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.

AS TRUMP MEDDLES WITH THE FED, CARNEY MUST SAFEGUARD THE BANK OF CANADA’S INDEPENDENCE

G&M - Rita Trichur (2025-11-28)

U.S.

BNPL: BUY NOW, PAIN LATER? HOW TO AVOID THE STING OF DELAYED PAYMENTS FROM BLACK FRIDAY AND HOLIDAY SHOPPING

Yahoo Finance (2025-11-28)

While BNPL may appear simpler than credit cards, credit cards provide consistent billing, better consumer protection and help build credit when used responsibly.

BANKS HEAD INTO FOURTH QUARTER PRICED FOR PERFECTION

BNN (2025-11-28)

Banks went into last quarter’s earnings results with analysts worried they might not be able to justify lofty valuations, only to have almost all of the banks handily beat earnings expectations.

DIGITAL CURRENCY COULD ENSURE THE CANADIAN DOLLAR REMAINS RELEVANT: LAVALLéE ON CANADIAN STABLECOIN

BNN (2025-11-28)

Didier Lavallée, CEO of Tetra Digital Group, joins BNN Bloomberg to discuss the path forward for Canadian dollar-backed stablecoin.

SWITZERLAND TO REMAIN WORLD’S NO. 1 WEALTH CENTER, EFG CEO SAYS

Bloomberg - Myriam Balezou and Francine Lacqua (2025-11-28)

Switzerland isn’t about to lose its status as the world’s preferred wealth management destination even if other places are seeking to catch up, according to EFG International AG’s Chief Executive Officer Giorgio Pradelli “In our business — wealth management and private banking — Switzerland will remain the No.

THIS IS WHY CREDIT CARD INTEREST RATES ARE SO HIGH

Bloomberg - Joe Weisenthal and Tracy Alloway (2025-11-28)

Credit users are paying for their own marketing. Some

HOW INDIA’S RUPEE ENDED UP AS ASIA’S WORST CURRENCY THIS YEAR

Bloomberg - Malavika Kaur Makol (2025-11-28)

The Indian rupee is currently Asia’s worst-performing currency of 2025.

CANADIANS WOULD PAY 75% MORE INTEREST WITH 40-YEAR MORTGAGES: PBO

Better Dwelling (2025-11-28)

Lower payments are the only goal, and extending amortizations is the most commonly pitched solution.

FINTRAC SANCTIONS SASKATCHEWAN CREDIT UNION

Investment Executive (2025-11-28)

On Thursday, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said it imposed a monetary penalty of $214,500 on Synergy Credit Union, following a compliance review that uncovered several breaches of the anti-money laundering rules.

JPMORGAN IS PLANNING TO BUILD LONDON’S BIGGEST OFFICE BLOCK

WSJ (2025-11-28)

Jamie Dimon, barely done with one mammoth building project on New York’s Park Avenue, is embarking on another this side of the pond. The

CITI’S PREMIUM CARD ROLLOUT WAS MARRED BY ERRANT APPROVALS

WSJ - Imani Moise (2025-11-28)

Citibank’s launch of its Strata Elite credit card this summer marked its return to a sizzling-hot premium market.

AMAZON, FLIPKART TAKE AIM AT INDIA'S BANKS WITH NEW CONSUMER LOAN OFFERINGS

Reuters - Ashwin Manikandan and Jaspreet Kalra (2025-11-28)

Amazon (AMZN.O),

BANKS IN TALKS TO LEND $38 BILLION TO FUND SITES FOR OPENAI, FT REPORTS

Reuters (2025-11-28)

A group of banks is in talks to lend another $38 billion for Oracle (ORCL.N),

CENTRAL BANK BODY BIS WARNS OF HEDGE FUND LEVERAGE IN GOVERNMENT BOND MARKETS

Reuters - Marc Jones (2025-11-28)

The new head of the Bank for International Settlements has said reining in hedge funds' ability to make highly leveraged bets in government bond markets should be a key priority for policymakers given rapidly increasing public debt levels. Pablo

$8 BILLION PRODUCTIVITY CRISIS ERODING HOUSING AFFORDABILITY, CMHC FINDS

CMP (2025-11-27)

The construction industry's struggles reflect systemic inefficiencies.

