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.

SUSTAINABLE FINANCE EXPERTS LAUNCH EFFORT TO BOLSTER TRANSITION PLANS FOR CANADIAN COMPANIES

G&M - Jeffrey Jones (2025-05-13)

Several financial institutions and pension funds are backing a new initiative by some of Canada’s best-known sustainable-finance experts to bolster companies’ energy-transition plans as a way to win access to more global capital. The

SHOPIFY SHARES SOAR AHEAD OF DEBUT IN NASDAQ 100

G&M (2025-05-13)

Shopify’s (SHOP-T) stock surged more than 13 per cent in Monday morning trading after the Nasdaq stock exchange announced the e-commerce company would join its 100 Index on May 19. The

TARIFF UNCERTAINTY SHOULD SLOW CANADA'S COTTAGE MARKET THIS YEAR: REMAX

Yahoo Finance - John MacFarlane (2025-05-13)

“We are optimistic that recreational activity could pick up later this season, but there’s a big ‘but’ looming,” Kottick said.

HUDSON'S BAY EXPECTED BACK IN COURT TO EXTEND CREDITOR PROTECTION

Yahoo Finance - Tara Deschamps (2025-05-13)

After filing for creditor protection in March because it was having trouble paying 26 pages' worth of landlords, vendors and suppliers almost $1 billion they were collectively owed, Hudson's Bay put itself, its assets and its leases up for sale.

STOCKS SURGE ON U.S.-CHINA TRADE TRUCE, WHILE GOLD PLUMMETS

BNN (2025-05-13)

The big winners on Wall Street were big semiconductor and tech stocks, as well as apparel and travel names that had been hardest-hit in the China-U.

CANADIAN MORTGAGE RATE RENEWAL CLIFF WAS MORE LIKE A CURB

Better Dwelling (2025-05-13)

Canada’s central bank is just realizing the mortgage rate renewal cliff is much smaller than thought.

CRYPTO SHOULD FACE TRADITIONAL REG PRINCIPLES: SIFMA

Investment Executive - James Langton (2025-05-13)

In a joint submission to the U.S.

THE TROUBLE WITH FINFLUENCERS

Investment Executive - Matthew Taylor (2025-05-13)

In the Floreani case, the ASC found multiple breaches of section 103.1(2)

LOOK OUT — THE GOVERNMENT SEEMS TO BE BANKING ON INCREASED TAX PENALTIES TO HELP PAY FOR ITS SPENDING

FP - Kim Moody (2025-05-13)

Our federal government is addicted to deficit spending and plans to finance some of that spending by betting on Canadians failing to navigate a byzantine tax system it keeps expanding, writes Kim Moody.

WHEN NOT TO TRUST YOUR MORTGAGE LENDER

FP - Robert Mclister (2025-05-13)

According to fresh data from the Financial Services Regulatory Authority of Ontario (FSRAO), nearly half of folks believe banks will treat them fairly — the kind of blind faith usually reserved for seeing-eye dogs and weather apps before a wedding. Meanwhile,

SCOTIABANK SIGNS REFERRAL DEAL WITH ICICI BANK CANADA FOR WEALTH MANAGEMENT SERVICES

G&M (2025-05-13)

ICICI Bank Canada is a full-service direct bank under Canada’s Bank Act and has been serving its customers in Canada for 20 years.

CARNEY WANTS BIG GOVERNMENT TO GET INTO HOUSING – A MAJOR RISK TO TAXPAYERS

G&M - Jake Fuss (2025-05-13)

A trade war, U.S.

CENTRAL BANKERS RENEW CALL FOR FINAL BASEL III REFORMS

Investment Executive - James Langton (2025-05-13)

Following a meeting on May 12, the regulators’ oversight body, known as the Group of Central Bank Governors and Heads of Supervision (GHOS), which is chaired by Bank of Canada governor Tiff Macklem, stressed the importance of fully implementing the capital reforms crafted in the wake of the global financial

CHAMPAGNE RETAINS FINANCE POST IN CARNEY’S NEW CABINET

Investment Executive - Sammy Hudes (2025-05-13)

Champagne maintains his position as minister of finance after taking over the file just ahead of the federal election.

