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.

MARKETS BET BANK OF CANADA HIKES BY LATE 2026 AFTER JOBS SURPRISE

Canadian Mortgage Trends (2025-12-08)

Markets increasingly expect the Bank of Canada’s next move will be a rate hike next year, as the country’s unexpected labour market strength suggests further monetary easing may not be needed despite U.S.

STABILITY BUFFER BRIEFING

OSFI (2025-12-08)

The Office of the Superintendent of Financial Institutions will hold an analyst briefing regarding the level of the Domestic Stability Buffer (DSB) on Thursday, December 18, 2025 at 10:00 a.m.

BANK COMPLETES ADDITIONAL FUNDING WITH ECN SUBSIDIARY, SOURCE ONE, BRINGING TOTAL FUNDINGS TO DATE TO US$90 MILLION

VersaBank (2025-12-08)

Steve Hudson, Chief Executive Officer, ECN Capital Corp.

BANK OF CANADA EXPECTED TO HOLD INTEREST RATE STEADY WHILE FED EXPECTED TO CUT

G&M - Mark Rendell (2025-12-07)

The Bank of Canada is expected to end the year back on the sidelines, likely holding interest rates steady on Wednesday after a string of surprisingly sturdy economic reports. The

RETAIL BANKING COMPETITION WAS TOO INTENSE FOR LAURENTIAN BANK, CEO SAYS

G&M - Ian Bickis (2025-12-07)

The head of Laurentian Bank of Canada LB-T says the country’s retail banking industry had become too competitive for it to try and go it alone. The

CANADA’S CRYPTO TAX CRACKDOWN REAPS MILLIONS. SO WHY NO CRIMINAL CHARGES?

BNN (2025-12-07)

The CRA had gone to Federal Court to obtain an order to unmask thousands of clients of Dapper Labs Inc.,

CHRISTOPHER LIEW: NOT ALL BANKS ARE CREATED EQUAL. HERE’S HOW TO CHOOSE WISELY

BNN - Christopher Liew (2025-12-07)

When it comes to where you put your money, you want a bank that fits your lifestyle and finances.

BOC INTEREST RATE ANNOUNCEMENT

BNN (2025-12-07)

December 10th: 9:45am: BOC Interest Rate Announcement, 10:30am: Bank of Canada news conference 2:00pm: FOMC Announcement and Summary of Economic Projections

BANKS FACE ‘DETERIORATING’ OUTLOOK: FITCH

Investment Executive - James Langton (2025-12-07)

The report added that any further interest rate cuts — which may ease the pressure on households — would still likely be negative for the Big Six banks.

REGULATORS RELAX RULES ON HIGH-RISK LENDING FOR BANKS

WSJ - Alexander Saeedy, Dylan Tokar (2025-12-07)

Regulators in Washington have rolled back rules put in place after the 2008 financial crisis that limited how much risk banks can take in corporate lending and fueled the boom in the multitrillion-dollar private credit industry. The

REGIONAL BANKS COULD LEAD PRIVATE CREDIT PUSH

WSJ (2025-12-07)

Partnerships between regional banks and private credit firms are expected to continue growing as both sides seek the benefits of cooperation.

NEW DEBIT CARDS HAVE AN UNEXPECTED FEATURE: REWARDS

WSJ (2025-12-07)

Debit cards are getting the credit-card treatment. This

DEVELOPER FEES COULD ADD MORE THAN $100,000 TO PRICE OF NEW HOMES, CMHC FINDS

G&M - SALMAAN FAROOQUI (2025-12-05)

Charges that municipalities impose on homebuilders are worsening Canada’s housing affordability, and could be costing some homeowners more than $100,000 for new units located in cities with the highest fees, according to new data from the Canada Mortgage and Housing Corp. It’s

WHOEVER CONTROLS DIGITAL WALLETS WILL CONTROL THE FUTURE

FT - Danielle Zanzalari (2025-12-04)

While lawmakers debate how to regulate cryptocurrencies, a far more consequential battle is unfolding over who controls your digital wallet and, with it, your identity.  A

RBC, NATIONAL BANK AND SCOTIABANK: A BREAKDOWN OF THE BIG BANKS’ YEAR-END EARNINGS SO FAR

G&M (2025-12-04)

Canada’s biggest banks are reporting their earnings for the fiscal year-end, covering the three months that ended Oct.

RBC, NATIONAL BANK AND SCOTIABANK: A BREAKDOWN OF THE BIG BANKS’ YEAR-END EARNINGS SO FAR

G&M (2025-12-04)

Canada’s biggest banks are reporting their earnings for the fiscal year-end, covering the three months that ended Oct.