EMPLOYMENT WEAKNESS NARROWS MORTGAGE CAPACITY FOR YOUNG CANADIANS

CMP (2025-11-27)

More concerning, young Canadians remain the only age group whose income growth has failed to keep pace with inflation.

FINANCIALLY MOTIVATED CHILD SEXUAL EXPLOITATION ON THE RISE, FINTRAC FINDS

G&M - Alexandra Posadzki (2025-11-27)

Canada’s anti-money-laundering watchdog says it has observed an increase in financially motivated cases of child sexual exploitation, including extortion schemes linked to organized crime. The

BANK OF CANADA IN RISK MANAGEMENT MODE WITH STAGFLATION ON THE TABLE, POLOZ SAYS

Yahoo Finance - Jordan Gowling (2025-11-27)

“In that context a central bank should be thinking, ‘I need to cut rates to cushion the blow, but I need to raise rates to prevent inflation from going up much,'” said Poloz, now special adviser to the law firm Osler, Hoskin & Harcourt LLP, during a webinar on Wednesday.

BANKS TELL NATURAL RESOURCES MINISTER LOANS FOR SOFTWOOD INDUSTRY ARE IMMINENT, SOURCES SAY

G&M - STEFANIE MAROTTA, BRENT JANG (2025-11-26)

Canada’s banks have told Natural Resources Minister Tim Hodgson that loans for struggling softwood lumber companies will roll out in the coming weeks, but cautioned that gaps in Ottawa’s support program could leave some out of the running for tariff assistance. Mr.

PAUSE ON MANDATORY CLIMATE DISCLOSURE TO CONTINUE INDEFINITELY, REGULATORS SAY

G&M - Jeffrey Jones (2025-11-26)

Canada’s securities commissions are not ready to restart work on making climate-related disclosures mandatory for public companies, saying the heightened geopolitical and market risks that prompted the halt remain. Many

TORONTO NEW HOME SALES HIT A RECORD LOW FOR A 13TH MONTH

Better Dwelling (2025-11-26)

Developers reported just 570 units sold in October—down 29% from last year and 81% below the 10-year average.

FED ADOPTS RULE CUTTING BIG BANKS’ CAPITAL DEMANDS

Investment Executive - James Langton (2025-11-26)

U.S.

ECB SCRUTINISING CLAIMS DEUTSCHE BANK UNDERPLAYED FINANCIAL RISKS

Reuters (2025-11-26)

The European Central Bank is examining claims that Deutsche Bank (DBKGn.DE),

CENTRAL BANK BODY BIS APPOINTS NEW HEAD OF DIGITAL CURRENCY HUB

Reuters - Marc Jones (2025-11-26)

Bank for International Settlements, the umbrella body for central banks, on Tuesday named a new head of its Innovation Hub that oversees its influential work on digital currencies, artificial intelligence and other up-and-coming technologies. Tommaso

BANK OF CANADA ACT SHOULD BE AMENDED TO ENSURE CENTRAL BANK’S INDEPENDENCE, REPORT SAYS

FP - Jordan Gowling (2025-11-26)

The Bank of Canada Act should be amended to secure the central bank’s independence as part of the government’s five-year review of the institution, according to a report published by the C.D.

SCOTIABANK TO PAY $34,000 AFTER CALLING CLIENT MORE THAN 100 TIMES TO COLLECT DEBT

FP - Stephanie IP (2025-11-26)

Scotiabank will pay over $34,000 after Consumer Protection B.C.

MORE CANADIANS WANT OUT OF CRIPPLING CAR LOANS AMID HIGH FINANCING COSTS: DEBT EXPERTS

Yahoo Finance - Leah Golob (2025-11-26)

“Sometimes, people get into a panic mode that they’re already a few months late, and they just don’t want to deal with it anymore because it’s so stressful,” he said.

THE AI INDUSTRY IS BUILT ON A BIG UNPROVEN ASSUMPTION

Bloomberg (2025-11-26)

In addition to the projections about reaching artificial general intelligence and replacing millions of human workers, there’s the mundane matter of how long AI chips will last. The

CANADIAN HOUSE COSTS OUTPACE LAND, ONLY 2ND TIME IN RECORDED HISTORY

Better Dwelling (2025-11-26)

Another point that stands out: land prices, which inflate with excessive cheap credit, haven’t corrected at all.