DIGITAL PAYMENTS EVOLUTION: VIRTUAL CARDS POISED TO TAKE OFF

Pymnts (2025-05-13)

"Digital Payments Evolution: Virtual Cards Poised to Take Off” was produced in collaboration with Elan, and PYMNTS Intelligence is grateful for the company’s support and insight.

CREDITORS OFFER US CHIPMAKER $600MN REFINANCING TO AVERT BANKRUPTCY

FT - Sujeet Indap (2025-05-13)

Junior creditors of Wolfspeed Inc.,

PRESS CONFERENCE: FINANCIAL STABILITY REPORT—2025

BOC - Tiff Macklem, Carolyn Rogers (2025-05-13)

A stable and efficient financial system is essential for sustaining economic growth and raising standards of living.

TD SAYS TORONTO CONDOS WILL DROP $137,000

Youtube (2025-05-13)

TD Economics just dropped a bold prediction for the Toronto Condo Market: Toronto condo prices could fall another 10% by the end of 2025.

DID CARNEY, THE BANKER, USE HIS BOND-MARKET BLACK MAGIC ON TRUMP?

G&M - John Rapley (2025-05-12)

John Rapley is a contributing columnist for The Globe and Mail.

STAGNATING JOB MARKET 'COULD SOON BUCKLE,' RAISING ODDS OF ANOTHER BOC CUT AS UNEMPLOYMENT JUMPS

Yahoo Finance - John MacFarlane (2025-05-12)

"It doesn't take an archeological dig to realize this is a weak report," writes BMO chief economist Douglas Porter.

CANADA'S UNICORN PROBLEM: NEW STUDY EXPLORES WHY OUR BEST STARTUPS FAIL TO TAKE FLIGHT

Yahoo Finance - Yvonne Lau (2025-05-12)

“We must be doing something seriously wrong (if Canada has only had) only two successful IPOs and one failed one,” Plant wrote in his report, warning of a chilling effect if capital providers fear they won’t eventually be able to get their money out.

THIS CANADIAN BANK PAYS 4.75% AND COULD DOUBLE YOUR MONEY BY 2030

Yahoo Finance - Christopher Liew (2025-05-12)

As of this writing, only Toronto-Dominion Bank (TSX:TD) out of the Big Six Canadian bank stocks has bucked the tariff chaos.

U.S. AND CHINA TAKE A STEP BACK FROM SKY-HIGH TARIFFS, AGREE TO PAUSE FOR 90 DAYS

BNN (2025-05-12)

“The consensus from both delegations this weekend is neither side wants a decoupling,” Bessent said.

SUN LIFE BEATS ESTIMATES ON STRONG ASSET MANAGEMENT, U.S. RESULTS

BNN (2025-05-12)

The Toronto-based insurance firm reported underlying earnings of $1.82

BOE’S LOMBARDELLI VOTED TO CUT RATES AS ‘INSURANCE’ AGAINST TRADE WARS

Bloomberg - Clare Lombardelli (2025-05-12)

Bank of England Deputy Governor Clare Lombardelli said growth in UK wages and services prices is still too high to be consistent with bringing inflation back to the 2% target but she voted to cut interest rates last week to provide “insurance” against the risk of an economic slowdown caused

WHY BANKS MAY NOT BE YOUR SMALL BUSINESS’S BEST BET FOR FINANCE

Forbes - David Prosser (2025-05-12)

Looking for finance for your small business? Don’t assume your local bank is the place to find it.

MORE THAN 4 IN 10 US CONSUMERS NOW USE VIRTUAL CARDS AT CHECKOUT

Pymnts (2025-05-12)

See attached for doc.

BOC OFFICIALS DISCUSS LATEST FINANCIAL STABILITY REPORT

BNN (2025-05-09)

Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers discuss the latest financial stability report released today.

