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.

TARIFFS COULD LEAD TO 160,000 JOB LOSSES IN SECOND QUARTER, CONFERENCE BOARD OF CANADA SAYS

G&M - Ian Bickis (2025-04-01)

Trade tensions with the U.S.

QUESTRADE INCHES CLOSER TO WINNING CANADIAN BANKING LICENCE

G&M - James Bradshaw (2025-04-01)

Questrade Financial Group Inc.

FRANCE'S LE PEN SAYS COURT RULING IS 'POLITICAL' AND AIMED AT BLOCKING HER FROM 2027 ELECTION

Yahoo Finance (2025-04-01)

France's far-right leader Marine Le Pen said that the ruling barring her from seeking public office is 'political' and aims at preventing her from running for president in 2027.

CANADIAN MORTGAGE ARREARS CLIMB TO THE HIGHEST RATE SINCE 2021

Better Dwelling (2025-04-01)

Canadian mortgage borrowers are having a tough time coping with the slowdown.

FDIC, CFTC RETRACT PAST CRYPTO GUIDANCE

Investment Executive - James Langton (2025-04-01)

“With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” said Travis Hill, acting chairman of the FDIC, in a release.

CHARLIE JAVICE GUILTY OF DEFRAUDING JPMORGAN INTO BUYING COLLEGE AID STARTUP

Reuters - Luc Cohen and Tatiana Bautzer (2025-04-01)

Entrepreneur Charlie Javice was convicted on Friday of defrauding JPMorgan Chase (JPM.N),

YOU'LL RARELY HEAR THE WORD "STAGFLATION" UTTERED BY CENTRAL BANKERS, FOR GOOD REASON

FP (2025-04-01)

Most people signing their first mortgage today weren’t even a twinkle in their parents’ eyes when Canada last tangoed with stagflation back in the early ’80s.

'WORST IS OVER' FOR THE CANADIAN DOLLAR, SAYS DESJARDINS

Yahoo Finance - Jeff Lagerquist (2025-03-31)

Canada’s currency (CADUSD=X) fell to its lowest level against the U.S.

ALREADY HIT BY CHINA, NOVA SCOTIA'S SEAFOOD SECTOR BRACES FOR U.S. TARIFFS NEXT WEEK

Yahoo Finance (2025-03-31)

“People are nervous,” he said in an interview Friday.

COLOMBIA CENTRAL BANK BOARD LIKELY TO RESUME CUTS AS NEW MEMBERS DEBUT

Yahoo Finance - Nelson Bacanegra (2025-03-31)

Monday will mark the first interest rate votes by Laura Moisa-Elicabide and Cesar Giraldo, who were recently named to the seven-member board by President Gustavo Petro, and by new finance minister German Avila, who told journalists on Thursday he would opt for a rate cut.

GOLD RISES ABOVE $3,100 FOR FIRST TIME AS US LEVIES BOOST HAVENS

Yahoo Finance (2025-03-31)

Bullion gained as much as 0.9%

GOLDMAN SEES MORE RATE CUTS FROM FED AND ECB AS TARIFFS HURT GROWTH OUTLOOK

Yahoo Finance - Joel Jose and Siddarth S (2025-03-31)

The Wall Street brokerage increased its 12-month recession probability for the world's largest economy to 35% from 20% and lowered the region's 2025 GDP growth forecast to 1.5%

CANADIAN STUDY PERMIT APPLICATIONS PLUMMET MORE THAN PLANNED

Better Dwelling (2025-03-31)

However, there’s a little more to this reduction.

ONEDIGITAL IN TALKS WITH ‘UP TO 50’ CANADIAN FIRMS

Investment Executive - Kevin Press (2025-03-31)

OneDigital targets mass affluent clients primarily, but not exclusively.

ATB FINANCIAL PARTNERS WITH U OF A ON LEADERSHIP CERTIFICATION

IE (2025-03-31)

The program focuses on leading people, effectively using resources to lead in business and identifying and responding to change, said Tara Lockyer, chief people and communications officer with ATB, in an interview.

