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.

BANK OF CANADA SET TO ANNOUNCE KEY RATE DECISION, PUBLISH NEW FORECASTS

Yahoo Finance (2025-10-29)

The Bank of Canada will make its rate decision without a full picture of federal government finances as Ottawa intends to table its fall budget next week.

TRUMP AGAIN TARGETS FED'S POWELL ON INTEREST RATE CUTS

Yahoo Finance (2025-10-29)

"We're not going to have a Fed that’s going to raise interest rates because they’re worried about inflation in three years from now," Trump added, possibly conceding that inflation could accelerate eventually.

UK MORTGAGE APPROVALS JUMP TO HIGHEST SINCE 2024, BOE SAYS

Bloomberg (2025-10-29)

Britain’s high-street lenders green-lighted the largest number of home loans since the end of 2024, a sign that housing demand is stabilizing despite worries of potential tax rises in Labour’s upcoming budget. The

CAD: BOC TO CUT 25BP TODAY – ING

BOC (2025-10-29)

"Markets are largely pricing in a cut, but it will be hard for the BoC to shut the door to more easing given the worsening trade picture.

TD BANK SPONSORED THE BLUE JAYS FOR 20 TUMULTUOUS YEARS. THE WORLD SERIES CHANGED EVERYTHING

G&M (2025-10-28)

Toronto-Dominion Bank’s TD-T patience is paying off.

AMAZON PLANNING TO CUT UP TO 30,000 CORPORATE JOBS, SOURCES SAY

G&M - Greg Bensinger (2025-10-28)

is planning to cut as many as 30,000 corporate jobs beginning on Tuesday, as the company pares expenses and compensates for overhiring during the peak demand of the pandemic, according to three people familiar with the matter. The

MICHAEL, 34, SAYS SOLDIERS FIND IT HARD TO BUY HOMES

G&M - SAIRA PEESKER (2025-10-28)

Annual income: $78,000 from salary, $16,800 from location bonus Debt: $0 Savings: $6,000 in savings account, $100,000 in tax-free savings account (TFSA), $65,000 in registered retirement savings plan What he does: Canadian Armed Forces desk job Where he lives: Ottawa Top financial concern: “How expensive everything has gotten.

JPMORGAN PLOTS EXPANSION INTO BANKING FOR CANADIAN TECH FIRMS

G&M - Sean Silcoff (2025-10-28)

U.S.

TD LAYS OFF STAFF, STAGGERS RETURN-TO-OFFICE DATES FOR SOME WORKERS

G&M - Stefanie Marotta (2025-10-28)

Toronto-Dominion Bank TD-T is laying off staff and staggering its four-day return-to-office mandate as the lender continues to cut costs to address remediation efforts stemming from its anti-money-laundering failings. In

VERSABANK UNVEILS BRANDING FOR PROPREITARY DIGITAL DEPOSIT RECEIPTS: VERSABANK REAL BANK DEPOSIT TOKENS™ REFLECTS CRITICAL ADVANTAGE OF ISSUANCE BY A FEDERALLY LICENSED BANK

VersaBank (2025-10-28)

VersaBank Real Bank Deposit Tokens™ were developed in conjunction with law enforcement as a trusted alternative to stablecoins for mainstream financial applications, including efficient payments, addressing the rapidly growing propensity of consumers and businesses to hold assets in e-wallets and engage in financial transactions digitally.

BANK OF CANADA EXPECTED TO CUT RATES AGAIN AS TRADE TURBULENCE PERSISTS

G&M (2025-10-27)

The Bank of Canada is widely expected to cut interest rates again this week, with the fragile business climate and a new bout of trade uncertainty predicted to outweigh concerns about an uptick in inflation. After

TRUMP SAYS IT WILL BE ‘A LONG TIME’ BEFORE HE MEETS CARNEY

G&M (2025-10-27)

Donald Trump says he won’t be meeting Prime Minister Mark Carney for some time after a falling-out between the two countries over an Ontario government TV ad that criticized the U.S.