POWELL GETS SUPPORT FROM BANK OF CANADA’S MACKLEM AMID TRUMP ATTACKS

Bloomberg (2025-05-09)

Bank of Canada Governor Tiff Macklem offered support to Federal Reserve Chair Jerome Powell from US President Donald Trump’s attacks, as the Canadian policymaker called the independence of central banks “sacrosanct.” “The

CANADIAN REAL ESTATE SLUMP DEEPENS: RBC WARNS NO REBOUND IN SIGHT

Better Dwelling (2025-05-09)

RBC’s grim outlook for Canadian real estate is the exact opposite of what experts saw in 2025.

PAY DAY BANKING OUTAGES HIT 1.2M PEOPLE, BANKS REVEAL

BBC - Graham Fraser (2025-05-09)

The letters from the banks revealed about 250,000 TSB customers, 196,255 from Nationwide and 60,000 from HSBC also faced disruption on that morning.

BANK LOWERS INTEREST RATES AND HINTS AT MORE CUTS TO COME

BBC - Michael Race & Faisal Islam (2025-05-09)

The minutes of the Bank's meeting showed the rate-setting committee was divided.

THE REAL-TIME RAIL BUILD IS ON TRACK FOR COMPLETION IN Q3 2025

Payments Canada (2025-05-09)

“The system build is on track to be finished in Q3 2025, which is a huge accomplishment for the program” said Pinto.

VOTING PERIOD ANNOUNCED FOR CONEXUS, CORNERSTONE, AND SYNERGY CREDIT UNIONS RECOMMENDED MERGER

Synergy (2025-05-09)

Credit union members can register for the Special Meeting by visiting their respective credit union website.

JOIN US AT THE 2025 CANADIAN FINANCE SUMMIT

financeevents.ca (2025-05-09)

Join over 600 banks, credit unions and fintechs.

US AND UK TO ANNOUNCE DEAL TO REDUCE TARIFFS TODAY

BBC (2025-05-08)

Last night, US President Donald Trump said there would be a "big" news conference at 10:00 (15:00 BST) to announce a "major trade deal" with a "highly respected country"

MARK CARNEY’S BET ON PREFABRICATED HOMES HAS PROMISE – AND BIG RISKS

G&M - Erica Alini (2025-05-08)

Prime Minister Mark Carney has pledged billions of dollars in financing for makers of prefabricated homes to help end the country’s housing shortage.

FINANCIAL CRIMES EXPERT STUART DAVIS DEPARTS TD AS CONTRACT COMES TO AN END

G&M - Alexandra Posadzki (2025-05-08)

Stuart Davis, a financial crimes expert who advised Toronto-Dominion Bank as it worked to strengthen its anti-money-laundering controls amid U.S.

'ECONOMIC CASUALTIES' WILL MOUNT IN CANADA AND U.S., PUSHING BOC TO THREE MORE RATE CUTS THIS YEAR: BMO

G&M (2025-05-08)

Although inflation may rise in the U.S.,

CANADA BANKS KEEP CLIMATE PLEDGES AS RIVAL RBC DROPS TARGETS

BNN (2025-05-08)

“Companies are free to make environmental claims, as long as they are not false or misleading, and have been adequately and properly tested or substantiated as required,” Blondin said, noting that the bureau is now finalizing its guidelines.

WHY SWISS WANT UBS TO HOLD MORE CAPITAL AND BANK IS PUSHING BACK

Bloomberg (2025-05-08)

A UBS Group AG bank branch in Zurich.Photographer:

NORWAY KEEPS RATE AT 16-YEAR HIGH WITH PLEDGE OF CUTS TO COME

Bloomberg (2025-05-08)

Norway’s central bank kept borrowing costs steady for its 11th consecutive meeting, and reiterated its plan to begin easing later this year. Norges

BMO FACES MX FRONT RUNNING ALLEGATION

Investment Executive - James Langton (2025-05-08)

Among other things, the complaint alleges that the firm violated then rules against front running on two dates in 2019, March 19 and May 31, “as it took advantage of a customer’s order by trading ahead of it.”

EMBEDDED FINANCE UNLOCKS VALUE FOR UNDERSERVED SMALL BUSINESS SECTORS

Pymnts (2025-05-08)

No matter the vertical in which a company is engaged, a few fundamentals apply.