DOW FUTURES, GLOBAL MARKETS DROP ON TARIFF CONCERNS

WSJ (2025-03-31)

“You’d start with all countries,” Trump said on Air Force One late Sunday—though he said the tariffs would be more generous than trade partners had been to the U.S. The

CHINA’S BIG STATE BANKS TO GET $71.6 BILLION CAPITAL INJECTION

WSJ (2025-03-31)

Four of China’s largest banks are planning to raise up to $71.6

LARRY FINK WARNS ‘PROTECTIONISM HAS RETURNED WITH FORCE’

FT - Eric Platt (2025-03-31)

BlackRock chief executive Larry Fink told shareholders in the world’s largest asset manager that “protectionism has returned with force”, days before US President Donald Trump is set to escalate a tariffs war with America’s trading partners. Fink,

CAR FINANCE CASE COULD SPARK BILLIONS IN DRIVER PAYOUTS

BBC - Kevin Peachey (2025-03-31)

In other words, customers should be told clearly how much commission would be paid - and agree to it - without those details being buried in the terms and conditions of the loan.

CARNEY SAYS CANADA CANNOT RELY ON U.S. ANY LONGER, MUST ACHIEVE ‘ECONOMIC AUTONOMY’

G&M - Steven chase, Laura Stone (2025-03-28)

Prime Minister Mark Carney vowed to retaliate against Donald Trump’s new tariffs on foreign-made autos but warned that Canada must start fundamentally reshaping its economy to reduce dependence on the United States and create “strategic economic autonomy in this country.” He

AUDIT INDUSTRY REGULATOR TO BEGIN IDENTIFYING ACCOUNTING FIRMS IN ITS ANNUAL REVIEWS

G&M - David Milstead (2025-03-28)

The country’s top audit regulator is going to start naming names. Until

SAGICOR FINANCIAL IS BASED IN BARBADOS, TRADES IN TORONTO AND IS GROWING FAST

G&M - John Daly (2025-03-28)

“I think we have tremendous value,” he says.

'WORST IS OVER' FOR THE CANADIAN DOLLAR, SAYS DESJARDINS

Yahoo Finance - Jeff Lagerquist (2025-03-28)

However, Desjardins economists say the loonie’s recent thrashing may be over.

POILIEVRE HOPES TFSA TOP-UP WILL HELP FIGHT TRUMP TARIFFS

BNN - Mike Le Couteur (2025-03-28)

Julian says only a small number of Canadians actually contribute to the limit of their TFSA’s.

U.S. FED BACKSTOP FEARS COULD THREATEN U.S. DOLLAR, DEUTSCHE BANK SAYS

BNN (2025-03-28)

Should the Fed choose to withhold liquidity support in times of immediate stress — or attempt to leverage the facility as a quid pro quo for other U.S.

GOLDMAN INCREASES GOLD FORECAST TO $3,300 AN OUNCE BY YEAR-END

BNN (2025-03-28)

The new $3,300 an ounce forecast reflects a pick up in purchases through the November through to January period — with central banks scooping up about 190 tons per month, the Goldman analysts said.

AMERICAN BANKER ON TRIAL SAYS INNOCENT VERDICT WILL HELP JAPAN

G&M - Takashi Nakamichi and Nao Sano (2025-03-28)

An American former executive of a large Japanese brokerage who has been criminally charged in Japan asked a court to rule him innocent, and said the outcome of his trial will have bearings on the country’s standing as an international financial hub. “Unfounded

CLAUDIA COHEN AND TARA PATEL

Bloomberg - SocGen Taps Macron’s Top Adviser to Head Investment Banking (2025-03-28)

Societe Generale SA named Alexis Kohler chairman of its investment bank, tapping French President Emmanuel Macron’s longstanding top adviser to oversee one of its key businesses. Kohler

CANADIAN JOB VACANCY RATE HITS THE LOWEST LEVEL IN OVER 7 YEARS

Better Dwelling (2025-03-28)

Those with a job are going to want to hang on tight because there are fewer companies hiring.

NEW PREMIUMS FOR LIFE INSURANCE HIT RECORD HIGH IN 2024, WHILE NUMBER OF POLICIES FELL

Investment Executive - Michelle Schriver (2025-03-28)

Total new annualized premiums of Canadian life insurance were $2.04

GOOD NIGHT TO A BIDEN OVERDRAFT RULE

WSJ (2025-03-28)

The Senate passed a resolution, 52-48, disapproving the CFPB overdraft rule.