TARGET TO ELIMINATE 1,800 CORPORATE JOBS AS IT PUSHES TO REBUILD CUSTOMER BASE

G&M (2025-10-27)

Target said Thursday that it is eliminating about 1,800 corporate positions in an effort to streamline decision-making and accelerate initiatives to rebuild the flagging discount retailer’s customer base. About

A GOLD CRASH EVERYONE SAW COMING LURES BARGAIN HUNTERS WORLDWIDE

Yahoo Finance (2025-10-27)

Gold prices plunged by as much as 6.3%

SEPTEMBER CPI: INFLATION COMES IN LOWER THAN EXPECTED BUT HOLDS FIRM NEAR 3%

Yahoo Finance (2025-10-27)

Friday's report was delayed by the ongoing government shutdown, now the second-longest shutdown in US history, with no end in sight.

US-CHINA AGREE ON FRAMEWORK FOR TRADE DEAL

Yahoo Finance (2025-10-27)

The US and China have agreed the framework of a potential trade deal that will be discussed when Presidents Trump and Xi meet on Thursday.

ARGENTINA INVESTORS POISED FOR RALLY AFTER MILEI LANDSLIDE WIN

Yahoo Finance (2025-10-27)

“The scale of Milei’s victory ranks at the most optimistic end of pre-election expectations,” Alejo Czerwonko, chief investment officer for EM Americas at UBS Global Wealth Management.

TRUMP ANNOUNCES ADDITIONAL 10-PER-CENT TARIFF ON CANADA OVER ONTARIO AD

BNN (2025-10-27)

A New York Times analysis of the ad and the original speech, published on Saturday, concluded while the ad reordered some of the parts of the 1987 speech, it did not misrepresent or alter what Reagan said.

BANKS ROCKED BY ‘EXTREME’ CAR LOAN COSTS GEAR UP FOR FCA FIGHT

Bloomberg (2025-10-27)

The UK’s biggest banks are gearing up for yet another fight with regulators over how they’ll compensate consumers who were missold car loans — even after they set aside an additional £1.5

STABLECOINS VERSUS CBDCS: THE SHOWDOWN OVER THE FUTURE OF MONE

Bloomberg (2025-10-27)

With more consumers abandoning physical cash and the US under President Donald Trump throwing its weight behind cryptocurrencies, monetary authorities are under pressure to evolve.

GLOBAL BANKS BOLSTER CAPITAL POSITIONS

Investment Executive (2025-10-27)

“Currently, the Tier 1 capital ratios are higher in Europe than in the Americas and the rest of the world,” the report said — however, most of the improvement in the second half came from banks in the Americas, which reported greater profit growth.

JPMORGAN ACCUSES CHARLIE JAVICE OF MORE FRAUD. THIS TIME OVER HER LEGAL BILLS.

WSJ (2025-10-27)

On Friday, the biggest bank in America asked a Delaware judge to reverse an order requiring it to front the legal bills for Javice, the entrepreneur who was convicted of defrauding the bank in March.

HSBC BOOKS $1.1 BILLION PROVISION RELATED TO MADOFF CASE

WSJ (2025-10-27)

HSBC HSBA -0.87%decrease;

ECONOMISTS DIVIDED ON IMPACT OF YUAN INTERNATIONALISATION EFFORTS

Central Banking (2025-10-27)

September was a busy month for renminbi internationalisation efforts, as the monetary authorities of mainland China and Hong Kong made several announcements that referenced boosting the Chinese currency globally as among their core aims.

BIG BANKS CASH IN ON WELL-HEELED BORROWERS

WSJ (2025-10-27)

Wealthier consumers are pulling the economy forward right now.

THE BNPL STORY EVERYONE’S GETTING WRONG

Pymnts (2025-10-27)

Now it’s 2025, and the media has simply found a new villain: Buy now, pay later.

OSFI 2025 ANNUAL UPDATE LETTER

OSFI (2025-10-27)

2025 annual update letter, templates and instructions for Deposit-taking Institutions (DTIs) have now been posted on OSFI’s website.

WHAT A SWELLING FEDERAL DEFICIT COULD MEAN FOR CANADA'S AAA CREDIT RATING

Yahoo Finance (2025-10-27)

The country’s debt-to-GDP ratio is also expected to increase rather than slow as previously pledged in the fiscal economic statement released last December during the final days of Justin Trudeau’s tenure.

