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.

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

TD BANK HAS TO CHANGE ITS BUSINESS STRATEGY TO COPE WITH REGULATORY STRAITJACKET

G&M (2024-10-14)

Toronto-Dominion Bank TD-T -4.01%decrease

CANADA ACCUSES INDIAN DIPLOMATS OF 'CLANDESTINE ACTIVITIES’

Yahoo Finance (2024-10-14)

The Canadian government said it expelled six Indian diplomats over allegations that the officials gathered intelligence about Sikh separatists who were then targeted for violence.

CENTRAL BANKERS MAKE RARE COMMENTS IN FAVOR OF BIGGER GOLD STASH

Yahoo Finance - Yvonne Yue Li (2024-10-14)

Gold has surged more than 25% so far in 2024, outperforming US equities and bonds as it keeps climbing to fresh all-time highs.

NEW ZEALAND GOVERNMENT URGES RBNZ TO PROMOTE BANK COMPETITION

Bloomberg (2024-10-14)

New Zealand’s government is keeping the pressure on the Reserve Bank to use its regulatory powers to encourage more banking competition. Finance

BARCLAYS TO REPLACE GOLDMAN SACHS AS ISSUER OF GM CREDIT CARDS

WSJ - Don Nico Forbes (2024-10-14)

The companies on Monday said Barclays will begin issuing GM’s credit cards starting next summer.

SOFT LANDING OR HARD? BANK RESULTS SHOW PATH TO NO LANDING

WSJ - Telis Demos (2024-10-14)

Economists, investors and business leaders have been debating for months whether the economy is headed for a soft landing or a hard landing.

BANK TURMOIL HAS LESSONS FOR REGULATORS

Investment Executive - James Langton (2024-10-14)

The global group of banking regulators issued principles for supervising liquidity risk in the wake of the 2008 financial crisis, and those principles seemingly worked well, until the 2023 episode, which “highlighted clear challenges in overseeing banks’ liquidity risk,” the report noted.

7-ELEVEN OWNER TO CUT ASSETS AND REFOCUS ON CONVENIENCE STORES TO COUNTER COUCHE-TARD TAKEOVER

G&M - James Griffith (2024-10-10)

The Japanese parent of 7-Eleven will shed much of its non-convenience business and refocus on its core brand, the company said Thursday, as it seeks to stave off an increasingly aggressive takeover effort by Alimentation Couche-Tard Inc.ATD-T Seven

TD BANK HIT WITH ASSET CAP ON U.S. RETAIL BANKING DIVISION AFTER ANTI-MONEY LAUNDERING FAILURES

G&M - Tim Kiladze (2024-10-10)

Toronto-Dominion Bank’s TD-T retail banking growth in the United States will be constrained by an asset cap, adding to TD’s financial penalties from U.S.

TD REACHES $70-MILLION CLASS-ACTION SETTLEMENT ON BROKER COMMISSIONS, LAW FIRM

G&M (2024-10-10)

Siskinds LLP says a $70.25

EVEN 50-BPS BANK OF CANADA RATE CUT COULD WASH OVER FINANCIALLY STRESSED CONSUMERS, SURVEY SUGGESTS

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

With more interest rate cuts on the way, he thinks homebuyers are pushing their home-buying intentions until after the Bank of Canada’s meetings on Oct.

BMO JUICES UP US WINE UNIT WITH NEW HIRING, BETS ON INDUSTRY RECOVERY

Yahoo Finance - Nivedita Balu (2024-10-10)

BMO sees opportunity as the $107-billion U.S.

HURRICANE MILTON HEADS INTO ATLANTIC AFTER BATTERING FLORIDA

Yahoo Finance (2024-10-10)

Milton came ashore near Siesta Key as a Category 3 hurricane on Wednesday evening and is now packing winds of 85 miles (140 kilometers) per hour, the US National Hurricane Center said in its latest advisory.

PBOC STARTS $71 BILLION LIQUIDITY TOOL FOR STOCK INVESTORS

Yahoo Finance (2024-10-10)

The latest announcement comes as the stock rally cools on the lack of immediate fiscal stimulus following a weeklong national holiday.