TELUS PUTS STAKE IN TOWER NETWORK UP FOR SALE, HIRES TD BANKERS TO PITCH INVESTORS

G&M - Andrew Willis, Irene Galea (2025-03-27)

Telus Corp.

BMO TIGHTENS MORTGAGE RULES FOR SELF-EMPLOYED IN ‘TARIFF-IMPACTED’ STEEL AND ALUMINUM INDUSTRY

G&M - Shane Dingman (2025-03-27)

As of March 19, hundreds of thousands of self-employed Canadians working in the steel and aluminum space, along with nine other “tariff-impacted industries” that BMO believes could face a “turbulent economic landscape,” will find it tougher to secure attractive lending rates as a result of U.S.

RBC INVESTORS WEIGH GROWTH PLANS AS TRADE TENSIONS WITH U.S. WORSEN

G&M - Nivedita Balu (2025-03-27)

When Royal Bank of Canada RY-T -0.34%decrease

CANADA HOME PRICES LIKELY TO DROP IN 2025 AS TARIFF UNCERTAINTY PERSISTS: TD

G&M - John MacFarlane (2025-03-27)

“This reflects muted demand conditions in both markets and supply/demand balances that are heavily skewed in favour of buyers,” Sondhi wrote.

MONTREAL ARCHDIOCESE LAUNCHES REAL ESTATE ARM AIMED AT MAXIMIZING SOCIAL IMPACT

Yahoo Finance - Sidhartha Banerjee and Morgan Lowrie (2025-03-27)

The creation of the Roman Catholic Real Estate Corp.

US BANKS FINANCE THEIR OWN COMPETITION TO TUNE OF $1 TRILLION

Yahoo Finance - Yizhu Wang and Weihua Li (2025-03-27)

The phenomenon underscores the seismic shift taking hold in US finance, where less-regulated lenders have stepped into a void opened up after the financial crisis prompted banks to slow certain types of lending.

BANK OF CANADA SAYS IT WOULD HAVE LIKELY HELD RATE STEADY IF NOT FOR TARIFFS

Yahoo Finance - Craig Lord (2025-03-27)

But the council noted that tariff threats had already “sharply” weakened business and consumer confidence.

‘TARIFF FOR TARIFF’: DOUG FORD SAYS HE SUPPORTS RETALIATORY TARIFFS IN LIGHT OF TRUMP’S 25 PER CENT AUTO LEVY

BNN - Laura Sebben (2025-03-27)

“I’m in full support of preparing retaliatory tariffs,” Ford said at Queen’s Park Wednesday.

DEALMAKERS STARTED 2025 PREDICTING ONE OF THE BEST HAULS IN A DECADE. IT WASN’T LONG BEFORE THEY HAD TO DELIVER A STARK REALITY CHECK.

Bloomberg - Michelle F Davis, Aaron Kirchfeld, Bailey Lipschultz, and Yiqin Shen (2025-03-27)

Dealmakers started 2025 predicting one of the best hauls in a decade.

CAR REPOSSESSIONS SURGED LAST YEAR TO HIGHEST LEVEL SINCE 2009

Bloomberg - Claire Ballentine (2025-03-27)

Car repossessions surged last year to the most since 2009, a sign that mounting consumer stress is reverberating through the US economy. In

CANADIAN UNEMPLOYMENT TO RISE 190K PEOPLE WITHIN MONTHS: NBF

Better Dwelling (2025-03-27)

Less spending means lower revenues for businesses, which in turn will result in cutbacks.

SECURITIZATION MARKET FACES U.S. POLICY RISK

Investment Executive - James Langton (2025-03-27)

“Potential risks stem from macro-economic policies increasing pressure on U.S.

GLOBAL BANKS’ CAPITAL RISES, LIQUIDITY DIPS

Investment Executive (2025-03-27)

The group of global bank regulators reported that its latest assessment of international banking data (to June 30, 2024) revealed banks’ risk-based capital ratios rose last year, with the common equity tier 1 capital ratio climbing to 13.4%

SUN LIFE’S COMP FOR 2024-APPOINTED CANADA PRESIDENT, CFO

Investment Executive - Jonathan Got (2025-03-27)

Jessica Tan succeeded Jacques Goulet as president of Sun Life Canada in September 2024.