FINANCIAL REGULATORS FACE DEEPEST PERSONNEL CUTS IN DECADES

Pymnts (2025-05-08)

The layoffs are the sharpest in decades, and the financial regulators affected are responsible for overseeing banks, trading houses and the public markets, according to the report.

WHY WELLS FARGO IS BUYING $40 BILLION OF ITS OWN STOCK

RT.com - Gabriel Osoria-Mazilli (2025-05-08)

With this in mind, investors could take the behavior as a sign of renewed confidence in the consumer credit space today, which might help create tailwinds for stocks exposed to consumer trends and confidence.

FIERA CAPITAL ANNOUNCES NEW CEO AS COMPANY OVERHAULS EXECUTIVE LEADERSHIP

G&M - Clare O'Hara (2025-05-08)

Fiera Capital Corp.

CANADA INFRASTRUCTURE BANK TOPS $1B IN INVESTMENTS IN INDIGENOUS-LED PROJECTS

G&M - Jeffrey Jones (2025-05-08)

The Canada Infrastructure Bank has surpassed $1-billion in funding for Indigenous projects and equity interests, and is now planning for more as the country contemplates the concept of energy corridors to bolster sovereignty, its chief executive officer says. Ottawa’s

A BIG BANK IS ABOUT TO DEVOUR A SPUNKY UPSTART WITH GREAT RATES FOR SAVERS

G&M - Rob Carrick (2025-05-08)

From April, 2023, through to the middle of last July, me and other clients of the alternative bank Motive Financial made a cool 4.1

DIVERSIFICATION WILL HELP MANULIFE STEER THROUGH GLOBAL ECONOMIC UNCERTAINTY, CEO SAYS

G&M - Clare O'Hara (2025-05-08)

The company reported a slight increase in its first-quarter “core earnings” of $1.76-billion

CHINA’S CENTRAL BANK CUTS KEY INTEREST RATE AS U.S. TARIFFS THREATEN ECONOMY

G&M (2025-05-07)

China’s central bank has cut a key interest rate as U.S.

IS OTTAWA’S ANTI-GREENWASHING LAW HELPING OR HURTING CANADIAN COMPANIES?

G&M - Jeffrey Jones (2025-05-07)

Federal legislation aimed at combatting greenwashing has prompted companies to delete all kinds of public messaging, raising questions about whether the new rules are doing what they were intended to do or actually hindering environmental progress. Last

TRUMP, CARNEY FACEOFF IN OVAL OFFICE LEAVES GAPING DIFFERENCES ON TARIFFS, 51ST STATE

Yahoo Finance - Rob Gillies And Josh Boak (2025-05-07)

Shortly before Carney's arrival, Trump insulted Canada by posting on social media that the United States didn't need “ANYTHING” from its northern neighbor, only to then turn on the charm and praise Carney's election win in person before showing his obstinance on matters of policy substance.

AUSTRALIAN REGULATOR LAUNCHES FURTHER CRACKDOWN ON MACQUARIE BANK AFTER COMPLIANCE FAILURES

Yahoo Finance (2025-05-07)

"Our intervention underscores our concern with the recurrent nature of Macquarie's failures, which were caused by ineffective supervision and weak compliance and control management," the ASIC Commissioner Simone Constant said.

GOLD TUMBLES AS US-CHINA TRADE TALK OPTIMISM SAPS HAVEN DEMAND

Yahoo Finance (2025-05-07)

Bullion fell as much as 1.6%

THE GENERATIONAL SQUEEZE OF DEFICITS

BNN (2025-05-07)

Amanda Lang discusses how the federal government’s approach to deficits results in generational inequities, with Paul Kershaw, founder of Generation Squeeze.

PRE-TARIFF CAR BUYING FRENZY LEAVES AMERICANS WITH A BIG DEBT PROBLEM

Bloomberg (2025-05-07)

Consumers who raced to replace their vehicles because of Trump’s trade policies risk a costly financial hangover that could last years. Bliss

TORONTO REAL ESTATE PRICES FALL BELOW $1M, SALES AT 90S CRASH LEVELS

Better Dwelling (2025-05-07)

Driving the price declines was the collapse of sales.