FIRED RBC FINANCE CHIEF NADINE AHN HIRED BY CANACCORD GENUITY

BNN - Christine Dobby (2024-10-10)

“She’s incredibly experienced and fits like a glove inside this organization,” Canaccord Chief Executive Officer Dan Daviau said of Ahn in an interview.

US CPI DATA WILL LIKELY SHOW FURTHER DISINFLATION IN SEPTEMBER

Bloomberg (2024-10-10)

Economists anticipate that key measures of inflation decelerated in September, in spite of price pressures in some categories of goods including used cars. The

SWISS FIRMS HAVE BIG FLAWS IN SUSTAINABILITY REPORTS, ETHOS SAYS

Bloomberg - Noele Illien (2024-10-10)

The Ethos Foundation said it has identified a pattern of major shortcomings in the sustainability reports of Swiss companies, and called for stronger regulation to improve practices in the area. The

CANADIAN TAXPAYERS TO BACK TURNING “BASEMENTS OR GARAGES” INTO RENTALS

Better Dwelling (2024-10-10)

Canada will be making big changes to the country’s insured mortgage program.

TANGERINE TO GET NEW PRESIDENT, CEO IN NOVEMBER

Investment Executive (2024-10-10)

Among her accomplishments, Bogdaneris cited Riley’s work as founder of The Scotiabank Women Initiative, designed to help women “grow their businesses, advance their careers and invest in their futures so they can succeed on their own terms.”

U.S. BANKRUPTCIES TRACKING TOWARD HEIGHTS OF 2020

Investment Executive (2024-10-10)

“Over the past decade, full-year bankruptcy filings were at their highest in 2020 and second-highest in 2023,” S&P said.

TD DIRTY LAUNDRY FROM THE INSIDE

G&M (2024-10-10)

In 2012, almost a decade into a $20-billion American expansion, the top brass at Toronto-Dominion Bank TD-T felt the time was right to go for all the marbles.

THE GLOBE’S FIRST EVER BIG GUIDE TO CANADIAN CREDIT CARDS

G&M (2024-10-10)

The Tangerine credit cards rank quite low owing to the base earning rate of 0.5

TD STAFF JOKED INTERNALLY THAT THE BANK WAS FAVOURED BY MONEY LAUNDERERS, BUT FAILED TO STOP THE ACTIVITY

G&M (2024-10-10)

Failures to stop money laundering in Toronto-Dominion Bank’s TD-T U.S.

WHY ARE INSURABLE MORTGAGE BORROWERS BEING EXCLUDED FROM THE NEW MORTGAGE RULES?

G&M (2024-10-10)

Aspiring and existing home owners have had plenty to celebrate lately, with Ottawa loosening the mortgage rules to help first-time buyers enter the market.

HIGHER INTEREST RATES COULD BOOST BANK PROFITS: CHART OF THE DAY

Yahoo Finance (2024-10-10)

JPMorgan Chase & Co.

PE-BACKED FIRMS SUFFERING HIGHER DEFAULT RATES, MOODY’S SAYS

Yahoo Finance (2024-10-10)

“Leverage in Apollo’s private equity portfolio is among the lowest in the industry,” a spokesperson for Apollo said in a statement.

CRYPTO.COM FILES SUIT AGAINST SEC AFTER GETTING WELLS NOTICE

BNN - Muyao Shen (2024-10-10)

The notice represents the latest in a string of enforcement actions brought by the SEC against the crypto industry in recent years.

A RECORD $6.47 TRILLION IS PILING UP IN US MONEY-MARKET FUNDS

Bloomberg (2024-10-10)

A stampede into US money-market funds has pushed the industry’s total assets to a fresh record $6.47

EX-UBS CEO RALPH HAMERS JOINS FORMER GOOGLERS’ AI WEALTH FIRM

Bloomberg (2024-10-10)

Ralph Hamers, the former chief executive officer of UBS Group AG, has joined a wealth firm founded by onetime Google staffers, his first public appointment since exiting the Swiss banking giant last year. Hamers,

CAPITAL GAINS HIKE TO YIELD LESS REVENUE THAN EXPECTED, RESEARCH GROUP SAYS

Bloomberg (2024-10-10)

Canada’s decision to increase the capital gains inclusion rate is unlikely to generate as much cash as Justin Trudeau’s government expects, a research group says. The

CANADIAN HOUSEHOLD INCOME INEQUALITY HITS WIDEST GAP ON RECORD: STAT CAN

Better Dwelling (2024-10-10)

The Dutch central bank previously found that low rate shocks generally result in the wealthiest households gaining a greater share of total wealth.