HOW WEALTHSIMPLE’S AI CHATBOT WORKS

Investment Executive - Jonathan Got (2025-03-27)

Wealthsimple is exploring using AI to respond to customer emails, but Talasila isn’t comfortable with the technology’s quality yet.

CIBC SIGNS FEDERAL GOVERNMENT’S VOLUNTARY CODE OF CONDUCT FOR GENERATIVE AI

G&M (2025-03-26)

It says it is the first major Canadian bank to sign the code. CIBC

CHINA FLOODS THE WORLD WITH AI MODELS AFTER DEEPSEEK SUCCESS

Yahoo Finance - Saritha Rai and Yazhou Sun (2025-03-26)

Baidu Inc.

‘CANADA’S ETF MARKET IS AT A PIVOTAL MOMENT’: J.P. MORGAN ASSET MANAGEMENT LISTS 2 ETFS ON THE TSX

BNN - Daniel Johnson (2025-03-26)

“Through JAVA and JGRO, investors can access opportunities across both growth and value segments with JAVA focusing on sectors like financial, health care and industrials and JGRO capitalizing on growth in sectors like tech, communication services and consumer discretionary,” Jay Rana, head of Canadian advisor business at J.P.

CARNEY RECRUITS EX-GOLDMAN BANKER HODGSON FOR POLITICAL RUN

Bloomberg (2025-03-26)

Mark Carney recruited Timothy Hodgson, a former Goldman Sachs banker who was an adviser to him at the Bank of Canada, to run for the Liberal Party in the country’s election. Hodgson

WALL STREET’S NEW MONEY IS SHAKING UP THE RANKS OF THE SUPERWEALTHY

Bloomberg - Tom Maloney and Benjamin Stupples (2025-03-26)

Twenty years ago, swaggering hedge fund managers, leveraged buyout kings and corporate raiders would have dominated any list of masters of the Wall Street universe.

CANADIAN CONSUMER CONFIDENCE PLUNGES TO A RECORD LOW

Better Dwelling (2025-03-26)

“Canadian consumers are feeling very downbeat these days.

MEXICO’S BANKS TO FACE PROFIT PRESSURE: FITCH

Investment Executive - James Langton (2025-03-26)

With Mexico’s economy coming under pressure from trade-driven stresses, the country’s big banks are facing rising credit risks and intensified pressure on earnings, says Fitch Ratings.

PURPOSE TO ACQUIRE STEADYHAND’S $1.3B IN ASSETS

Investment Executive - Michelle Schriver (2025-03-26)

The transaction, which is subject to regulatory and unitholder approval, will increase Purpose’s total assets to more than $30 billion, the release said, and will combine Steadyhand’s personalized client service with Purpose’s technology platform and wealth management capabilities.

FISCAL POLICY TO EASE, REGARDLESS OF ELECTION RESULTS

Investment Executive - James Langton (2025-03-26)

Neither party is likely to campaign on promises of fiscal austerity and both are likely to pursue promises of middle-class income tax relief and increased military spending — which could amount to almost $50 billion, the report suggested.

7-ELEVEN PARENT SAYS COUCHE-TARD IS UNDERSTATING ANTITRUST RISKS OF POTENTIAL MERGER

G&M - Nicolas Van Praet (2025-03-25)

Japan’s Seven & i Holdings Inc.

PRIVATE EQUITY FIRM CLEARLAKE TO BUY DUN & BRADSTREET FOR US$4.1-BILLION IN CASH

G&M (2025-03-25)

Dun & Bradstreet DNB-N has agreed to be acquired by private-equity firm Clearlake Capital for $4.1-billion,

NEW BMO PORTER CREDIT CARDS REWARD CANADA’S FREQUENT FLIERS

G&M - Barry Choi (2025-03-25)

In addition to new partnerships with Air Transat and Alaska Airlines, announced last week, the changes mean VIPorter will likely leapfrog WestJet Rewards in the eyes of some frequent flyers.

FEW CANADIAN MANAGED FUNDS BEAT THE MARKET IN 2024. IS THE ACTIVE VS. PASSIVE DEBATE OVER?

Yahoo Finance (2025-03-25)

“Mathematically, [fund managers] would have been better at picking stocks out of a hat than making the active bets that they did in 2024," said Joseph Nelesen, S&P’s head of specialists of index investment strategy.

