Taxes are going up, TO condo prices are going down and recreational property up 15% to 40% in the Canadian market.
How the US will Inflate its Debt Away
TD Bank Releases ALARMING Report About State Of Ca
Why are Interest rates not falling.
Goldman Sachs’ top AI picks
Does Printing Money Cause Inflation?
HSBC, the Untouchable Titan of Global Finance
US Economist’s Shock Warning: “Biggest Crash in Ou
Toni Gravelle Speech
Alberta Premier on the Supreme Court\'s ruling, an
What Bank of America Just Said is Shocking
Horrific Canadian Banking Corruption Right Before
The Banking System is in Free-Fall
The Financialization of Real Estate
The FDIC Threatens Downgrades That Will Cut Off Ac
Bitcoin regulations are coming
Are we in a bubble and, if so, when will it pop?
Canadian real estate and government, March 29
FIRE report January 12th
BOC and reconciliation with Indigenous people
Nov 26 FIRE report
FSIM FIRE report Nov 23
Nov 18th FIRE report
Poloz debunked, Nov 12 FIRE report
Central bank digital currencies: foundational prin
Nov 5th FIRE report
FIRE report November 2nd
Canadian real estate February 24
Real estate: Feb 9, bulls vs bears
Feb 1, The Dumb Money Real Estate Vid
January real estate report 2021
December 4th real estate report
Real estate, mortgage debt to income ratio improve
Real estate: fiscal conservatism/ponzi neoliberali
Caution for real estate investors, Oct 14th report
Canadian bank industry overview - part 1
Why insurance should partner with flood-claim.com
Canadian large bank comparison
Current state of fintech in Canada
XE.com explains their Big Data and AI strategy.
Greenpeace urges TD bank boycott
Insurance flood US vs Can comparison.
Canadian bank industry overview part 5
Canadian banking industry overview part 4
Part 3 Canadian bank industry overview
Canadian banking overview - part 2
Death to bitcoin, long live bitcoin
RBC to integrate Wave Technologies
Deposits have skyrocketed since the start of the p
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Latest news and events for Canadian financial service companies, analytics, fintech and AI. BankNews.TV provide the latest technology news and reports for banks and insurance companies looking to compete in a rapidly changing market.
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Research
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.
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.
News feed
SCOTIABANK SAYS TECHNICAL GLITCH THAT DISRUPTED DIRECT DEPOSIT, CHEQUE PAYMENTS HAS BEEN RESOLVED
G&M (2026-01-28)
âWe 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,â 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.âs
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 Stanleyâs 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 Ãngel Vicente âChachoâ 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 225âs all-time high of 42,224.02
TD ECONOMIST PREDICTS ‘SIZEABLE’ BUMP IN HOUSING MARKET ACTIVITY THIS QUARTER
BNN - Jordan Fleguel (2024-10-17)
âIn 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 weâre expecting,â 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 bankâs 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)
âThe ECBâs focus has shifted from too-high inflation to too-weak growth,â 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 chainâs 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 inquiryâs 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 Canadaâs 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)
Chinaâs 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, âThe 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 DOJâs 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)
Canadaâs 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 Streetâs trading desks. Goldman
RBNZ SAYS HIGHER CASH RATE WAS NEEDED TO OFFSET BANK LIQUIDITY
Bloomberg (2024-10-15)
New Zealandâs 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 Canadaâs Big Six banks are generally satisfied with their ability to choose investments for clients â even though they are restricted to selling only their banksâ 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, âOur 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 countryâs 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 Sachsâ 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. Goldmanâs
JPMORGAN REWRITES LAWS OF FINANCE — WITH SOME HELP
FT (2024-10-15)
Jamie Dimon does not like the suggestion that JPMorgan is âdominantâ, as an analyst discovered on the US megabankâs 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 Zealandâs 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 GMâs 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 âhighlighted clear challenges in overseeing banksâ liquidity risk,â 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 Bankâs TD-T retail banking growth in the United States will be constrained by an asset cap, adding to TDâs 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 Canadaâs 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)
âSheâs incredibly experienced and fits like a glove inside this organization,â 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 countryâs insured mortgage program.
TANGERINE TO GET NEW PRESIDENT, CEO IN NOVEMBER
Investment Executive (2024-10-10)
Among her accomplishments, Bogdaneris cited Rileyâs work as founder of The Scotiabank Women Initiative, designed to help women âgrow their businesses, advance their careers and invest in their futures so they can succeed on their own terms.â
U.S. BANKRUPTCIES TRACKING TOWARD HEIGHTS OF 2020
Investment Executive (2024-10-10)
âOver the past decade, full-year bankruptcy filings were at their highest in 2020 and second-highest in 2023,â 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 Bankâs 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)
âLeverage in Apolloâs private equity portfolio is among the lowest in the industry,â 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 industryâs 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)
Canadaâs decision to increase the capital gains inclusion rate is unlikely to generate as much cash as Justin Trudeauâs 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)
Japanâs Seven & i Holdings said on Wednesday it had received a revised takeover bid from Canadaâs 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)
âThe 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,â 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)
FEMAâs maps indicate which properties have at least a 1% chance of flooding each year â 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)
âThe 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 ârisen in prominenceâ for Canadaâs banking regulator as it gains a deeper understanding of the weak spots in financial institutionsâ 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 Reserveâs 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 traderâs improper trading isnât material to the bank, the case represents another blow to the bankâs reputation, says Moodyâs 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 Quebecâs 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 investorsâ 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)
âSpecifically, 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.
News feed
SCOTIABANK SAYS TECHNICAL GLITCH THAT DISRUPTED DIRECT DEPOSIT, CHEQUE PAYMENTS HAS BEEN RESOLVED
G&M (2026-01-28)
âWe 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,â 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.âs
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.
News feed
FSIM briefings and developments reports
ALL QUIET ON THE BANK-BRANCH FRONT
At Bank of Montreal (BMO; with an IE rating of 8.1, up from 7.9 a year ago), there were significantly higher ratings in five categories. Much of that improvement was among the technology categories, with BMO advisors more positive than in 2023 regarding “client onboarding tools” (rated 8.3, up from 7.6), “client relationship tools” (7.6, up from 7.1) and “advisor’s experience with back-office tools & services” (also 7.6, up from 7.1).
CANADIAN HOUSING STARTS STAGNANT, 3X GROWTH WAS NEVER REALISTIC: BMO
Further adding, “The 12-month average for new starts has turned down again to sit at 244k. Historically, this is hardly a weak level of activity—in fact, it is quite strong—but it’s a long way from tripling the rate of new supply growth (spoiler: that was never going to happen).”
GOLD HOVERS NEAR RECORD AS MIDEAST TENSIONS SPARK HAVEN DEMAND
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. Retail sales strengthened in September by more than forecast and jobless claims unexpectedly fell in a separate print, reinforcing the view the economy is nowhere near a recession. Higher interest-rate environments typically pressure non-yielding gold.