WEALTHSIMPLE ANNOUNCES ITS RAISING UP TO $750M IN NEW CAPITAL TO ACCELERATE GROWTH

Yahoo Finance (2025-10-27)

The equity raise will bring its valuation to $10 billion upon completion.

EXONERATED TRADER TOM HAYES SUES UBS FOR $400 MILLION OVER LIBOR ACCUSATIONS

Yahoo Finance (2025-10-27)

Tom Hayes, the former trader who was a face of the global Libor-rigging scandal before his conviction was overturned in July, sued his former employer UBS for more than $400 million, saying the Swiss bank cast him as the "evil mastermind" of the scandal to shield itself.

CANADA’S EXPORTS DROP AS TARIFFS WEIGH HEAVY ON ECONOMY: STATISTICS CANADA

BNN (2025-10-27)

Exports dropped 7.5

CANADA PENSION FUND SUED BY YOUNG PEOPLE OVER CLIMATE RISKS

Bloomberg - Olivia Raimonde and Layan Odeh (2025-10-27)

The Canada Pension Plan Investment Board was sued by a group of young people who claim the pension fund is putting their benefits in jeopardy by mismanaging climate-related financial risks. Aliya

CANADIAN IMMIGRATION DIDN’T TANK (OR HELP) THE ECONOMY: CIBC

Better Dwelling (2025-10-27)

“Challenges to growth and investment spending [were] more tied to a post-pandemic hangover, monetary policy tightening and low commodity prices,” says Jaffery.

U.S. BANK SECTOR THRIVED IN Q3: FITCH

Investment Executive (2025-10-27)

Aggregate net interest income was up by 5.1%

JPMORGAN TO ALLOW BITCOIN AND ETHER AS COLLATERAL IN CRYPTO PUSH

Yahoo Finance - Emily Nicolle (2025-10-24)

The program, offered globally, will rely on a third-party custodian to safeguard the pledged tokens, according to people familiar with the matter.

TRUMP TERMINATES CANADA TRADE TALKS

Yahoo Finance (2025-10-24)

President Trump said he would immediately stop all trade negotiations with Canada due to a Canadian advertisement against his signature tariffs plan which features the voice of former President Ronald Reagan.

BANK OF ENGLAND CHIEF TOPS 2026 POWERLIST AS UK'S MOST INFLUENTIAL BLACK PERSON

BBC - Adina Campbell (2025-10-24)

The BoE executive director topped the 2026 Powerlist, which recognises the most powerful people of African, African Caribbean, and African American heritage in the UK.

BLACKSTONE SAYS ERA OF BUMPER PRIVATE-CREDIT RETURNS HAS ENDED

FT (2025-10-24)

Blackstone has said the era of excess returns in private credit has ended, with a golden age of mid-teens returns on private lending having given way to more muted investment results. The

LLOYDS PROFITS PLUNGE 40% ON CAR FINANCE SCANDAL

FT (2025-10-24)

Lloyds Banking Group’s profits tumbled almost 40 per cent to £1.2bn

WHAT CREDIT-CARD TRENDS TELL US ABOUT THE U.S. CONSUMER, IN CHARTS

WSJ - Imani Moise Follow and Ben Glickman (2025-10-24)

Americans may feel worse about the economy, but they are still wielding their credit cards with confidence. An

LLOYDS BANKING GROUP BEATS VIEWS DESPITE CAR-LOAN PROVISION HIT

WSJ (2025-10-24)

Lloyds Banking Group LLOY 1.16%increase;

MUTUAL FUND ASSETS NEARED $2.5T, ETF SALES SURPASSED 2024 RECORD IN SEPTEMBER: SIMA

Investment Executive (2025-10-23)

Equity ETFs took in $5.7

CARNEY VOWS BUDGET WILL SPUR ‘UNPRECEDENTED’ INVESTMENT, BUT WARNS OF ‘SACRIFICES’

Investment Executive (2025-10-23)

“Now is not the time to be cautious because fortune favours the bold,” Carney said in a speech at the University of Ottawa Wednesday evening, designed to set the stage for his first fiscal plan, due to be released Nov.

DESJARDINS ESTIMATES FEDERAL DEFICIT WILL BE THE HIGHEST IN 30 YEARS

Yahoo Finance (2025-10-23)

For the 2025-2026 fiscal year, Desjardins is projecting a $70-billion deficit, although the report acknowledges some estimates from other sources have been as high as $100 billion.