PBOC’S NEW LOAN PRICING MAY LEAD TO STEALTH RATE CUT FOR BANKS

Yahoo Finance (2025-03-25)

The change will allow banks to borrow from the PBOC at rates closer to those prevailing in the market, which have largely been lower than the MLF rate in recent years, according to analysts and a report by PBOC-backed outlet Financial News.

UK PLOWS £2 BILLION INTO GRANTS TO BUILD 18,000 NEW SOCIAL HOMES

Yahoo Finance - Alex Morales (2025-03-25)

Labour is seeking to deliver on one of its headline pledges from last year’s general election — to build 300,000 homes a year, including social homes — for the duration of the current Parliament.

X PLANS PURCHASE OF LAST US$1.2 BILLION BUYOUT DEBT HELD BY BANKS

BNN (2025-03-25)

The repurchase of the roughly US$1.2

PARIS AND LONDON’S WEALTH LOSS IS DUBAI’S GAIN

Bloomberg (2025-03-25)

Springtime is here in Paris.

BANK OF CANADA SQUANDERING ITS ABILITY TO RESPOND TO TRADE WAR: SCOTIABANK

Better Dwelling (2025-03-25)

Unsure what the heck the central bank is trying to do? You’re not alone.

GLOBAL CENTRAL BANKS ON HOLD: MOODY’S

Investment Executive - James Langton (2025-03-25)

“Central bank decisions… reflected careful calibration as policymakers navigate the fallout and heightened global uncertainty from U.S.

THE CLIMATE INDICATOR BANKS ARE FACING RISING PRESSURE TO REPORT

Investment Executive - Ian Bickis (2025-03-25)

When Canada’s big banks left the Net Zero Banking Alliance earlier this year, they assured they could push on reducing emissions without the help of the international climate coalition launched in 2021 by Mark Carney, now Canada’s prime minister.

THOUSANDS OF HUDSON’S BAY EMPLOYEES FACING LAYOFFS WITH COMPANY SET TO LIQUIDATE STORES

G&M - SUSAN KRASHINSKY ROBERTSON (2025-03-24)

“Everybody is worried.

CANADIAN ARM OF CHINA’S LARGEST BANK HAD PLANS TO SET UP PAYMENTS PROCESSOR TO COLLECT SPENDING DATA

G&M - Rita Trichur (2025-03-24)

The Canadian subsidiary of China’s largest bank spearheaded a project to establish a new payments processor that would collect financial information about Canadians of Chinese descent, as well as Chinese nationals and other consumers, according to a person familiar with the matter. Industrial

HE WAS APOLLO’S MR. FIX-IT. NOW HE’S TRUMP’S PICK TO POLICE WALL STREET

Bloomberg - Ava Benny-Morrison and Sridhar Natarajan (2025-03-24)

He Was Apollo’s Mr.

US BANKING RULE REFORM IS TOO IMPORTANT TO RUSH

Bloomberg - PAUL J. DAVIES (2025-03-24)

Banks’ businesses don’t change radically year to year so nor should their capital requirements.

INDUSTRY MOVES THIS WEEK

Investment Executive - Alisha Hiyate (2025-03-24)

CIBC, Infrastructure Bank, BMO, Manulife all made moves.

TRUMP’S HOUSING CHIEF EMBARKS ON SHAKE-UP AT MORTGAGE GIANTS FANNIE MAE AND FREDDIE MAC

WSJ - Gina Heeb (2025-03-24)

Treasury Secretary Scott Bessent also last week suggested on a podcast that the administration could use Fannie and Freddie for a sovereign-wealth fund, though he didn’t elaborate on specifics.

SHE’S ACCUSED OF DUPING JPMORGAN. SOMEHOW, THE BANK IS FEELING THE HEAT.

WSJ - Alexander Saeedy (2025-03-24)

In a trial that began Feb.

WSJ MARKETTALK

WSJ (2025-03-24)

Canada and a consortium including Quebec-based pension fund Caisse de Dépôt et Placement and AtkinsRéalis Group (formerly known as SNC-Lavalin) have signed a C$4 billion, six-year contract to develop a high-speed rail network in eastern Canada.

BANK OF CANADA UNVEILS NEW PLAYBOOK AS TRUMP’S TARIFF THREATS CREATE MAYHEM

G&M - MARK RENDELLE (2025-03-21)

In a speech in Calgary, Mr.