COUCHE-TARD’S REVISED BID FOR 7-ELEVEN OWNER SWEETENS OFFER BY A FIFTH, SOURCES SAY

G&M - Scott Murdoch and Anton Bridge (2024-10-09)

Japan’s Seven & i Holdings said on Wednesday it had received a revised takeover bid from Canada’s Alimentation Couche-Tard, which was raised to about US$47-billion from US$38.5-billion,

FOREIGN MUTUAL FUNDS AND ETFS SOLD $5B IN CANADIAN ENERGY STOCKS AMID OIL VOLATILITY: CIBC

Yahoo Finance - Jeff Lagerquist (2024-10-09)

“The extent of selling of Canadian energy stocks raises the question of whether this was a capitulation on Canadian energy stocks, or a broader decision by international [mutual funds] and ETFs to sell fossil fuel stocks,” CIBC analyst Ian de Verteuil wrote in a note to clients on Monday.

RATE CUTS HAVE ‘BARELY’ IMPROVED HOUSING AFFORDABILITY: RBC ECONOMIST

BNN - Jordan Fleguel (2024-10-09)

The report said that when the central bank made the first rate cut of this cycle in June, it immediately helped more Canadians qualify for a mortgage, but the required income to do so remained much higher than the national average in the second quarter.

FEDERAL FLOOD MAPS ARE NO MATCH FOR FLORIDA’S DOUBLE HURRICANE

BNN - Leslie Kaufman and Leonardo Nicoletti (2024-10-09)

FEMA’s maps indicate which properties have at least a 1% chance of flooding each year — or put another way, which properties have a one-in-four chance of flooding over the course of a 30-year mortgage.

CANADIAN REAL ESTATE DOWNTREND EXTENDED BY RISING INVENTORY: RBC

Better Dwelling (2024-10-09)

“The number of new listings increased across all major markets, except Montreal this September.

GLOBAL INVESTMENT BANKING FEES STRONGER

Investment Executive (2024-10-09)

Debt underwriting fees were up 25% compared with the same period last year, syndicated lending fees rose 9%, and merger-and-acquisition fees edged up by 3%, LSEG said.

MORE EMISSIONS ACCOUNTABILITY NEEDED IN TORONTO’S FINANCIAL SECTOR: REPORT

Investment Executive - Ian Bickis (2024-10-09)

The report produced by the Toronto Climate Observatory says the 18 largest financial institutions based in the city, including banks, asset managers and pension funds, collectively directed more than $1.43

U.S. PROPERTY AND CASUALTY INSURERS’ SHARES SLUMP AS HURRICANE SEASON LOSSES MOUNT

G&M - Manya Saini (2024-10-08)

U.S.

MONEY LAUNDERING RISKS TO CANADA’S BANKS HAVE ‘RISEN IN PROMINENCE,’ BANKING REGULATOR SAYS

G&M - James Bradshaw (2024-10-08)

Risks to banks from anti-money-laundering issues have “risen in prominence” for Canada’s banking regulator as it gains a deeper understanding of the weak spots in financial institutions’ defences, some of which have not yet been publicly revealed, the head of the regulator said. In

CANADA’S FASTEST GROWING PAYMENT CARD IS SAVING PEOPLE MONEY IN TWO WAYS

G&M - Rob Carrick (2024-10-08)

Prepaid cards are the growth story among cards The new generation of prepaid cards is a sort of a hybrid between debt and credit cards.

TOP US BANKS BRACE FOR LOWEST LENDING INCOMES IN ALMOST 2 YEARS

FT - Joshua Franklin and Stephen Gandel (2024-10-08)

Investors are preparing for big US banks to report their lowest income from lending in almost two years as they grapple with the end of the Federal Reserve’s era of high interest rates. JPMorgan

WHY ARE THE BRITISH SO RELUCTANT TO INVEST?