CIBC, TD AND BMO BEAT ANALYSTS’ PROFIT ESTIMATES AS BANKS BENEFIT FROM TUMULTUOUS MARKETS

G&M (2025-12-04)

Three of Canada’s biggest banks have beaten analysts’ profit expectations, topping off a year when markets shrugged off economic concerns over trade disputes while deal activity surged on renewed interest in key resource sectors.

EQB SHARES LEAP ON PC FINANCIAL DEAL; CEO SAYS MOVE GIVES BANK 'COMPLETE' PRODUCT LINEUP

Yahoo Finance (2025-12-04)

“Now we'll have that ability to have millions of Canadians every week see our brand and then become more familiar with our complementary products.”

BIG SIX BANKS REPORT $16.45B PROFIT IN FOURTH QUARTER AS CAPITAL MARKETS BOOM

BNN (2025-12-04)

“We benefited from a constructive backdrop, especially in capital markets,” said Kelvin Tran, chief financial officer at TD Bank Group, on an earnings call Thursday.

CIBC PROFITS RISE ON BROAD GAINS INCLUDING FROM INCREASED U.S. EXPOSURE

BNN (2025-12-04)

“Our strategy remains consistent.

BMO REPORTS $2.3 BILLION PROFIT, RAISES DIVIDEND AS U.S. BUSINESS IMPROVES

BNN (2025-12-04)

“While it takes time to work through impaired files, we have seen a steady decline in new watchlist formations and expect that this will lead to lower impaired balances over time.”

TD BANK RAISES DIVIDEND DESPITE Q4 PROFIT DROP TO $3.28B

BNN (2025-12-04)

“TD had a strong fourth quarter, delivering robust fee and trading income in our markets-driven businesses as well as volume growth year-over-year in Canadian personal and commercial banking, capping a year of strong performance,” TD chief executive Raymond Chun said in a statement.

BANKER BONUS POOLS RISE 15% AT CANADA’S BIG LENDERS IN BUSY YEAR

Bloomberg - Christine Dobby (2025-12-04)

Canada’s biggest lenders set aside 15% more for banker bonus pools in fiscal 2025, a year when the firms’ capital-markets divisions were more active on deals and US President Donald Trump’s policy swings kept trading desks busy. Bank

CANADA CUTS HOUSING BUDGET 56% DESPITE CRISIS, DEFUNDS CMHC: PBO

Better Dwelling (2025-12-04)

“Federal planned spending on housing programs is set to decline 56 per cent, from $9.8

WINNERS AND LOSERS IN A FANNIE, FREDDIE IPO

WSJ (2025-12-04)

For months, the biggest banks have been vying for roles on a potential transaction by pitching solutions to its uniquely thorny issues.

EQ BANK TO BUY PC FINANCIAL FROM LOBLAW IN ESTIMATED $800-MILLION DEAL

G&M (2025-12-03)

EQB Inc.

RBC HIKES PROFITABILITY TARGET AFTER POSTING 29% JUMP IN FOURTH-QUARTER EARNING

G&M (2025-12-03)

Royal Bank of Canada RY-T posted a surge in fourth-quarter earnings on a boost in capital markets and wealth management activity as the lender raised its profitability target. Profit

NATIONAL BANK RECORDS HIGHER PROFIT, RAISES DIVIDEND AFTER BOOKING CWB-RELATED COSTS

G&M (2025-12-03)

National Bank of Canada NA-T reported a jump in fourth-quarter profit that topped analysts’ estimates on a spike in capital markets and wealth management earnings, even as the lender booked costs related its acquisition of Canadian Western Bank. National

FIRST NATIONS BANK SELLS ALMOST 10% STAKE TO WABIGOON LAKE OJIBWAY NATION

G&M (2025-12-03)

First Nations Bank of Canada is raising $12.8-million

WITH MONTHLY PAYMENTS OVER $1,000, AUTO LOANS ARE INCREASINGLY LIKE CAR MORTGAGES

G&M (2025-12-03)

Canadians are used to hearing about pricey housing.

WHAT 6.3% MORTGAGE RATES WILL MEAN FOR HOME AFFORDABILITY IN 2026

Yahoo Finance (2025-12-03)

While home prices continue to keep prospective buyers out of the housing market, this economist believes that mortgage rates will rise above 6% in 2026.