COMPLEX FINANCIAL RULES PRICE OUT PEOPLE WHO NEED ADVICE MOST

Yahoo Finance - Gary Edwards (2025-10-23)

That good news is tempered by the finding that: “Nearly half (49 per cent) of investors with portfolios under $50,000 reported no education from their adviser on financial concepts, and 40 per cent reported no advice on planning for financial goals.”

GOLD EDGES HIGHER AFTER TWO DAYS OF HEAVY LOSSES

Yahoo Finance (2025-10-23)

“After an overstretched rally, gold is behaving like an elastic band that’s been pulled too far and is now snapping back hard,” said Hebe Chen, an analyst at brokerage Vantage Global Prime Pty Ltd.

THE BAIT TO CRYPTO? CREDIT CARDS ENTICE USERS WITH BITCOIN REWARDS

WSJ (2025-10-23)

Crypto companies are turning to a tried-and-true trick from the banking world to entice new users, but with a major curveball. Coinbase

BMO ISSUES NORTH AMERICA’S FIRST BOND AIMED AT RAISING FUNDS FOR INDIGENOUS BUSINESSES

G&M - Jameson Berkow (2025-10-23)

Bank of Montreal is offering a new way to finance Indigenous companies and communities. Late

CITIBANK PLANS CANADIAN EXPANSION, NEW HIRING AS IT SEEKS TO CAPITALIZE ON SHIFTING GLOBAL TRADE

G&M (2025-10-23)

Citibank’s C-N Canadian unit is expanding its business in the country by hiring staff and onboarding more clients, as the U.S.

FIXED MORTGAGE RATES ARE DROPPING AFTER MONTHS OF STAGNANCY

G&M (2025-10-23)

When it comes to savvy mortgage rate strategy, variable-rate pricing – and whether the Bank of Canada will cause rates to rise or fall – tends to hog the spotlight. Borrowers

TRUMP PARDONS BINANCE FOUNDER CHANGPENG ZHAO

G&M - WILL WEISSERT (2025-10-23)

U.S.

SEB’S LENDING PROFIT BEATS ESTIMATES ON LOWER FUNDING COSTS

Bloomberg - Evelina Youcefi (2025-10-23)

Swedish lender SEB AB’s profit from lending slightly exceeded estimates in the third quarter, helped by lower funding costs, growth in volumes and currency effects. Net

EQB CUTTING ABOUT 8% OF WORKFORCE IN RESTRUCTURING PLAN

Investment Executive (2025-10-23)

EQB said it will also take impairment charges of about $65 million as part of its streamlining of operations and in writing down the value of its equipment financing business due to market conditions.

GENERAL MOTORS TO STOP BRIGHTDROP VAN PRODUCTION IN ONTARIO

G&M (2025-10-22)

General Motors Co.

HOW TUESDAY’S INFLATION REPORT HAS SHIFTED MARKET AND ECONOMIST PREDICTIONS FOR BOC RATE CUTS

G&M (2025-10-22)

Money market traders have modestly pared bets that the Bank of Canada will cut interest rates later this month following slightly hotter-than-expected inflation data Tuesday morning, the last major report before its Oct.

CONCORDIA UNIVERSITY INVESTS $25-MILLION IN SOCIAL IMPACT FUND

G&M - Jeffrey Jones (2025-10-22)

Montreal’s Concordia University is investing $25-million in a social impact fund, marking what they say is the largest investment by a Canadian postsecondary institution in a vehicle that prioritizes social and environmental gains alongside financial returns. Concordia

BARCLAYS UPBEAT ON OUTLOOK AS BANK MOVES TO QUARTERLY BUYBACKS

WSJ (2025-10-22)

Barclays raised its guidance for the year thanks to a stable income outlook and quicker savings despite topping up its provision for a car-loan probe redress, and also announced a buyback program as it reported third-quarter results. The

MAKING SENSE OF WHAT AML LOOKS LIKE ACROSS THE CRYPTO LANDSCAPE

Pymnts (2025-10-22)

Industry responses to a request for comment (RFC) by the U.S.