DELINQUENCIES SPIKE AS FINANCIAL PRESSURES RISE

Investment Executive (2025-05-07)

Average non-mortgage debt rose by 3.8%

RETHINKING GOLD AS A KEY ASSET CLASS

Investment Executive - Michael Naire (2025-05-07)

Despite its unique positive attributes, gold also has significant weaknesses.

MEDIOBANCA HITS BACK IN ITALY'S BANK M&A WAR WITH $7 BLN BANCA GENERALI BID

Reuters (2025-05-07)

Mediobanca, opens new tab on Monday struck back in the takeover war gripping Italian finance with a 6.3

CREDIT SUISSE TO PAY $511MN OVER HELPING AMERICANS HIDE MORE THAN $4BN

FT (2025-05-07)

Credit Suisse agreed to pay $511mn and plead guilty to helping American taxpayers hide more than $4bn from authorities under an agreement with the US Department of Justice, admitting it violated a deal struck a decade ago for similar reasons. UBS,

CANADA POST WORKERS COULD STRIKE AGAIN SOON. HERE'S WHY

CBC - Abby Hughes (2025-05-06)

Since December, the two sides have had a few meetings to try and reach a deal.

HOW CAN CANADA CREDIBLY TAKE ON TRUMP WHEN WE, TOO, BREAK GLOBAL TRADE RULES?

G&M - Matias Margulis and Kristen Hopewell (2025-05-06)

Since President Donald Trump took office, the United States has arbitrarily imposed tariffs on all of its major trading partners, in blatant violation of global trade rules.

CAN THIS BANK CEO UNITE CANADA?

G&M - John Turley-Ewart (2025-05-06)

Can anyone bridge Canada’s economic solitudes, Alberta and Quebec? It is the toughest of challenges, finding common ground between one politically conservative, anglophone province committed to conventional energy sources and another, politically progressive, francophone province that is a proponent of renewables. The

CANADIAN INVESTORS DON’T TRUST FINFLUENCERS, UNTIL THEY FIND ONE THEY REALLY LIKE

G&M - Preet Banerjee (2025-05-06)

We tell ourselves we’d never trust a finfluencer.

BLACKROCK, CITI CEOS TO VISIT SAUDI ARABIA ALONG WITH TRUMP

Yahoo Finance - Christine Burke (2025-05-06)

Trump, who’s also going to Qatar and the United Arab Emirates on his first scheduled trip abroad since returning to power, is keen for the oil- and gas-rich Gulf states to ramp up investments in the US and buy more of its goods.

WHY SCRUTINY OF MARK CARNEY'S BROOKFIELD TIES ISN'T GOING AWAY ANY TIME SOON

Yahoo Finance - Barbara Shecter (2025-05-06)

If Brookfield, which owns businesses ranging from pipelines and other infrastructure to real estate and mortgage insurance, winds up vying for the new public-private investments alongside Canada’s largest pension funds, conflict of interest safeguards are likely to return to the spotlight.

FAIRFAX FINANCIAL SIGNS LETTER OF INTENT TO BUY KEG ROYALTIES INCOME FUND

BNN (2025-05-06)

The fund noted the letter of intent is not a definitive agreement, which remains subject to, among other things, a formal valuation and fairness opinion, various regulatory, court and stock exchange approvals, and approval at a special meeting of the unitholders.

FED’S POWELL IS ABOUT TO DEFY TRUMP AND HOLD RATES STEADY

BNN (2025-05-06)

Caught in that bind, Fed Chair Jerome Powell may have been comforted by government data on Friday showing a healthy 177,000 jump in April payrolls.

PRESS CONFERENCE: MONETARY POLICY REPORT – APRIL 2025

BOC - Tiff Mecklem, Carolyn Rogers (2025-05-06)

Press conference by Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers (10:30 (ET) approx.).

CANADIAN HOMEBUILDING FACES BIG CHALLENGES DESPITE CURRENT RAPID PACE

Canadian Mortgage Trends - Jonalyn Cueto (2025-05-06)

Canada’s homebuilding industry reached a historic milestone last year with a record 260,000 completed housing units, Hogue noted in a new report, with that achievement narrowly surpassing the previous record of 257,000 units set five decades ago in 1974.