IS THE FINANCE INDUSTRY READY FOR WOMEN WITH WEALTH?

G&M - Nicole Edwards (2025-03-21)

The great wealth transfer, where an expected $4-trillion will move into the hands of women, is forecasted to be a reality by 2028.

SMALL BUSINESS OPTIMISM IN CANADA COLLAPSES TO 25-YEAR LOW

Yahoo Finance - Erik Hertzberg (2025-03-21)

Nearly 60% of respondents expect their business performance to be somewhat weaker or much weaker 12 months from now, a similar proportion to March 2020, when the shutdowns of the Covid-19 pandemic began.

DEUTSCHE BANK DECIDES AGAINST CALLING ONE OF ITS AT1S BONDS

Yahoo Finance - Estaban Duarte (2025-03-21)

The lender said it will not exercise a call option to redeem the $1.25

CENTRAL BANKERS MOVE SLOWLY THROUGH FOG OF TRUMP’S TRADE WARS

Yahoo Finance - Philip Aldrick, Jana Randow and Reade Pickert (2025-03-21)

“It is incredibly difficult to say where interest rates are going to move,” said European Central Bank Governing Council member Klaas Knot.

PM CARNEY TO CALL ELECTION ON SUNDAY WITH VOTE AS SOON AS APRIL 28: SOURCES

BNN - Stephanie Ha and Rachel Aiello (2025-03-21)

Asked by reporters on Thursday about the looming election call at an announcement in Edmonton, Carney would not answer directly but said “the first person who will know whether the recommendation to call an election, it will be the governor general, as for convention.”

HOUSEHOLD DEBT GROWTH SLOWS: STATCAN

Investment Executive - James Langton (2025-03-21)

On Thursday, the national statistical agency reported that total household debt rose by 0.3%

GROWING RISK OF A HARD LANDING FOR GLOBAL ECONOMY

Investment Executive - James Langton (2025-03-21)

The firm’s latest forecast sees real GDP growth of just 2.5%

U.S. HOME SALES ROSE IN FEBRUARY

Investment Executive - Alex Veiga (2025-03-21)

Existing home sales rose 4.2%

REAL ESTATE SECURED LENDING

OSFI (2025-03-20)

Risks in the Canadian housing and residential mortgage markets can impact financial stability.

CANADA POST LAUNCHES FINANCIAL ACCOUNTS THROUGH KOHO WITH FEW NO-FEE OPTIONS

G&M - Erica Alini (2025-03-20)

Canada Post has launched spending and savings accounts in a move that mirrors programs in other countries where postal services offer basic banking options to lower-income customers and underserved communities.

CREDIT CARDS ARE GREAT, BUT USING THEM SUPPORTS AMERICAN BIG FINANCE

G&M - Rob Carrick (2025-03-20)

Every time you make a purchase using a credit card, you support a U.S.

FED SEES 2 RATE CUTS IN 2025, PROJECTS HIGHER INFLATION AND LOWER ECONOMIC GROWTH

Yahoo Finance (2025-03-20)

Along with its policy announcement, the Fed released updated economic forecasts in its Summary of Economic Projections (SEP), including its "dot plot," which maps out policymakers' expectations for where interest rates could be headed in the future.

BLACKROCK BETS ON CONSUMER PUSH AS IT CHASES EUROPEAN SAVERS

Yahoo Finance - Iain Withers (2025-03-20)

BlackRock is betting on an expanded range of retail-focused products, including more exchange-traded funds, to attract a new generation of Europeans into investing, an executive said, as it tries to outcompete local rivals slowly gaining ground.

HOW TD BECAME AMERICA’S MOST CONVENIENT BANK FOR MONEY LAUNDERERS

Bloomberg (2025-03-20)

Rapid expansion made TD Bank a household name, but left it vulnerable to crooks.