AMEX SEES ‘TREMENDOUS GROWTH’ IN VIRTUAL CARDS FOR B2B PAYMENTS

Pymnts (2025-10-22)

Virtual cards, issued as digital tokens tied to existing credit or charge cards, provide an added layer of security by avoiding the exposure of full card details during transactions.

EXPECT BOC TO CUT DESPITE INFLATION UPSIDE: BOEHMER

BNN (2025-10-22)

Konstantin Boehmer, head of fixed income and portfolio manager at Mackenzie Investments, joins BNN Bloomberg to discuss Canadia's CPI numbers and fixed income.

ANTI-MONEY-LAUNDERING WATCHDOG HITS CRYPTO EXCHANGE WITH HIGHEST-EVER FINE

G&M - ALEXANDRA POSADZKI (2025-10-22)

Canada’s anti-money-laundering watchdog has levied its largest-ever penalty – more than $176-million – against cryptocurrency exchange Cryptomus for failing to flag transactions allegedly linked to serious crimes such as the trafficking of child-abuse material. The

WEALTHSIMPLE HITS $100-BILLION IN ASSETS AS INVESTORS PLOW MONEY INTO DISCOUNT BROKERAGE ACCOUNTS

G&M (2025-10-22)

Online financial services provider Wealthsimple Technologies Inc.

TD ECONOMIST RISHI SONDHI ON WHAT’S NEXT FOR THE CANADIAN HOUSING MARKET

G&M (2025-10-22)

The Canadian housing market has significant regional disparities, with pockets of strength and weakness.

CONSUMERS ARE CASHING IN REWARDS POINTS AND TURNING TO CASH BACK CREDIT CARDS

G&M (2025-10-22)

With some loyalty programs allowing members to use their rewards on everyday purchases at the same or similar value as travel redemptions, more consumers are choosing to cash in. Air

WHY BEYOND MEAT STOCK IS UP ABOUT 600% IN 3 DAYS

Yahoo Finance (2025-10-22)

First: On Tuesday, Beyond Meat said its "Beyond Burger 6-pack" and Beyond Chicken Pieces" will be available at 2,000 Walmart (WMT) stores across the US.

GOLD STEADIES, BITCOIN PLUNGES AS DEBASEMENT TRADE RALLY COMES TO A HALT

Yahoo Finance (2025-10-22)

The world's largest cryptocurrency declined about 3% on Wednesday to hover near $108,000 per token, reversing a three-day recovery.

CANADIAN MORTGAGES BACKED BY INFLATED HOME VALUES, ZERO EQUITY

Better Dwelling (2025-10-22)

No need to alert Canada’s bank regulator—they’ve already acknowledged the issue, mostly to dismiss it.

BANK OF CANADA FINDS DOWNBEAT BUSINESSES AND CONSUMERS AHEAD OF RATE DECISION

G&M - Mark Rendell (2025-10-21)

Canadian businesses expect soft sales and little hiring while consumers remain worried about the job market, according to a pair of Bank of Canada surveys that may nudge policy makers toward another interest rate cut next week. The

WEALTH MANAGER WELLINGTON-ALTUS SELLS 25% STAKE TO U.S. PRIVATE EQUITY FIRM

G&M - CLARE O’HARA (2025-10-21)

Independent wealth manager Wellington-Altus Financial Inc.

FEDERAL BUDGET TO INCLUDE NEW AGENCY TO TACKLE MONEY LAUNDERING, ONLINE FRAUD

G&M (2025-10-21)

Finance Minister François-Philippe Champagne says a new Financial Crimes Agency will use funding for the RCMP to create a specialized team focused on money laundering and online fraud. The

CANADA RISKS LOSING DIGITAL PAYMENTS GROUND TO U.S. ON STABLECOINS, DESJARDINS WARNS

Yahoo Finance (2025-10-21)

“If Canada continues to fall behind, it will push Canadian users towards foreign-issued stablecoins,” said Mirza Shaheryar Baig, a foreign exchange strategist, in the report.

US BANKS HUNTING FOR COLLATERAL TO BACK $20 BILLION ARGENTINA BAILOUT, WSJ REPORTS

Yahoo Finance (2025-10-21)

The U.S.