CREDIT CARD INSTALLMENTS OUTRUN BNPL IN SUMMER TRAVEL SURGE

Pymnts (2025-11-26)

Spreading out the bill in fixed installments dominated summer spending as consumers actively sought flexible ways to manage their purchases.

MOBILE WALLET USE JUMPS 31% AS APPLE PAY FACES RISING COMPETITION

Pymnts (2025-11-26)

Apple Pay’s share of eligible in-store transactions reached 10.2%.

WHY FEARS OF A TRILLION-DOLLAR AI BUBBLE ARE GROWING

Bloomberg (2025-11-25)

For almost as long as the artificial intelligence boom has been in full swing, there have been warnings of a speculative bubble that could rival the dot-com craze of the late 1990s that ended in a spectacular crash and a wave of bankruptcies. Tech

FRANCE SEES SCOPE TO SCRAP SOME BANK REGULATORY CAPITAL BUFFERS

Bloomberg - Claudia Cohen and Nicholas Comfort (2025-11-25)

France’s top central banker floated the idea of scrapping some capital buffers to help avoid putting European lenders at a disadvantage to US competitors. Authorities

SAN FRANCISCO HOTELS THAT ECHOED CITY’S DECLINE SELL FOR 75% OFF

Bloomberg - Patrick Clark (2025-11-25)

A pair of San Francisco hotels whose travails exemplified a fallen commercial real estate market are changing hands, marking a milestone in the city’s comeback story as it attracts some of the world’s largest investors. Newbond

CANADIAN BANKS SEE RECORD MORTGAGE CONTRACTION AS ARREARS RISE

Better Dwelling (2025-11-25)

The Great Canadian Real Estate Downturn isn’t easing—in fact, it’s accelerating beneath the surface.

ATB FINANCIAL POSTS $130M NET INCOME

Investment Executive (2025-11-25)

ATB Wealth had a net income of $11.7

SCOTIABANK AND DAVIVIENDA RECEIVE REGULATORY APPROVAL FOR DEAL

Investment Executive (2025-11-25)

Scotiabank says it has received all of the required regulatory approvals for its deal to sell its banking operations in Colombia, Costa Rica and Panama to Davivienda.

OSFI OPEN TO 'EXPERIMENTS' TO HELP BANKS FINANCE CANADA'S NATION-BUILDING

Yahoo Finance - Naimul Karim (2025-11-25)

On Nov.

CANADIAN CONSUMER DEBT INCREASES TO $2.6 TRILLION PRIMARILY ON MORTGAGES

BNN - Joshua Santos (2025-11-25)

The agency said mortgage originations (the process of drafting a loan) were up 18 per cent year-over-year as homeowners refinanced their mortgages or renewed earlier amid lower interest rates.

TRUMP CALLS OBAMACARE INSURERS FAT AND RICH. INVESTORS SEE THEM AS VULNERABLE.

WSJ - David Wainer (2025-11-24)

Healthcare politics and investing might as well be living in alternate universes. President

WSJ OPINION: THE FED FINALLY CUTS

WSJ (2025-11-24)

From the award-winning opinion pages of The Wall Street Journal, the Journal Editorial Report sees columnists and members of the Journal Editorial Board debate the major economic, political and cultural issues of the day.

GOLD STEADIES AS MARKET WEIGHS CHANCE OF ANOTHER FED RATE CUT

Yahoo Finance - Yihui Xie (2025-11-24)

The rate-cut path “is rather hard to predict and a close call, hence gold will likely stay clustering around the current level,” said Ahmad Assiri, a strategist at Pepperstone Group Ltd.

HACKERS HIT ‘NECESSARY PLUMBING’ OF BIG BANK MORTGAGE OPERATIONS

Pymnts (2025-11-24)

Sources told NYT that JPMorgan Chase, Citi and Morgan Stanley are among the banks notified by SitusAMC that their client data may have been taken.

SWISS REGULATOR WARNS MORTGAGE RISKS ARE RISING AS BANKS STRETCH LENDING RULES

Reuters (2025-11-24)

Switzerland's financial market regulator warned on Saturday of growing risks in the housing market, saying banks were stretching mortgage lending criteria as property prices continue to climb. "The

THE INSIDE STORY OF FAIRFAX FINANCIAL'S EVEN BIGGER 'BIG SHORT'

Yahoo Finance - David Thomas (2025-11-24)

The astounding combined total windfall from swaps and shorting the stock market was more than US$4.6

CANADIAN HOUSING STARTS (OCTOBER 2025)

TD - Rishi Sondhi (2025-11-24)

Canadian housing starts declined 17% month-on-month (m/m) in October, more than offsetting September's 14% m/m gain.

