL SERVICES ROUNDUP: MARKET TALK

WSJ (2025-05-19)

JPMorgan Chase CEO Jamie Dimon says he would not take the possibility of severe stagflation off the table despite recently reached trade deals that are easing the brunt of President Trump’s trade war.

UBS CEO ERMOTTI STEPS UP WARNINGS ON RISK OF EXCESSIVE REGULATION

(2025-05-19)

UBS is awaiting details of the Swiss government's plan to make the banking sector safer, following the demise of Credit Suisse, which UBS acquired in 2023 after its longstanding rival collapsed following a string of scandals. The

EY NEGLIGENTLY MISSED HUGE FRAUD AT COLLAPSED HOSPITAL OPERATOR, $3 BILLION UK TRIAL HEARS

MSN (2025-05-19)

The administrators of NMC – a FTSE 100 company when it collapsed in 2020 after disclosing more than $4 billion in hidden debt – are suing over audits from 2012 to 2018, when EY gave an unqualified opinion that NMC's accounts were accurate.

THE NEW MATH – THE CARNEY MATH – OF THE NEW GOVERNMENT

G&M - Tony Keller (2025-05-16)

Our new government revealed its lithe, lean, slimmed-down figure on Tuesday.

GOLD SET FOR WORST WEEK IN SIX MONTHS AS TRADE CALM DENTS APPEAL

G&M - ANUSHREE MUKHERJEE (2025-05-16)

“Gold prices faced heavy selling pressure this week as markets cheered [a] de-escalation in the U.S.-China

CANADIAN HOUSING STARTS JUMP 30% IN APRIL, CMHC SAYS

Yahoo Finance (2025-05-16)

The seasonally-adjusted annualized rate of housing starts climbed to 278,606 units from a revised 214,205 units in March, the Canadian Mortgage and Housing Corporation (CMHC) said.

JAMIE DIMON'S TIME AS JPMORGAN CEO IS WINDING DOWN. INVESTORS ARE SAYING 'DO NOT GO.'

G&M (2025-05-16)

JPMorgan Chase (JPM) CEO Jamie Dimon's time as top boss is winding down when his stature on Wall Street and in the nation's capital is arguably at an all-time high. Investors,

MORTGAGE PAYMENTS HAVE MORE THAN DOUBLED SINCE 2020

Yahoo Finance (2025-05-16)

Yahoo Finance host Julie Hyman reviews the latest data out from Strategas, illustrating how mortgage payments have more than doubled over the past five years, adding to the long-existing home affordability crisis in the US.

SUN LIFE CFO ‘VERY PLEASED’ WITH Q1 RESULTS BOLSTERED BY STRONG INTERNATIONAL GROWTH

BNN (2025-05-16)

“We were very pleased with our first quarter results, in fact we had record underlying net income for the quarter and that was contributed across all of our geographies and business segments,” Tim Deacon, Sun Life’s chief financial officer, told BNN Bloomberg in a Thursday interview.

ONTARIO TO SELL MORE DEBT ABROAD AS DEFICIT, SPENDING GROW

Bloomberg (2025-05-16)

Ontario plans to borrow C$59.8

CANADIAN REAL ESTATE PRICES SLIP SHARPLY, FURTHER DOWNWARD PRESSURE BUILDS

Better Dwelling (2025-05-16)

Canadian real estate prices slipped further last month.

COINBASE SAID CYBER CROOKS STOLE CUSTOMER INFORMATION AND DEMANDED $20M RANSOM PAYMENT

Investment Executive (2025-05-16)

“The stolen data allows them to conduct social engineering attacks where they can call our customers impersonating Coinbase customer support and try to trick them into sending their funds to the attackers,” Armstrong said.

U.S. FINANCE CEOS CHALLENGED FOR LEAVING CLIMATE PACTS BY DEMOCRATIC LAWMAKERS

Reuters (2025-05-16)

When they left the groups, most of the institutions said they still pledged to reduce emissions but made no reference to the political pressure from some Republican politicians, who accused the companies of unfairly seeking to limit financing to the fossil fuel industry. As

AMERICA’S COMMERCIAL REAL-ESTATE PAIN TESTS BANK THAT BUILT ITS FORTUNES ON SKYSCRAPERS

WSJ (2025-05-16)

A scrappy Arkansas bank that rose to finance skyscrapers around the U.S.

A SURPRISE DOUBLE DOWNGRADE TO SELL BY CITIGROUP

Proactive Investor (2025-05-16)

On a positive note, Aviva’s Life business outperformed, with 4% growth in retirement income sales, as retail annuities were up 32% and bulk annuities were flat.