AMAZON SAYS AWS CLOUD SERVICE IS BACK TO NORMAL AFTER OUTAGE DISRUPTS BUSINESSES WORLDWIDE

Yahoo Finance (2025-10-21)

Shortly after 3 p.m.

TRUMP ADMINISTRATION WEIGHING FANNIE, FREDDIE OFFERING AS SOON AS END-2025, FHFA DIRECTOR SAYS

Yahoo Finance (2025-10-21)

The FHFA, which regulates Fannie Mae and Freddie Mac, is expected to play a central role in any effort to return the pair, which backs the majority of the nation's residential mortgages, to the private sector.

AVERAGE HOME PRICE MUST FALL IN CANADA TO RESTORE AFFORDABILITY, MINISTER SAYS

BNN (2025-10-21)

Robertson responded that average prices in Canada do need to come down through the construction of more affordable housing at the lower end of the price scale.

DENIS DUBOIS APPOINTED PRESIDENT AND CEO OF DESJARDINS GROUP

BNN (2025-10-21)

Denis Duboios, president and CEO of Desjardins Group, joins BNN Bloomberg to discuss the company's outlook on the financial sector a following being appointed as new CEO.

CANADIAN PROVINCE MOVES TO LIMIT AI POWER USE, BAN CRYPTO MINING

Bloomberg (2025-10-21)

British Columbia proposed legislation to limit how much electricity will be available to artificial intelligence data centers, and moved to permanently ban new cryptocurrency mining projects. The

CANADIAN MORTGAGES NOW A RECORD 8 IN 10 DOLLARS OF HOUSEHOLD DEBT

Better Dwelling (2025-10-21)

Total household debt rose 0.48%

AUDITORS, LAWYERS NOT LIABLE FOR PAYDAY LENDER’S COLLAPSE

Investment Executive (2025-10-21)

The Superior Court of Justice dismissed claims against KPMG LLP and Cassels Brock & Blackwell LLP from the failed company’s estate, alleging that they knew, or should have known, that the company was insolvent by late 2011 — well before it ultimately filed for creditor protection in 2014.

LOAN LOSSES ARE ONE THING, LOSING TRUST ANOTHER

Investment Executive (2025-10-21)

“In our view, asset quality metrics across banks have been deteriorating but have held up better than we expected.

BNP PARIBAS SHARES DROP AFTER U.S. VERDICT OVER ALLEGED ROLE IN SUDAN

WSJ - Elena Vardon (2025-10-21)

They alleged that BNP Paribas facilitated transactions for the Sudanese government between 2002 and 2008, enabling the regime’s campaign of ethnic cleansing, displacement and mass killing, according to their lawyers.

CANADA’S INFLATION RATE QUICKENS TO 2.4% AHEAD OF BOC RATE DECISION

G&M - Matt Lundy (2025-10-21)

Canada’s inflation rate accelerated by more than expected in September, but not enough to deter the Bank of Canada from cutting interest rates again next week, according to several analysts on Bay Street. The

GOLD, SILVER TUMBLE IN BIGGEST DAILY DROP IN YEARS AS STUNNING PRECIOUS METALS RALLY COMES TO A HALT

Yahoo Finance (2025-10-21)

Spot gold dropped as much as 6%, to hover around $4,105 per troy ounce, its largest one-day drop since 2013.

CANADIAN INFLATION SOARS—BUT MORE ALARMING IS WHAT WASN’T MENTIONED

Better Dwelling (2025-10-21)

CPI-common rose 0.2

BIG SIX’S RETAIL-BANKING BUSINESSES GAIN MOMENTUM

Investment Executive (2025-10-21)

For example, a planner in Quebec with National Bank said they appreciated their bank’s collaborative culture and their own “proximity to senior management,” but that their digital tools could at times hold them back.

BUY NOW, PAY LATER HAS GONE MAINSTREAM. HOW ARE CANADIANS USING IT?

G&M - MARIYA POSTELNYAK (2025-10-20)

Fahd Pasha could afford the new iPhone.

BANK STOCKS RECOUEDWARD JONES BETS ON FINANCIAL PLANNINGP SOME LOSSES AS EARNINGS EASE CREDIT FEARS

Investment Executive - Georgie McKay, Julien Ponthus and Subrat Patnaik (2025-10-20)

The firm has been part-brokerage, part-financial planning shop for years — building up a client base of about 190,000 with an emphasis on community-based financial services.