FT - Emma Dunkley (2024-10-08)

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

CANADIAN POPULATION GROWTH SLOWING UNLIKELY TO IMPACT ECONOMY: BMO

Better Dwelling (2024-10-08)

A negative, or inverse, correlation is the exact opposite of what most people have come to expect.

LATEST TD STUMBLE A CREDIT NEGATIVE: MOODY’S

Investment Executive - James Langton (2024-10-08)

While the monetary penalty levelled against TD Securities (USA) LLC to resolve charges stemming from a former trader’s improper trading isn’t material to the bank, the case represents another blow to the bank’s reputation, says Moody’s Ratings.

BLUE OWL BOLSTERS DATA CENTRES PORTFOLIO IN US$1B DEAL

Investment Executive (2024-10-08)

Blue Owl was one of the first U.S.-based

HOW A RATES RETHINK AFTER STRONG U.S. JOBS DATA COULD SHAKE UP MARKETS

G&M - Saqib Iqbal Ahmed and Lewis Krauskopf (2024-10-07)

The reverberations from a blowout U.S.

CANADIAN STOCK SALES PLUNGE TO LOWEST LEVEL SINCE 1998

G&M - Jameson Berkow (2024-10-07)

The total value of new stock sales by Canadian companies from July through September fell 74 per cent to $1.8-billion

COMPETITION BUREAU GETS COURT ORDER FOR PROBE INTO CANADIAN REAL ESTATE ASSOCIATION

Yahoo Finance - Rosa Saba (2024-10-07)

It's also looking into whether CREA's agent co-operation policy makes it harder for alternative listing services to compete with the major listing services, or gives larger brokerages an unfair advantage over smaller ones.

QUEBEC PENSION FUND SAYS IT’S READY TO BACK COUCHE-TARD IN 7-ELEVEN QUEST

Bloomberg - Mathieu Dion (2024-10-07)

A senior executive at Quebec’s public pension manager said the fund will likely provide financial backing to Alimentation Couche-Tard Inc.

CANADA'S BANKS SHOULD PREPARE FOR THE RISK OF A FAILURE, SAYS C.D. HOWE EXPERT

FP - Larysa Harapyn (2024-10-07)

Mark Zelmer, a senior fellow with the C.D.

CIBC MULLS RISK TRANSFER TRANSACTIONS TIED TO $4.5 BILLION OF CORPORATE LOANS

FP - Esteban Duarte and Chunzi Xu (2024-10-07)

Canadian Imperial Bank of Commerce is assessing investors’ interest in a significant risk transfer transaction that would be linked to corporate loans, according to people familiar with the matter. The

CANADA JUST SAW 1 IN 20 BUSINESSES CLOSE IN A MONTH, BIGGEST WAVE SINCE PANDEMIC

Better Dwelling (2024-10-07)

The closure rate (share as a total) also set a similar pandemic record.

BANKS INSULATED FROM MIDDLE EAST CONFLICT, FOR NOW

Investment Executive - James Langton (2024-10-07)

“Specifically, no Canadian bank we rate reported a material exposure to any countries in the region or their entities.

OSFI HEAD REFLECTS ON DECISION TO RELAX MORTGAGE STRESS TEST RULE

Investment Executive - Ian Bickis (2024-10-07)

Only between 2% and 6% of borrowers make such a switch, so while it was something Routledge previously maintained was part of sound underwriting practices, the agency no longer saw it as worth the cost.

CARRYING A CREDIT-CARD BALANCE HAS GOTTEN WAY MORE EXPENSIVE

WSJ - Angel Au-Yeung (2024-10-07)

Banks have been raising interest rates on credit cards for years, and some are lifting them higher still to recoup the revenue they fear losing from a new cap on late fees.

HOMEOWNERS HIT BY HELENE ARE IN FOR AN INSURANCE CLAIM SHOCK

WSJ - Jean Eaglesham (2024-10-07)

Homeowners are rushing to file insurance claims after Hurricane Helene left a trail of destruction across six states.

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.

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.