VERSABANK LAUNCHES ENHANCED CMHC LENDING PROGRAM

VersaBank (2025-11-24)

"The federal government's plan to expand access to cost-effective mortgage funding for lenders to support the construction of new multi-unit housing across the country is a significant and much needed initiative for our country, said David Taylor, Founder and President, VersaBank.

FORMER AIMCO CEO EVAN SIDDALL JOINS BANK OF MONTREAL AS VICE-CHAIR

G&M - Stefanie Marotta (2025-11-24)

Bank of Montreal BMO-T has hired former Alberta Investment Management Corp.

EVERYTHING YOU NEED TO KNOW ABOUT THE AI BUBBLE

G&M - Joe Castaldo (2025-11-24)

There are a lot of things one could point to as proof that a bubble is percolating around artificial intelligence.

THE BNPL STORY EVERYONE’S GETTING WRONG

Pymnts - Karen Webster (2025-11-24)

Every few months, another doomsday article appears about BNPL services allegedly trapping vulnerable consumers into debt spirals, this article clears the air.

DETAILS ON CANADA'S NEW HOUSING AGENCY ADD CLARITY, EXPOSE 'TROUBLING LIMITATIONS': EXPERT

Yahoo Finance (2025-11-24)

A document outlining the government’s priorities and criteria for the program to address Canada’s housing crisis does offer “one of the clearest income-based affordability definitions in federal housing policy,” wrote Mike Moffatt, founding director of the University of Ottawa’s Missing Middle Initiative (MMI)

CHIEF ACTUARY OF THE GOVERNMENT OF CANADA UNVEILS EXTERNAL PEER REVIEW PANEL FOR 32ND ACTUARIAL REPORT ON THE CANADA PENSION PLAN

OSFI (2025-11-24)

Stephen Butterfield, Iyad Hourani, Michel St-Germain

TRUMP WANTS TO PLAY GOD WITH CHEAP MONEY. IT’S BACKFIRING SPECTACULARLY

G&M - John Rapley (2025-11-23)

Donald Trump began his second term with a plan to take over the Federal Reserve and bend it to his will, flooding the economy with cheap money and sending it aloft. Step

FORGET A RECESSION. WHAT CANADIANS ARE LIVING THROUGH IS WORSE

G&M - Tim Shufelt (2025-11-23)

Canadians have never been richer and more miserable at the same time. On

DID SCOTIA FORGET WHO SENDS THE BULK OF ITS BUSINESS?

Mortgage Logic (2025-11-23)

For the time being, Scotiabank has shut the door—and double-bolted it—on discretionary broker-channel rate discounts. Brokers

CHINESE EVERGRAND'S CHâTEAU MONTEBELLO FORCED INTO RECEIVERSHIP, TRIGGERING NEW OWNERSHIP MYSTERY

G&M - ANDREW MCINTOSH (2025-11-21)

The iconic Château Montebello has been forced into receivership after its foreign owners racked up $63.9-million

BANKING REGULATOR PROPOSES TO EASE LENDING RULES FOR CANADIAN BANKS

Yahoo Finance (2025-11-21)

The proposed changes announced on Thursday by the Office of the Superintendent of Financial Institutions (OSFI) in its quarterly release could help Canada adjust to a “rapidly changing environment” and contribute to economic growth, it said.

BITCOIN HEADING FOR WORST MONTH SINCE CRYPTO COLLAPSE OF 2022

Yahoo Finance (2025-11-21)

The rout follows a crippling bout of liquidations on Oct.

IS CANADA IN A 'VICIOUS CIRCLE' OF LOW PRODUCTIVITY? BOC SAYS SO

BNN (2025-11-21)

Eric Lascelles, chief economist at RBC Global Asset Management, joins BNN Bloomberg to discuss the latest remarks from the Bank of Canada on productivity and what the country's economy needs to get out of this circle.

WALMART REVENUE UP 6% YEAR-OVER-YEAR

BNN (2025-11-21)

Zhihan Ma, senior analyst at Bernstein, and Jacob Aiken-Philllips, vice president of consumer and retail research at Melius Research, join BNN Bloomberg to discuss Walmart's latest earnings results, showing an increase in revenue as the retailer warns of higher costs and sees an increase in online sales.