CANADA FALLING SHORT OF HOUSING GOAL, WITH 56% CUT IN FUNDING, WARNS GOVERNMENT WATCHDOG

BNN (2025-12-03)

Federal housing spending is set for a steep decline over the next three years unless Ottawa renews its programs, according to a new report by the Parliamentary Budget Office.

TORONTO REAL ESTATE PRICES DOWN 25%, RECORD INVENTORY FLOOD CONTINUES

BNN (2025-12-03)

The price of a typical home fell 0.5%

NOVEMBER AUTO SALES DOWN 8.6% AMID ECONOMIC HEADWINDS: DESROSIERS

Investment Executive (2025-12-03)

DesRosiers says the market is tracking close to its forecast despite the headwinds from trade disputes and economic challenges.

RBC POSTS RECORD Q4 PROFIT BUT CEO RAISES CONCERNS ABOUT UNEVEN ECONOMIC RECOVERY

Investment Executive (2025-12-03)

“The impact of the K-shaped economy is increasingly polarizing, with more affluent consumers investing disposable income and growing markets, while less affluent consumers struggle with affordability.”

CANADA'S LARGEST OFFICE REIT CUTS PAYOUT BY 60%, UNITS RISE ON TSX

Yahoo Finance (2025-12-02)

“With a view to reducing indebtedness and associated interest expense going forward, the trustees of Allied have decided to reduce the monthly distribution to unit-holders in December of 2025 and throughout 2026 by 60 per cent to $0.06

UK’S BIGGEST BANKS SHOW RESILIENCE IN LATEST BOE STRESS TEST

Yahoo Finance (2025-12-02)

The central bank also cut its estimate of how much capital the UK’s banking sector needs for the first time in a decade, and signaled a consultation that could free up extra lending and higher payouts to shareholders.

CRYPTO’S RETAIL TRADERS HIT HARD AS STRATEGY ETFS PLUNGE 80%

Yahoo Finance (2025-12-02)

Retail investors who piled into Michael Saylor’s grand Bitcoin experiment are paying a heavy price.

‘BUY NOW, PAY LATER’ FIRMS PRESSED BY STATES FOR LOAN DETAILS

Yahoo Finance (2025-12-02)

In a statement announcing the letter, Connecticut Attorney General William Tong expressed concern that heavy marketing of such services was luring consumers into costly and onerous arrangements.

BITCOIN ROUT PICKS UP STEAM AS INVESTORS FRET OVER A NEW ‘CRYPTO WINTER’

WSJ (2025-12-02)

SBitcoin tumbled more than 6% on Monday, its biggest one-day drop since March.

COMMERCIAL REAL ESTATE IS GETTING TOO CHEAP TO IGNORE

WSJ (2025-12-02)

Poor commercial real estate.

LAURENTIAN BANK TO BE SOLD TO FAIRSTONE, NATIONAL BANK FOR $1.9 BN

G&M - Stefanie Marotta (2025-12-02)

Laurentian Bank of Canada LB-T has struck an agreement to be taken over by Fairstone Bank of Canada in an all-cash deal valued at $1.9-billion,

SCOTIABANK BEATS PROFIT ESTIMATES ON CAPITAL MARKETS, WEALTH MANAGEMENT STRENGTH

G&M - Stefanie Marotta (2025-12-02)

Bank of Nova Scotia BNS-T posted a jump in profit in fourth-quarter results as activity in capital markets surged, heading into a year when the lender expects growth to accelerate as it continues its strategic turnaround plan. Even

WHAT LAURENTIAN BANK CUSTOMERS CAN EXPECT AMID SALE TO NATIONAL BANK

BNN (2025-12-02)

While the length of the transition isn’t known yet, Natasha Macmillan, Ratehub.ca’s

LAURENTIAN BANK ANNOUNCES SPLIT SALE TO FAIRSTONE BANK AND NATIONAL BANK

BNN (2025-12-02)

Under the terms, the more than 175-year-old Laurentian Bank name will live on as part of Fairstone with the head office of the commercial segment to remain in Montreal, and chief executive Éric Provost to continue in his role.

PBO PROJECTS BUILD CANADA HOMES WILL ADD 26,000 HOUSING UNITS, A FRACTION OF THOSE NEEDED, OVER FIVE YEARS

Yahoo Finance (2025-12-02)

Build Canada Homes, a federal agency launched by Prime Minister Mark Carney in September, has a mandate to scale the supply of affordable housing.