FINANCE MINISTER CHAMPAGNE SUGGESTS OTTAWA WON’T PRESENT BUDGET THIS YEAR

G&M - Bill Curry (2025-05-15)

Prime Minister Mark Carney‘s government is working toward updating its finances in a fall economic statement, Finance Minister François-Philippe Champagne said Wednesday, suggesting Ottawa will not table a federal budget this year. Federal

CANADIAN HOUSEHOLDS WERE WORTH MORE THAN $1.025 MILLION ON AVERAGE IN 2024: HOW DO YOU STACK UP?

FP - Sarah Lewis (2025-05-15)

Canadian household wealth surged to a new collective high of $17.49

WHY THE ECB IS TELLING STAFF IT'S TIME TO MOVE

FP (2025-05-15)

The policy is not meant to force anyone to move, nor switch specialization, says Eva Murciano, the bank’s director-general of human resources.

CANADA’S NEW HOUSING MINISTER DOESN’T THINK PRICES NEED TO COME DOWN

BNN - Rachel Aiello (2025-05-15)

“No.

BRITISH BANKING ANALYST JAILED IN SAUDI ARABIA FOR 10 YEARS OVER 'UNKNOWN TWEET'

Yahoo Finance (2025-05-14)

“We are supporting a British man who is detained in Saudi Arabia and are in contact with his family and local authorities,” a spokesperson for the Foreign Office in London said in a statement.

US MAY NEED A BOND-MARKET BLOWUP TO CUT DEFICIT, MARKET VETERAN SAYS

Bloomberg (2025-05-14)

After the November election, there were few people in the bond market more optimistic about how President Donald Trump, and his band of DOGE cost-cutters, would rein in ballooning budget deficits than Stephen Jen. Six

CANADIAN REAL ESTATE PRICES CLIMB THE MOST IN 9 MONTHS: BROOKFIELD’S RPS

Better Dwelling (2025-05-14)

Canadian real estate prices are moving higher but losing steam.

HOUSING AFFORDABILITY UNLIKELY TO IMPROVE IN NEXT TWO YEARS: DESJARDINS

Investment Executive (2025-05-14)

The growing gap between home prices and incomes means aspiring homeowners need significantly more time to save for a down payment.

RETAILERS URGE EUROPEAN COMMISSION TO CRACK DOWN ON VISA, MASTERCARD

Reuters (2025-05-14)

Europe's largest retailers and online retail companies have urged the European Commission to rein in allegedly high fees charged by Visa (V.N),

AUSTRALIA ACCUSES MACQUARIE OF INACCURATELY REPORTING UP TO 1.5 BILLION SHORT SALES

Reuters (2025-05-14)

The regulator said in its lawsuit that it was seeking fines although it did not specify how much.

TRADE WAR PERSONAL FINANCE UPDATE: A ‘HOW MUCH SHOULD YOU WORRY’ GUIDE TO STOCKS, MORTGAGE RATES, THE DOLLAR AND MORE

G&M (2025-05-14)

The stock markets say life would be great without the trade war. Every

SUSTAINABLE FINANCE EXPERTS LAUNCH EFFORT TO BOLSTER TRANSITION PLANS FOR CANADIAN COMPANIES

G&M - Jeffrey Jones (2025-05-13)

Several financial institutions and pension funds are backing a new initiative by some of Canada’s best-known sustainable-finance experts to bolster companies’ energy-transition plans as a way to win access to more global capital. The

SHOPIFY SHARES SOAR AHEAD OF DEBUT IN NASDAQ 100

G&M (2025-05-13)

Shopify’s (SHOP-T) stock surged more than 13 per cent in Monday morning trading after the Nasdaq stock exchange announced the e-commerce company would join its 100 Index on May 19. The

TARIFF UNCERTAINTY SHOULD SLOW CANADA'S COTTAGE MARKET THIS YEAR: REMAX

Yahoo Finance - John MacFarlane (2025-05-13)

“We are optimistic that recreational activity could pick up later this season, but there’s a big ‘but’ looming,” Kottick said.

HUDSON'S BAY EXPECTED BACK IN COURT TO EXTEND CREDITOR PROTECTION

Yahoo Finance - Tara Deschamps (2025-05-13)

After filing for creditor protection in March because it was having trouble paying 26 pages' worth of landlords, vendors and suppliers almost $1 billion they were collectively owed, Hudson's Bay put itself, its assets and its leases up for sale.