CHINESE MAKER BEHIND MOST OF WORLD’S BITCOIN MINERS HAS BEEN FOCUS OF US NATIONAL SECURITY PROBE

Bloomberg (2025-11-21)

Investigators have sought to assess whether Bitmain Technologies’ products pose risks of espionage or sabotage, according to people familiar with the matter.

CANADIANS TAP HELOC DEBT AT THE FASTEST RATE SINCE 2012

Better Dwelling (2025-11-21)

Bank of Canada (BoC) data shows Home Equity Lines of Credit (HELOC) borrowing just saw the biggest September growth since 2009.

FED’S OCTOBER RATE DECISION FUELED PUSHBACK OVER POSSIBLE DECEMBER CUT

WSJ - Nick Timiraos (2025-11-21)

Divisions over whether the Federal Reserve should cut interest rates next month deepened at officials’ October meeting, leaving a growing contingent—and potentially a narrow majority—of policymakers uncomfortable with a December rate reduction. “Participants

QUESTRADE LAUNCHES SUITE OF NEW TRADING PRODUCTS FOR SOPHISTICATED RETAIL INVESTORS

G&M - Clare O'Hara, Tim Kiladze (2025-11-20)

Questrade Financial Group Inc.,

TD SUED BY FORMER U.S. EMPLOYEES ALLEGING WRONGFUL DISMISSAL DURING MONEY-LAUNDERING PROBE

G&M - Stefanie Marotta (2025-11-20)

Toronto-Dominion Bank TD-T is being sued by five former employees in the United States who allege they were wrongly fired as the lender contended with an investigation by authorities that found failures in its anti-money-laundering (AML) procedures. A

CRYPTOCURRENCY FIRM APPEALS $176-MILLION FINE BY FINTRAC

G&M - Alexandra Posadzki (2025-11-20)

Xeltox Enterprises Ltd.,

HAVE HOMES GOTTEN PRICIER – OR HAS MONEY LOST ITS VALUE?

G&M - DARRYL DYCK, HANIF BAYAT (2025-11-20)

Home unaffordability has dominated Canadian headlines for the past decade as housing prices have increasingly outpaced average incomes.

CANADIAN MORTGAGE DELINQUENCY RATE FALLS FOR FIRST TIME IN THREE YEARS: CMHC

Yahoo Finance (2025-11-20)

Canada Mortgage and Housing Corp.

SCOTIABANK SHUFFLES EXECUTIVE RANKS, PHIL THOMAS TO TAKE ON COO ROLE

BNN (2025-11-20)

The bank says Phil Thomas has been appointed group head and chief strategy and operating officer, replacing Anique Asher who took on the role in July 2024.

CRYPTO WORLD WIPES OUT $1 TRILLION AS BITCOIN PLUNGES ANEW

Bloomberg (2025-11-20)

The great crypto crash of 2025 entered a new phase on Wednesday, as Bitcoin plunged to its lowest level in seven months, extending the more than $1 trillion wipeout across the digital‑asset world. The

EVERGRANDE’S ICONIC CANADIAN HOTEL TO BE SOLD AFTER DEFAULT

Bloomberg (2025-11-20)

China Evergrande Group’s iconic log-cabin hotel in Canada has been placed in receivership after the defaulted real estate developer failed to make payments on its debt. Fairmont

CANADIAN HOUSING STARTS DROP 46K HOMES IN JUST ONE MONTH

Better Dwelling (2025-11-20)

The drop in housing starts was expected, following a slump in pre-construction sales.

EDWARD JONES CANADA TO BUY FIDUCIARY TRUST COMPANY OF CANADA

Investment Executive (2025-11-20)

Fiduciary Trust Company of Canada is a private wealth boutique that has served high-net-worth clients for more than 40 years.

FED OVERHAULS APPROACH TO BANK COMPLIANCE

Investment Executive (2025-11-20)

“The principles align bank examination and ratings to material financial risks, reduce duplication between exams from different supervisors, and streamline the remediation of issues cited by supervisors,” the Fed said in a release.