GENSLER SAYS BITCOIN REMAINS 'SPECULATIVE, VOLATILE'

Bloomberg (2025-12-02)

Former SEC chair Gary Gensler said that investors should be aware of the risks of investing in a 'speculative, volatile' asset like crypto even as it becomes more accepted in the mainstream and by Trump White House.

CANADIAN REAL ESTATE SPILLOVER: RENTS EXPLODE HIGHER IN CHEAP CITIES

Better Dwelling (2025-12-02)

It’s often said that real estate is local, and that’s true—for most of the real estate cycle.

FINTRAC SANCTIONS CURRENCY EXCHANGE

Investment Executive (2025-12-02)

FINTRAC imposed a $70,537.50

EDWARD JONES SETTLES CLIENT OVERCHARGING CASE

Investment Executive (2025-12-02)

It also clawed back almost $500,000 from 276 financial advisors, representing their share of the overcharged fees, the settlement noted.

JAMIE DIMON SAYS U.S. NEEDS TO ENGAGE WITH CHINA: 'THEY'RE NOT SCARED'

WSJ (2025-12-02)

JPMorgan Chase CEO Jamie Dimon said during an economic forum that the U.S.

TRUMP'S ESCALATING PRESSURE ON MEXICO HITS ITS FINANCIAL SECTOR

WSJ (2025-12-02)

Mexican authorities are taking over three financial institutions after the U.S.

LOYALTY PROGRAMS—ONCE A PERK—NOW HELP AIRLINES SURVIVE

WSJ (2025-12-02)

American Airlines created the first airline frequent flier program in 1981.

BANK OF ENGLAND WARNS OF AI BUBBLE RISK

BBC (2025-12-02)

The central bank's financial stability report warned valuations are "particularly stretched" for companies focused on AI.

DEVASTATING TOXIC SPILL SEEN AS TEST OF WHETHER AFRICAN COUNTRIES WILL STAND UP TO CHINA

BBC (2025-12-02)

Some environmentalists, however, claim as much as 1.5

GLOBAL FINANCIAL SYSTEM MUST ADAPT TO BETTER SERVE ECONOMY, UN TRADE AGENCY SAYS

Reuters - Catarina Demony (2025-12-02)

The financial system risks undermining global trade if it fails to adapt to the economy's needs, with developing countries likely to suffer the most, the UN Trade and Development Agency said on Tuesday. Shifts

UBS CHARGED IN SWITZERLAND OVER CREDIT SUISSE ‘TUNA BONDS’ SCANDAL

WSJ (2025-12-01)

Switzerland’s attorney general filed criminal charges against UBS UBS -0.31%decrease;

SCOTLAND WANTS TO ISSUE ITS OWN BONDS. LAST TIME IT PAID WITH ITS INDEPENDENCE.

WSJ (2025-12-01)

It was 1695.

HOW THIS COUPLE BOUGHT A $950,000 MISSISSAUGA HOME AFTER THREE YEARS OF SAVING IN A HALAL WEALTHSIMPLE PORTFOLIO

G&M - ZAHRA KHOZEMA (2025-12-01)

Amina and her husband started saving for a home right after their 2021 wedding, funnelling wedding gift money into what seemed like a distant goal.

BITCOIN FALLS MORE THAN 7% BELOW $85,000 AS INVESTORS DITCH RISK ASSETS

G&M - Amanda Cooper (2025-12-01)

Bitcoin slumped on Monday, with the world’s largest cryptocurrency down more than 7 per cent and on track for its biggest daily percentage fall since March, as equities also declined. Bitcoin

CANADIAN BANK STOCKS SHOW RARE MOMENTUM AHEAD OF EARNINGS, SAYS STRATEGIST

BNN (2025-12-01)

Canadian bank stocks are showing uncommon strength heading into earnings season, climbing to the top of relative strength rankings after an extended period of market resilience.

THE SMART WAY TO BUILD MORE HOMES

BNN (2025-12-01)

After catching you up on the week’s top business stories, Amanda Lang discusses building more homes in Canada in a way that improves our productivity with Aled ab Iowerth, Deputy Chief Economist at CMHC.