U.S. BANK REGULATORS DROP CLIMATE RISK GUIDANCE

Investment Executive - James Langton (2025-10-20)

Now, in a joint release, the regulators announced that they are retracting the guidance, which applied to banks with over US$100 billion in assets.

BOC TO RESUME ECONOMIC FORECASTING WITH RATE DECISION THIS MONTH

Investment Executive (2025-10-20)

While the Bank of Canada now feels comfortable enough to issue formal forecasts, Macklem said those projections will put a lot of weight on the risks.

SCOTIABANK CUTTING JOBS IN EFFICIENCY PUSH

Investment Executive (2025-10-20)

Separately, Scotiabank said it expects its investment in U.S.

HOW TO MAKE BANKS LESS SAFE

WSJ (2025-10-20)

Bad ideas never die, but they do get worse.

JAMIE DIMON WANTS EVERYONE IN THE OFFICE. IS A $3 BILLION BUILDING THE ANSWER?

WSJ (2025-10-20)

amie Dimon was sitting on the 13th floor of his new headquarters on a Monday morning, sipping a Guinness and looking out at the Manhattan skyline.

BITCOIN FALLS TO LOWEST SINCE JUNE AS VARIOUS FACTORS DRIVE LOSSES

Forbes - Charles Lloyd Bovaird (2025-10-20)

Another factor that has contributed to the recent weakness in the global asset markets, and also bitcoin prices, is uncertainty surrounding the status of certain U.S.

THE OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS PUBLISHED UPDATES TO THE 2026 BASEL CAPITAL ADEQUACY REPORTING (BCAR) XML, XSD, TECHNICAL SPECIFICATIONS AND CHANGE CONTROL LOG DOCUMENTS.

OSFI (2025-10-20)

Click link for details.

DON'T EXPECT A HOUSING BOOM ANYTIME SOON, SAYS RBC

Mortgage Broker News - Liezel Once (2025-10-20)

“For those that are waiting for a freefall, I don’t believe that will happen.

THE WEEKLY BOTTOM LINE

TD (2025-10-20)

Canadian manufacturing sales volumes fell 1.5%

MULTIYEAR FINANCING DROUGHT ENDS FOR CANADIAN MINERS WITH $3.6-BILLION RAISED SINCE SEPTEMBER

G&M - Tim Kiladze (2025-10-17)

Canadian miners are capitalizing on soaring metals prices by selling billions of dollars’ worth of shares, ending a multiyear financing rut that brought many junior companies to their knees. Miners

REAL ESTATE INVESTING IS ADVERTISED AS FREE, EASY MONEY. IN REALITY, IT’S ANYTHING BUT

G&M - KRISTY SHEN AND BRYCE LEUNG (2025-10-17)

Canadians searching for passive income might be tempted to invest in real estate, thinking that collecting rent is easy money. But

US BANK STOCKS ROUT DEEPENS AS INVESTORS BRACE FOR EARNINGS

Yahoo Finance (2025-10-17)

Shares of Bank of America Corp.,

CANADIAN REAL ESTATE SELLERS FLOODED THE MARKET WITH RECORD INVENTORY

Better Dwelling (2025-10-17)

September’s modest gain was dwarfed by record new listings, pushing the sales-to-new listings ratio (SNLR) down to 43%—the lowest for the month since 1995.

BANK OF CANADA'S GROWTH FORECAST AT RISK AS BAD DATA PILES UP, ECONOMIST SAYS

Yahoo Finance (2025-10-16)

Manufacturing sales fell in 12 of the 21 subsectors, with transportation down the most, 5.7

TRUMP MAKES TRADE WAR OFFICIAL AND AI CHIP STOCKS SOAR

Yahoo Finance (2025-10-16)

Last night President Trump confirmed that the US was in a trade war with China and said that tariffs were "a very important tool" for national security.