STOCKS SURGE ON U.S.-CHINA TRADE TRUCE, WHILE GOLD PLUMMETS

BNN (2025-05-13)

The big winners on Wall Street were big semiconductor and tech stocks, as well as apparel and travel names that had been hardest-hit in the China-U.

CANADIAN MORTGAGE RATE RENEWAL CLIFF WAS MORE LIKE A CURB

Better Dwelling (2025-05-13)

Canada’s central bank is just realizing the mortgage rate renewal cliff is much smaller than thought.

CRYPTO SHOULD FACE TRADITIONAL REG PRINCIPLES: SIFMA

Investment Executive - James Langton (2025-05-13)

In a joint submission to the U.S.

THE TROUBLE WITH FINFLUENCERS

Investment Executive - Matthew Taylor (2025-05-13)

In the Floreani case, the ASC found multiple breaches of section 103.1(2)

LOOK OUT — THE GOVERNMENT SEEMS TO BE BANKING ON INCREASED TAX PENALTIES TO HELP PAY FOR ITS SPENDING

FP - Kim Moody (2025-05-13)

Our federal government is addicted to deficit spending and plans to finance some of that spending by betting on Canadians failing to navigate a byzantine tax system it keeps expanding, writes Kim Moody.

WHEN NOT TO TRUST YOUR MORTGAGE LENDER

FP - Robert Mclister (2025-05-13)

According to fresh data from the Financial Services Regulatory Authority of Ontario (FSRAO), nearly half of folks believe banks will treat them fairly — the kind of blind faith usually reserved for seeing-eye dogs and weather apps before a wedding. Meanwhile,

SCOTIABANK SIGNS REFERRAL DEAL WITH ICICI BANK CANADA FOR WEALTH MANAGEMENT SERVICES

G&M (2025-05-13)

ICICI Bank Canada is a full-service direct bank under Canada’s Bank Act and has been serving its customers in Canada for 20 years.

CARNEY WANTS BIG GOVERNMENT TO GET INTO HOUSING – A MAJOR RISK TO TAXPAYERS

G&M - Jake Fuss (2025-05-13)

A trade war, U.S.

CENTRAL BANKERS RENEW CALL FOR FINAL BASEL III REFORMS

Investment Executive - James Langton (2025-05-13)

Following a meeting on May 12, the regulators’ oversight body, known as the Group of Central Bank Governors and Heads of Supervision (GHOS), which is chaired by Bank of Canada governor Tiff Macklem, stressed the importance of fully implementing the capital reforms crafted in the wake of the global financial

CHAMPAGNE RETAINS FINANCE POST IN CARNEY’S NEW CABINET

Investment Executive - Sammy Hudes (2025-05-13)

Champagne maintains his position as minister of finance after taking over the file just ahead of the federal election.

DIGITAL PAYMENTS EVOLUTION: VIRTUAL CARDS POISED TO TAKE OFF

Pymnts (2025-05-13)

"Digital Payments Evolution: Virtual Cards Poised to Take Off” was produced in collaboration with Elan, and PYMNTS Intelligence is grateful for the company’s support and insight.

CREDITORS OFFER US CHIPMAKER $600MN REFINANCING TO AVERT BANKRUPTCY

FT - Sujeet Indap (2025-05-13)

Junior creditors of Wolfspeed Inc.,

PRESS CONFERENCE: FINANCIAL STABILITY REPORT—2025

BOC - Tiff Macklem, Carolyn Rogers (2025-05-13)

A stable and efficient financial system is essential for sustaining economic growth and raising standards of living.

TD SAYS TORONTO CONDOS WILL DROP $137,000

Youtube (2025-05-13)

TD Economics just dropped a bold prediction for the Toronto Condo Market: Toronto condo prices could fall another 10% by the end of 2025.

DID CARNEY, THE BANKER, USE HIS BOND-MARKET BLACK MAGIC ON TRUMP?

G&M - John Rapley (2025-05-12)

John Rapley is a contributing columnist for The Globe and Mail.

STAGNATING JOB MARKET 'COULD SOON BUCKLE,' RAISING ODDS OF ANOTHER BOC CUT AS UNEMPLOYMENT JUMPS

Yahoo Finance - John MacFarlane (2025-05-12)

"It doesn't take an archeological dig to realize this is a weak report," writes BMO chief economist Douglas Porter.

CANADA'S UNICORN PROBLEM: NEW STUDY EXPLORES WHY OUR BEST STARTUPS FAIL TO TAKE FLIGHT

Yahoo Finance - Yvonne Lau (2025-05-12)

“We must be doing something seriously wrong (if Canada has only had) only two successful IPOs and one failed one,” Plant wrote in his report, warning of a chilling effect if capital providers fear they won’t eventually be able to get their money out.