GAMBLING ON AI COULD BECOME INSURANCE'S BIGGEST LIABILITY, SAYS INSURANCE TECH EXPERT

Insurance Business Mag - Chris Davis (2025-05-06)

This paradox is already reshaping underwriting conversations in data-heavy lines like healthcare and cyber, where AI can both optimize and undermine.

THE KING WARREN BUFFETT IS RETIRING. LONG LIVE GREG ABEL, HIS CANADIAN SUCCESSOR

G&M - Chris Gay (2025-05-05)

In the high-pressure realm of Hard Acts to Follow, Greg Abel, an unassuming Canadian, is now centre stage in the world of investing.

TRUMP’S MEETING WITH CARNEY TO UNFOLD AGAINST A BACKDROP OF RENEWED 51ST-STATE RHETORIC

G&M - Stephen Chase, Adrian Morrow (2025-05-05)

U.S.

VANCOUVER HOME SALES CONTINUE FALLING IN APRIL AMID TRADE WAR: BOARD

Yahoo Finance (2025-05-05)

There were 6,850 newly listed properties on the market, a 3.4

OIL PRICES FALL AND WORLD SHARE PRICES ARE MIXED IN THIN HOLIDAY TRADING ON MONDAY

BNN (2025-05-05)

During the weekend, the OPEC+ group of eight nations announced it will raise its output by 411,000 barrels per day as of June 1, stepping up production increases.

FLORIDA HOME PRICES POST BIGGEST DECLINE IN AT LEAST 13 YEARS

Bloomberg (2025-05-05)

Florida’s housing boom has now shifted into reverse, with prices sliding by the most in at least 13 years. The

BILLIONAIRES AND CEOS GATHER FOR MILKEN IN A REELING LA

Bloomberg - John Gittelsohn and Maxwell Adler (2025-05-05)

This week’s Milken Institute Global Conference represents one of the greatest concentrations of investment capital on the planet, highlighting the power and prestige of the Los Angeles area. With

U.S. EMPLOYERS ADDED A SURPRISING 177,000 JOBS IN APRIL

Investment Executive - Christopher Rugaber (2025-05-05)

Friday’s report showed employment, one of the strongest aspects of the U.S.

CANADIAN PENSION FUNDS LIMP THROUGH Q1

Investment Executive - Kevin Press (2025-05-05)

“Fear and uncertainty cascaded across financial and currency markets during the first quarter, dampening the sentiment of market participants across the globe,” said Northern Trust Canada CEO Katie Pries.

UNCERTAINTY WEIGHS ON LEVERAGED FINANCE: FITCH

Investment Executive - James Langton (2025-05-05)

“Macro pressures from higher-for-longer interest rates, combined with various factors such as weakening demand for consumer discretionary products or services contributed to the March issuer defaults.

GOLDMAN SACHS REMOVES MENTIONS OF ‘BLACK’ FROM FLAGSHIP DIVERSITY PLEDGE

WSJ - Annamaria Androitis (2025-05-05)

Goldman Sachs GS 2.22%increase;

CREDIT-CARD COMPANIES BRACE FOR A DOWNTURN

WSJ - Imani Moise (2025-05-05)

The largest credit-card companies are preparing for the economy to get worse. An

REVOLUT AND OTHER FINTECHS MAKING PUSH INTO TELECOM SECTOR

Pymnts (2025-05-05)

“In 2024, Revolut became one of the first U.K.

THIS WEEK IN AI: VISA, MASTERCARD AND PAYPAL GO ALL IN ON AGENTIC COMMERCE

Pymnts (2025-05-05)

Called “Visa Intelligent Commerce,” the program opens the network’s rails to developers building AI agents that search, recommend and make payments using special cards that link back to the user’s original card.

HERE’S WHAT IS DRIVING THE RAPID REVERSAL OF THE HISTORIC MARKET SELLOFF

WSJ (2025-05-01)

Markets have staged a major rebound since President Trump’s trade war sent stocks reeling in early April. The

TIME FOR LENDERS TO INSIST ON MORE PROTECTION IN FINANCE DEALS

FT - Sabrina Fox (2025-05-01)

But a window of opportunity might be opening for lenders and investors to seek greater protection in the deals they strike.