NVIDIA PROFITS SOAR, SOOTHING INVESTOR JITTERS OVER AI BOOM

WSJ (2025-11-20)

Nvidia NVDA 2.85%increase;

WHY CANADIAN HOME PRICES MAY NOT HAVE HIT BOTTOM YET

Yahoo Finance (2025-11-19)

Inventory has been building in the market for two years, especially in Ontario and British Columbia, where homes for sale reached a decades high in the spring, said Robert Hogue, assistant chief economist at Royal Bank of Canada.

BITCOIN SLIDE SPURS RECORD WITHDRAWALS FROM BLACKROCK’S IBIT

Yahoo Finance (2025-11-19)

BlackRock saw $523 million in outflows from the exchange-traded fund on Tuesday, marking a fifth straight day of net redemptions, according to data compiled by Bloomberg.

CANADIAN HOUSEHOLD DEBT SURGES—BUT IT WASN’T DUE TO MORTGAGES

Better Dwelling (2025-11-19)

Yet mortgages only accounted for 55% of the debt added in September, with the remaining 45% coming from consumer credit like credit cards and lines of credit.

NEW HOME CONSTRUCTION DROPPED 17% IN OCTOBER, SAYS CMHC

CBC (2025-11-19)

"This is consistent with our view that homebuilding is likely to cool next year, as modest population growth weighs on rents, and weak pre-sales activity restrains starts in the ownership market," he wrote.

WALMART’S MCMILLON LEAVES TECH-SAVVY LEGACY

Pymnts (2025-11-18)

“Over more than a decade as CEO, Doug led a comprehensive transformation by investing in our associates, advancing our digital and eCommerce capabilities, and modernizing our supply chain, resulting in sustained, robust financial performance,” Penner said in the release.

LARRY SUMMERS TO STEP BACK FROM PUBLIC COMMITMENTS AFTER EPSTEIN EMAILS

WSJ (2025-11-18)

Former Harvard University President Larry Summers said he would be stepping back from public commitments after receiving criticism over his correspondence with sex offender Jeffrey Epstein. “I

THE FEDERAL RESERVE’S BROKEN LEADERSHIP

WSJ - Kevin Warsh (2025-11-18)

The cost of curiosity is approaching zero, owing to a new age of American innovation.

BITCOIN ETF INVESTORS IN THE RED AFTER $89,600 LEVEL BREAKS

Yahoo Finance - Vildana Hajric and Sidhartha Shukla (2025-11-18)

“Bitcoin’s sharp drop places the majority of 2025’s institutional buyers underwater for the first time and risks triggering more outflows if sentiment does not stabilize soon,” said Nick Ruck, a director at LVRG Research.

CRYPTO’S RISKIEST TOKENS PLUMMET TO PANDEMIC-ERA LEVELS

Yahoo Finance - Sidhartha Shukla (2025-11-18)

The broader crypto market is still reeling from an Oct.

ORACLE’S ASTONISHING $300BN OPENAI DEAL IS NOW VALUED AT MINUS $74BN

FT - Bryce Elder (2025-11-18)

Since September 10, when Oracle announced a $300bn deal with the chatbot maker, its stock has shed $374bn in market value: OK, yes, market caps don’t work like that and the post headline is clickbait.

DEUTSCHE BANK LAYS OUT PLAN TO BECOME ‘EUROPEAN CHAMPION IN BANKING’

FT - Olaf Storbeck (2025-11-18)

Deutsche Bank has pledged to deliver higher growth, returns and payouts to investors as well as lower costs by 2028, as chief executive Christian Sewing seeks to turn the lender into “the European champion in banking”. Germany’s

'THOSE INTEREST RATES ARE GOING DOWNWARDS': BALA ON POTENTIAL BOC RATE CUTS

BNN (2025-11-18)

Jay Bala, CEO and senior portfolio manager at AIP Asset Management, joins BNN Bloomberg to discuss the path forward for the BoC amid tame CPI data.

TRUMP SAYS HE THINKS HE KNOWS HIS CHOICE FOR THE NEXT FED CHAIR

Yahoo Finance (2025-11-18)

"I think I already know my choice," Trump told reporters in the Oval Office, regarding who will replace outgoing Fed Chair Jerome Powell, whose term ends in May.