THIS CANADIAN BANK PAYS 4.75% AND COULD DOUBLE YOUR MONEY BY 2030

Yahoo Finance - Christopher Liew (2025-05-12)

As of this writing, only Toronto-Dominion Bank (TSX:TD) out of the Big Six Canadian bank stocks has bucked the tariff chaos.

U.S. AND CHINA TAKE A STEP BACK FROM SKY-HIGH TARIFFS, AGREE TO PAUSE FOR 90 DAYS

BNN (2025-05-12)

“The consensus from both delegations this weekend is neither side wants a decoupling,” Bessent said.

SUN LIFE BEATS ESTIMATES ON STRONG ASSET MANAGEMENT, U.S. RESULTS

BNN (2025-05-12)

The Toronto-based insurance firm reported underlying earnings of $1.82

BOE’S LOMBARDELLI VOTED TO CUT RATES AS ‘INSURANCE’ AGAINST TRADE WARS

Bloomberg - Clare Lombardelli (2025-05-12)

Bank of England Deputy Governor Clare Lombardelli said growth in UK wages and services prices is still too high to be consistent with bringing inflation back to the 2% target but she voted to cut interest rates last week to provide “insurance” against the risk of an economic slowdown caused

WHY BANKS MAY NOT BE YOUR SMALL BUSINESS’S BEST BET FOR FINANCE

Forbes - David Prosser (2025-05-12)

Looking for finance for your small business? Don’t assume your local bank is the place to find it.

MORE THAN 4 IN 10 US CONSUMERS NOW USE VIRTUAL CARDS AT CHECKOUT

Pymnts (2025-05-12)

See attached for doc.

BOC OFFICIALS DISCUSS LATEST FINANCIAL STABILITY REPORT

BNN (2025-05-09)

Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers discuss the latest financial stability report released today.

POWELL GETS SUPPORT FROM BANK OF CANADA’S MACKLEM AMID TRUMP ATTACKS

Bloomberg (2025-05-09)

Bank of Canada Governor Tiff Macklem offered support to Federal Reserve Chair Jerome Powell from US President Donald Trump’s attacks, as the Canadian policymaker called the independence of central banks “sacrosanct.” “The

CANADIAN REAL ESTATE SLUMP DEEPENS: RBC WARNS NO REBOUND IN SIGHT

Better Dwelling (2025-05-09)

RBC’s grim outlook for Canadian real estate is the exact opposite of what experts saw in 2025.

PAY DAY BANKING OUTAGES HIT 1.2M PEOPLE, BANKS REVEAL

BBC - Graham Fraser (2025-05-09)

The letters from the banks revealed about 250,000 TSB customers, 196,255 from Nationwide and 60,000 from HSBC also faced disruption on that morning.

BANK LOWERS INTEREST RATES AND HINTS AT MORE CUTS TO COME

BBC - Michael Race & Faisal Islam (2025-05-09)

The minutes of the Bank's meeting showed the rate-setting committee was divided.

THE REAL-TIME RAIL BUILD IS ON TRACK FOR COMPLETION IN Q3 2025

Payments Canada (2025-05-09)

“The system build is on track to be finished in Q3 2025, which is a huge accomplishment for the program” said Pinto.

VOTING PERIOD ANNOUNCED FOR CONEXUS, CORNERSTONE, AND SYNERGY CREDIT UNIONS RECOMMENDED MERGER

Synergy (2025-05-09)

Credit union members can register for the Special Meeting by visiting their respective credit union website.

JOIN US AT THE 2025 CANADIAN FINANCE SUMMIT

financeevents.ca (2025-05-09)

Join over 600 banks, credit unions and fintechs.

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.

G7 COUNTRIES PLEDGE TO TACKLE ‘EXCESSIVE IMBALANCES’ IN GLOBAL ECONOMY

G&M - Steven Chase, Nojoud Al Mallees, Mark Rendell (2025-05-23)

Finance ministers and central bankers from Group of Seven countries took aim at unfair economic practices that generate “excessive imbalances” in the global trading system on Thursday, at the end of three days of meetings in Alberta.

CANADIAN FIRST-TIME HOME BUYERS RELY ON NON-MORTGAGE DEBT & GIFTS

Better Dwelling (2025-05-23)

Speaking of overextended purchases, gifts are becoming a more important part of purchasing.

ATB POSTS $348M NET INCOME FOR 2024-25

Investment Executive - Jonathan Got (2025-05-23)

ATB Wealth had $37.2