THE RISE OF THE AI INVESTMENT BANKER

FT (2025-05-01)

Stengel said he’d spend days as an analyst at Lazard triangulating research reports and filings with the Securities and Exchange Commission to calculate a “peak sales” valuation ratio.

ROGO RAISES $50 MILLION TO DEVELOP AI-POWERED INVESTMENT BANKER

Pymnts (2025-05-01)

Tech startup Rogo raised $50 million to build an artificial intelligence-powered Wall Street analyst. The

HOW AI IS GROWING FAST ON WALL STREET

Forbes - Jack Kelly (2025-05-01)

Four years ago, I wrote about how tech evangelist, former Goldman Sachs CFO and current partner and vice chairman at Sixth Street Marty Chavez predicted that it will be as important for traders to know how to code as "writing an English sentence." At

BOE WATCHDOG TELLS BANKS AND INSURERS TO FIX CLIMATE RISK ‘GAPS’

FT (2025-05-01)

Banks and insurers have “gaps” in how they address climate change risks, such as flooding and extreme weather, the Bank of England has warned, but fixing them will hamper lending to some households and companies. The

INVESTORS WANT ADVICE IN A VOLATILE MARKET. ‘FINFLUENCERS’ ARE TRYING TO FILL THE GAP

G&M - Meera Raman (2025-05-01)

Matt Shoss, a 21-year-old Western University student, lost about $13,000 in his investment portfolio at the beginning of April.

WHEN EXACTLY DID CANADIAN HOUSING BECOME SO UNAFFORDABLE – AND WHO’S TO BLAME?

G&M - Hanif Bayat (2025-05-01)

Who or what is responsible for Canada’s unaffordable housing? Frequently cited factors include restrictive zoning, rapid population growth, permit delays, high development fees, slow wage growth and monetary policy. To

INSURER GREAT-WEST LIFECO ANNOUNCES DAVID HARNEY AS NEW CEO

G&M - Clare O'Hara (2025-05-01)

Great West Life Co.’s

THREE VPS TO LEAVE TD BANK'S ANTI-MONEY LAUNDERING TEAM AS NEW CHIEF MAKES CHANGES

Yahoo Finance - Nivedita Balu (2025-05-01)

"This effort is guided by the need to enhance clarity in decision-making, redefine team mandates, and drive greater consistency across the broader team," she said in the memo sent on Thursday, highlighting other internal changes.

AUSTRALIA'S BANKS FACE CRITICAL EARNINGS TEST AMID ECONOMIC, POLITICAL CROSSCURRENTS

Yahoo Finance (2025-05-01)

Bank shares, which initially underperformed after the rate cut due to frothy valuations and disappointing earnings, rebounded following U.S.

REAL ESTATE ONE YEAR AFTER B.C.’S SHORT-TERM RENTAL CRACKDOWN, HAS IT MADE HOUSING CHEAPER?

BNN (2025-05-01)

“All my colleagues have stories from their communities of people that are moving into what used to be a short-term rental and is now available for families long term,” the minister said in an interview earlier this month.

CANADIAN GDP CONTRACTS, REAL ESTATE POSTS LARGEST DROP SINCE 2022

Better Dwelling (2025-05-01)

The real estate and rental leasing sector, which we’re going to call REARLS from now on, provided the fourth largest downward pressure.

CANADIAN PENSION FUNDS LIMP THROUGH Q1

Investment Executive - Kevin Press (2025-05-01)

DB plans served by RBC earned 1.2%

CANADIAN DIRECT INVESTMENT ABROAD REACHED $2.5 TRILLION LAST YEAR: STATCAN

Investment Executive - Jonathan Got (2025-05-01)

Canadian direct investment is still heavily weighted in the U.S.,

FED SHOULD DITCH CURRENT POLICY FRAMEWORK, GROUP OF FORMER TOP CENTRAL BANKERS SAYS

Reuters (2025-05-01)

"The Federal Reserve's monetary policy tools are ill-suited to ensuring that employment will necessarily be broad-based and inclusive when the economy is at full employment," the group said in a report issued by the G30, a private organization of former top central bank and finance officials.