FINTECH KLARNA RECORDS LOSS AS IT EXPANDS INTO CONVENTIONAL LENDING

FT (2025-11-18)

“Buy now, pay later” fintech Klarna reported a loss in its first quarterly earnings since going public in September, as a push into conventional lending weighed on profits. The

CANADIAN HOME SALES TICK UP AS RATE CUTS DRAW MORE BUYERS

G&M - SALMAAN FAROOQUI (2025-11-17)

Canadian home sales have now increased for six of the past seven months, as declining interest rates and cheaper mortgage rates prompt more buyers off the sidelines. There

CRYPTO TUMBLES: THE 'IRONY' OF BITCOIN'S BEAR MARKET

Yahoo Finance (2025-11-17)

Bitcoin (BTC-USD) extends recent declines, sinking deeper into a bear market.

BITCOIN HUMBLES WALL STREET FAITHFUL AFTER $600 BILLION PLUNGE

Yahoo Finance - Olga Kharif (2025-11-17)

“The sentiment in retail crypto is so bad that there could still be some downside in the market,” said Matthew Hougan, chief investment officer at Bitwise Asset Management, who believes prices will go up next year.

STATISTICS CANADA SET TO REPORT OCTOBER INFLATION DATA TODAY

BNN (2025-11-17)

But economists say steady consumer spending, despite rising unemployment, is keeping inflation from falling further.

MPS TO VOTE ON PRIME MINISTER MARK CARNEY’S FIRST BUDGET TODAY

BNN (2025-11-17)

So far, opposition parties have spoken out against the budget, saying it doesn’t align with their priorities, and it isn’t yet clear where the Liberals will get the votes they need.

CPP INVESTMENTS EARNED 5.4% NET RETURN IN Q2

Investment Executive (2025-11-17)

The increase in net assets for the quarter included $39.8

WALL STREET BLOWS PAST BUBBLE WORRIES TO SUPERCHARGE AI SPENDING FRENZY

WSJ (2025-11-17)

Not long ago, Blue Owl Capital OWL -1.35%decrease;

CANACCORD POSTS RECORD WEALTH REVENUES, BUT U.S. ISSUES DRAG ON Q2

Investment Executive - Alisha Hiyate (2025-11-17)

Adjusted net income totalled $44.9

SCOTIABANK SAYS THE BANK OF CANADA’S NEXT MOVE WILL BE A RATE HIKE

Canadian Mortgage Trends (2025-11-17)

“Inflation risks are serious enough that the Bank of Canada is done cutting interest rates,” the report says.

JPMORGAN SECURES DEALS WITH FINTECH AGGREGATORS OVER FEES TO ACCESS DATA, CNBC REPORTS

Reuters (2025-11-17)

Nov 14 (Reuters) - JPMorgan Chase (JPM.N),

CARNEY SEARCHES FOR VOTES TO PASS BUDGET AND AVOID SNAP ELECTION

FP (2025-11-17)

Prime Minister Mark Carney’s government faces a decisive moment on Monday when Canada’s House of Commons votes on a proposed budget that would increase borrowing to spend on the military and infrastructure. Article

RATE OF INFLATION EASES TO 2.2% IN OCTOBER, A NOTCH HIGHER THAN EXPECTED

G&M (2025-11-17)

There were signs inflation was easing in October, but a more muddled picture under the hood has most economists expecting the Bank of Canada will shift to the sidelines at its final interest rate decision of the year. Cheaper

BITCOIN PRICE UNDER PRESSURE, SLIPS BELOW $92,000 AS 'SELF-FULFILLING PROPHECY' PUTS 4-YEAR CYCLE IN FOCUS

Yahoo Finance (2025-11-17)

The firm noted a critical level of $93,000, noting that "a break below could trigger an accelerated liquidation cascade."

LIBERALS CLEAR HIGH-STAKES CONFIDENCE VOTE TO PASS FEDERAL BUDGET, AVOID HOLIDAY ELECTION

BNN (2025-11-17)

The vote was a make-or-break one for the Liberal government, which is two seats shy of a majority.