RETAIL TRADERS TAKE ON HEDGE FUNDS IN EUROPE’S ANSWER TO ‘MEME STOCK’ MANIA

FT - Mari Novik and Jamie John, George Steer (2025-03-20)

A handful of European stocks have become a battleground for retail traders taking on hedge fund short sellers, in a campaign with echoes of the “meme stock” craze that gripped Wall Street during the Covid-19 pandemic. Companies

FUND BOSSES PILE INTO DEFENSE BETS ONCE DEEMED ‘LAUGHABLE’

Yahoo Finance - Lisa Pham and Frances Schwartzkopff (2025-03-19)

Since Russia’s 2022 invasion of Ukraine and through the end of the fourth quarter of last year, the share of sustainable funds in Europe that devote at least 1% of their portfolios to aerospace and defense stocks has climbed by 37% for actively managed funds and 67% for passive products,

WORLD’S WORST CURRENCY FACES PAIN AS TANZANIAN IMPORTS BOOM

Yahoo Finance - Eric Ombok (2025-03-19)

The shilling has weakened 8.9%

BANCO SANTANDER TO CLOSE BRANCHES, REDUCE STAFF IN THE UK

Bloomberg - Macarena Munoz Montijano (2025-03-19)

Banco Santander SA will close some of its branches in the UK and cut jobs as it seeks to improve performance at the unit. Spain’s

CLOSE TO 5,000 ESG FUNDS IN EUROPE NOW HOLD OIL, GAS AND COAL

Bloomberg - Alastair Marsh (2025-03-19)

Almost 5,000 funds marketing themselves as ESG now hold stakes in companies in the fossil-fuel industry, according to a fresh study of the European market by a team of nonprofits. The

CANADIAN INFLATION IS ABOUT TO SMASH THROUGH THE BOC’S CEILING

Better Dwelling (2025-03-19)

It’s easy for the average household to appreciate that rate cuts were delivered to offset the trade war.

AUSSIE PENSION FUND HIT WITH GREENWASHING PENALTY

Investment Executive - James Langton (2025-03-19)

While its marketing materials promised that it excluded investments in oilsands, coal mining, gambling, and Russia, the fund allegedly violated those commitments in its direct and indirect portfolio holdings.

UP TO INVESTORS TO SUE BANKS IN PONZI CASE

Investment Executive (2025-03-19)

Indeed, PwC said that, while there is some precedent for legal action against financial institutions in these kinds of cases, “the results are mixed” — and the actions that have been successful have generally been brought by investors rather than by a receiver.

TRUMP RELEASES JFK ASSASSINATION FILES

WSJ - Joel Schectman, Jack Gillum and Brian Whitton (2025-03-19)

Trump had said last year on the campaign trail he would disclose those documents if elected, and on Monday said most of the 80,000 remaining pages would be released in full.

REVOLUT SEES U.K. BANKING LICENSE PAVING WAY FOR POTENTIAL IPO, EXPANSION

WSJ - Elena Vardon (2025-03-19)

Revolut’s bid to become a fully operational bank in the U.K.

POWELL CONTENDS WITH DOUBLE THREAT OF ECONOMIC CHAOS AND POLITICAL HOSTILITY

WSJ - Nick Timiraos (2025-03-19)

Not long ago, it looked like Jerome Powell’s final test as Federal Reserve chair would be to stick the soft landing.

AS DEBT CEILING LOOMS, THE FED CONSIDERS TWEAKING ITS PORTFOLIO RUNOFF

WSJ - Nick Timiraos (2025-03-19)

Federal Reserve officials on Wednesday are set to weigh an adjustment to their policy of shrinking their $6.8

THE FED’S WAIT-AND-SEE OUTLOOK OBSCURES A BIGGER STRATEGY SHIFT

WSJ - Nick Timiraos (2025-03-19)

Federal Reserve officials are set to hold interest rates steady at the end of their two-day meeting Wednesday.

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.

TARIFFS COULD LEAD TO 160,000 JOB LOSSES IN SECOND QUARTER, CONFERENCE BOARD OF CANADA SAYS

G&M - Ian Bickis (2025-04-01)

Trade tensions with the U.S.

QUESTRADE INCHES CLOSER TO WINNING CANADIAN BANKING LICENCE

G&M - James Bradshaw (2025-04-01)

Questrade Financial Group Inc.

FRANCE'S LE PEN SAYS COURT RULING IS 'POLITICAL' AND AIMED AT BLOCKING HER FROM 2027 ELECTION

Yahoo Finance (2025-04-01)

France's far-right leader Marine Le Pen said that the ruling barring her from seeking public office is 'political' and aims at preventing her from running for president in 2027.