TRUMP SAYS HE HAS MADE HIS CHOICE TO LEAD THE FEDERAL RESERVE

Bloomberg (2025-12-01)

President Donald Trump said Sunday he has decided on his pick for the next Federal Reserve chair after making clear he expects his nominee to deliver interest-rate cuts. “I

BITCOIN IS NOW THE BAROMETER FOR THE BUCKWILD U.S. ECONOMY, AND IT LOOKS BAD

G&M - John Rapley (2025-11-30)

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

CANADA'S ECONOMY BLOWS PAST ESTIMATES FOR Q3 GROWTH, IN 'VERY NOISY REPORT'

Yahoo Finance - John MacFarlane (2025-11-30)

Canada’s economy grew 2.6

THE $124 TRILLION GREAT WEALTH TRANSFER WON’T BE A ‘BIG BANG’ WARNS NORTHWESTERN MUTUAL CEO TIM GEREND

Yahoo Finance - Amanda Gerut (2025-11-30)

Tim Gerend, CEO of financial planning giant Northwestern Mutual which has $366 billion in client assets, warns that the reality will unfold more gradually and with greater complexity than headlines and hopes suggest.

THE CLOSE SILVER PRICE HITS RECORD FOLLOWING COMEX OUTAGE

BNN (2025-11-30)

Brooke Thackray, research analyst at Horizons ETFs, joins BNN Bloomberg to discuss the outlook on the markets as the price of silver hits new record and December rate cut odds near 90%

THE $260 BILLION MOM-AND-POP FUNDS DISTORTING THE CREDIT MARKET

Bloomberg - Tasos Vossos and Abhinav Ramnarayan (2025-11-30)

Popular with individual investors, fixed-maturity funds are hoovering up the debt of big companies, reducing borrowing costs but obscuring repayment risk. A

JAPAN’S TWO-YEAR YIELD HITS HIGHEST SINCE 2008 ON RATE-HIKE BETS

Bloomberg - John Cheng (2025-11-30)

Japan’s two-year note yield rose to its highest level since 2008 and the yen gained against the dollar on growing speculation an interest-rate increase by the Bank of Japan is getting closer. The

PRODUCT ROUNDUP: CIBC, AVANTIS LOOK TO BRING 8 NEW ETFS TO CANADA

Investment Executive - Noushin Ziafati (2025-11-30)

In a release, Greg Gipson, managing director and head of ETFs with CAMI, said his team’s excited to work with Avantis “to help investors further build strong and resilient portfolios tailored to their own unique goals.”

HOUSEHOLD SAVINGS RISE IN Q3

Investment Executive - Jonathan Got (2025-11-30)

Disposable income gains were mainly due to increases in wages and salaries, followed by higher self-employment income and investment income.

BANKS HEAD INTO FOURTH QUARTER PRICED FOR PERFECTION

Investment Executive - Ian Bickis (2025-11-30)

Earnings come as the overall Canadian economy has been shaky.

THE SWISS DON’T HATE THE RICH

WSJ (2025-11-30)

It’s hard to get that kind of majority these days for endorsing the law of gravity.

CRYPTO HOARDING COMPANY SHARES UNDER PRESSURE AS RISK APPETITE WANES

Reuters - Shashwat Chauhan and Hannah Lang (2025-11-30)

Fresh turbulence in the crypto market is weighing on shares of companies that stockpile bitcoin and other tokens on their balance sheets, stoking concerns over stress in the niche but fast-growing sector. Buoyed

DOLLAR BRACES FOR CRUCIAL DECEMBER WITH FED MEETING, POWELL'S SUCCESSOR PICK

Reuters - Rae Wee (2025-11-30)

The dollar began December on the back foot, as investors braced for a pivotal month that could bring the Federal Reserve's final rate cut of the year and the confirmation of a dovish successor to Chair Jerome Powell. In

ARGENTINA'S CENTRAL BANK INTERVENES TO HALT RUN ON PESO

France24 (2025-11-29)

At the alternative rate used for foreign transactions, the peso measured 1,490.50

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.

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.

MARKETS BET BANK OF CANADA HIKES BY LATE 2026 AFTER JOBS SURPRISE

Canadian Mortgage Trends (2025-12-08)

Markets increasingly expect the Bank of Canada’s next move will be a rate hike next year, as the country’s unexpected labour market strength suggests further monetary easing may not be needed despite U.S.

STABILITY BUFFER BRIEFING

OSFI (2025-12-08)

The Office of the Superintendent of Financial Institutions will hold an analyst briefing regarding the level of the Domestic Stability Buffer (DSB) on Thursday, December 18, 2025 at 10:00 a.m.

BANK COMPLETES ADDITIONAL FUNDING WITH ECN SUBSIDIARY, SOURCE ONE, BRINGING TOTAL FUNDINGS TO DATE TO US$90 MILLION

VersaBank (2025-12-08)

Steve Hudson, Chief Executive Officer, ECN Capital Corp.