SENIOR MANAGERS DEPART BMO CAPITAL MARKETS AS FIRM PUSHES REORGANIZATION

Bloomberg (2025-11-17)

Bank of Montreal let go of two longtime managing directors in its capital markets unit. Alena

CANADIAN REAL ESTATE PRICES FALL TO 4-YEAR LOW AS INVENTORY SETS RECORD

Better Dwelling (2025-11-17)

Canadian home prices are still falling, but remain 25.6%

CANADIAN INFLATION REMAINS STICKY, HOMEOWNERS & RENTERS SEE COSTS SOAR

Better Dwelling (2025-11-17)

Mortgage interest rose 2.9%

MARKET ROUT INTENSIFIES, SWEEPING UP EVERYTHING FROM TECH TO CRYPTO TO GOLD

WSJ (2025-11-17)

An intensifying selloff across financial markets Monday ensnared everything from gold to crypto to highflying tech stocks, dragging the Dow Jones Industrial Average to its worst three-day stretch since President Trump’s tariff turmoil in April. Investors

BONDS ARE HEADING FOR THE BEST YEAR SINCE 2020

WSJ (2025-11-17)

Almost everything has lined up for bonds lately. The

ECN CAPITAL TO BE ACQUIRED BY PRIVATE EQUITY FIRM WARBURG PINCUS

G&M - Andrew Willis (2025-11-14)

Private equity fund Warburg Pincus LLC plans to take private Toronto-based alternative lender ECN Capital Corp.

RBC’S ASSET MANAGEMENT ARM NAMES STU KEDWELL AS CHIEF INVESTMENT OFFICER

G&M - Clare O'Hara, James Bradshaw (2025-11-14)

Royal Bank of Canada’s RY-T asset management division has chosen Stu Kedwell as its next chief investment officer, elevating a fund manager who has deep roots at the bank and who commands broad respect on Bay Street. On

MANULIFE'S SHARES HIT RECORD AFTER INSURER UNVEILS NEW EXPANSION STRATEGY, INDIA FOCUS

Yahoo Finance - Nivedita Balu and Pritam Biswas (2025-11-14)

"We definitely are not taking a position on what countries are ​a relative winner or a loser...

TOP FANNIE MAE OFFICIALS OUSTED AFTER SOUNDING ALARM ON SHARING CONFIDENTIAL HOUSING DATA

Yahoo Finance (2025-11-14)

He's prompted mortgage fraud investigations of prominent Democrats who are some of the president’s best known antagonists, including Sen.

BANK OF AMERICA, BANK OF NEW YORK MELLON SEEK TO END EPSTEIN LAWSUITS

Yahoo Finance - Jonathan Stempel (2025-11-14)

The proposed class actions filed on October 15 by one of Epstein's victims, a ‌Florida woman known as Jane Doe, said the banks knowingly ignored a "plethora" of information about Epstein's crimes because they valued profit over protecting victims.

BOOMERS ARE PASSING DOWN FORTUNES — AND WAY, WAY TOO MUCH STUFF

Bloomberg - Chris Rovzer (2025-11-14)

Nick Malis knew that one day he would have to sort through the 10,000 Pez dispensers.

US MORTGAGE RATES RISE SLIGHTLY, SENDING 30-YEAR LOANS TO 6.24%

Bloomberg - Preshant Gopal (2025-11-14)

Mortgage rates in the US increased for a second week, adding to costs for homebuyers already facing a precarious economy. The

CANADIAN & US REAL ESTATE AFFORDABILITY IMPROVED, STILL NEAR RECORD LOWS: BMO

Better Dwelling (2025-11-14)

Both markets are now in a post-boom phase, with affordability still hovering near historic lows.

CAPITAL ONE DEBIT-CARD USERS AREN’T ALL HAPPY AFTER THE SWITCH TO DISCOVER

WSJ - Ben Glickman (2025-11-14)

Capital One COF -2.40%decrease;

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.

AS TRUMP MEDDLES WITH THE FED, CARNEY MUST SAFEGUARD THE BANK OF CANADA’S INDEPENDENCE

G&M - Rita Trichur (2025-11-28)

U.S.

BNPL: BUY NOW, PAIN LATER? HOW TO AVOID THE STING OF DELAYED PAYMENTS FROM BLACK FRIDAY AND HOLIDAY SHOPPING

Yahoo Finance (2025-11-28)

While BNPL may appear simpler than credit cards, credit cards provide consistent billing, better consumer protection and help build credit when used responsibly.

BANKS HEAD INTO FOURTH QUARTER PRICED FOR PERFECTION

BNN (2025-11-28)

Banks went into last quarter’s earnings results with analysts worried they might not be able to justify lofty valuations, only to have almost all of the banks handily beat earnings expectations.