KKR LOOKS TO DEPLOY $116 BILLION CASH IN CHOPPY MARKET AFTER PROFIT BOOST

Reuters - Niket Nishant (2025-05-01)

Investment giant KKR (KKR.N),

OVER $2.4 BILLION IN MORTGAGE VOLUME: HOW FINMO SUPERCHARGED BRX MORTGAGE

Mortgage Broker News - Emily Douglas (2025-05-01)

“We grew quickly, to doing thousands of deals in a short span of time,” says Scott Peckford, founder of BRX Mortgage.

ONTARIO AND QUEBEC ICE STORM CAUSES $342 MILLION IN INSURED DAMAGE

IBC (2025-05-01)

A severe ice storm that hit parts of Ontario and Quebec one month ago caused $342 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc.

COUCHE-TARD WINS ACCESS TO 7-ELEVEN OWNER’S CONFIDENTIAL FINANCIAL DATA

G&M - Nicolas Van Praet (2025-04-30)

Alimentation Couche-Tard Inc.

FIRST THING WE DO AFTER THE ELECTION, LET’S KILL THE BANKERS’ COZY LITTLE OLIGOPOLY

G&M - Andrew Spence (2025-04-30)

Canada has one of the most uncompetitive banking systems in the industrialized world.

METLIFE FIRST-QUARTER PROFIT RISES ON STRONG INVESTMENT GAINS; LAUNCHES $3 BILLION BUYBACK

Yahoo Finance (2025-04-30)

MetLife unveiled a new five-year plan at its investor day in December 2024 to prioritize four areas of its existing business looking forward, including growing its unit that offers group benefits insurance to employers as well as its international business in Latin America and Asia.

PRUDENTIAL FINANCIAL PROFIT RISES ON US BUSINESS STRENGTH

Yahoo Finance (2025-04-30)

Market uncertainty sparked by U.S.

WALL STREET STORMS BACK FROM EARLY LOSSES, ECHOING ITS MANIC MOVES THROUGH A HISTORIC APRIL

BNN (2025-04-30)

“Even if today’s weak GDP may have partially reflected companies trying to get ahead of tariffs, it was still a stagflation warning shot over the bow of the economy,” according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management.

HOW BOND VIGILANTES MADE TRUMP BLINK

Youtube (2025-04-30)

U.S.

WHY CRACKS IN THE AMERICAN CONSUMER ARE SPREADING

Bloomberg (2025-04-30)

Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe.

CANADA’S YOUNG WORKERS ARE FLEEING EVERY PROVINCE BUT ALBERTA

Better Dwelling (2025-04-30)

Most policymakers ignore this number since they view people as generally replaceable via immigration.

APPLE VIOLATED ANTITRUST RULING, JUDGE FINDS

WSJ - Rolf Winkler (2025-04-30)

A federal judge hammered Apple AAPL 0.61%increase;

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.

SUSTAINABLE FINANCE EXPERTS LAUNCH EFFORT TO BOLSTER TRANSITION PLANS FOR CANADIAN COMPANIES

G&M - Jeffrey Jones (2025-05-13)

Several financial institutions and pension funds are backing a new initiative by some of Canada’s best-known sustainable-finance experts to bolster companies’ energy-transition plans as a way to win access to more global capital. The

SHOPIFY SHARES SOAR AHEAD OF DEBUT IN NASDAQ 100

G&M (2025-05-13)

Shopify’s (SHOP-T) stock surged more than 13 per cent in Monday morning trading after the Nasdaq stock exchange announced the e-commerce company would join its 100 Index on May 19. The

TARIFF UNCERTAINTY SHOULD SLOW CANADA'S COTTAGE MARKET THIS YEAR: REMAX

Yahoo Finance - John MacFarlane (2025-05-13)

“We are optimistic that recreational activity could pick up later this season, but there’s a big ‘but’ looming,” Kottick said.