HSBC PLANS RISK TRANSFER LINKED TO £3 BILLION OF CORPORATE LOANS

Bloomberg (2025-10-16)

HSBC Holdings Plc plans to issue a significant risk transfer linked to a portfolio of about £3 billion ($3.4

CANADIAN NEW VEHICLE SALES FLASH ANOTHER RECESSION SIGN

Better Dwelling (2025-10-16)

Canadian new motor vehicle sales made an unusually large decline in August, falling 7.1%

U.K. RELAXES RULES ON BANKERS’ PAY

Investment Executive (2025-10-16)

Among other things, they are cutting the bonus deferral period from eight years to four years, and allowing the payment of partial bonuses to the most senior bankers after one year instead of three years.

US REGULATORS POISED TO OFFER CAPITAL RELIEF TO COMMUNITY BANKS, BLOOMBERG NEWS REPORTS

Reuters (2025-10-16)

US regulators are set to release a plan to encourage small banks to lend more by easing a set of capital requirements, Bloomberg News reported on Wednesday, citing people familiar with the matter.

WALL STREET TOP BANKS HIGHLIGHT CONSUMER RESILIENCE

Reuters (2025-10-16)

Here is an overview of what Wall Street's top banking executives said: JPMORGAN'S (JPM.N),

CANADIAN TIRE SAYS CUSTOMER INFO CAUGHT IN DATA BREACH ON E-COMMERCE PLATFORM

CBC (2025-10-16)

Canadian Tire Corp.

TD NAMES NEW HEADS FOR FIXED INCOME AND EQUITIES AFTER LEADERSHIP SHAKEUP

G&M (2025-10-16)

Toronto-Dominion Bank TD-T has appointed new heads for fixed-income and equities, solidifying its leadership team after a number of departures. In

BMO TO SELL 138 U.S. BRANCHES, OPEN 150 OTHERS WITH FOCUS ON CALIFORNIA

G&M - Stefanie Marotta (2025-10-16)

Bank of Montreal BMO-T is selling 138 branches in the United States to North Carolina-based First-Citizens Bank & Trust Co.

FINTRAC IMPOSES MORE THAN $600K PENALTY ON FIRST NATIONS BANK OF CANADA

Yahoo Finance (2025-10-16)

The regulator says the bank failed to submit suspicious transaction reports in 31 per cent of the case files it reviewed where there were reasonable grounds to suspect transactions were related to money laundering or terrorist activity financing.

US BANK STOCKS SHIVER AS INVESTORS GROW UNEASY ABOUT MOUNTING RISKS

Yahoo Finance (2025-10-16)

Zions sank 12% after disclosing it would take a $50 million loss in the third quarter on two commercial and industrial loans from its California division.

US STOCKS DROP ON WORRIES ABOUT BANKS

Yahoo Finance (2025-10-16)

Thursday’s swings on Wall Street, where the Dow bounced from an early gain of 169 points to an afternoon loss of 472, fit the pattern of the week for stocks.

INSIDE THE CREDIT CARD BATTLE TO WIN AMERICA’S RICHEST SHOPPERS

Bloomberg (2025-10-16)

If you arrive on the south side of New York City’s sprawling Flushing Meadows Corona Park in search of the US Open, you’ll know you’re headed in the right direction when you spot the endless parade of men in moisture-wicking polo shirts and women with summer-weight sweaters tied around their

BITCOIN WORTH $14BN SEIZED IN US-UK CRACKDOWN ON ALLEGED SCAMMERS

BBC (2025-10-16)

US prosecutors said it was one the biggest financial takedowns in history and the largest ever seizure of bitcoin, with approximately 127,271 bitcoin being held by US government.

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.

BANK OF CANADA SET TO ANNOUNCE KEY RATE DECISION, PUBLISH NEW FORECASTS

Yahoo Finance (2025-10-29)

The Bank of Canada will make its rate decision without a full picture of federal government finances as Ottawa intends to table its fall budget next week.

TRUMP AGAIN TARGETS FED'S POWELL ON INTEREST RATE CUTS

Yahoo Finance (2025-10-29)

"We're not going to have a Fed that’s going to raise interest rates because they’re worried about inflation in three years from now," Trump added, possibly conceding that inflation could accelerate eventually.

UK MORTGAGE APPROVALS JUMP TO HIGHEST SINCE 2024, BOE SAYS

Bloomberg (2025-10-29)

Britain’s high-street lenders green-lighted the largest number of home loans since the end of 2024, a sign that housing demand is stabilizing despite worries of potential tax rises in Labour’s upcoming budget. The