Taxes are going up, TO condo prices are going down and recreational property up 15% to 40% in the Canadian market.
How the US will Inflate its Debt Away
TD Bank Releases ALARMING Report About State Of Ca
Why are Interest rates not falling.
Goldman Sachs’ top AI picks
Does Printing Money Cause Inflation?
HSBC, the Untouchable Titan of Global Finance
US Economist’s Shock Warning: “Biggest Crash in Ou
Toni Gravelle Speech
Alberta Premier on the Supreme Court\'s ruling, an

What Bank of America Just Said is Shocking

Horrific Canadian Banking Corruption Right Before

The Banking System is in Free-Fall
The Financialization of Real Estate
The FDIC Threatens Downgrades That Will Cut Off Ac
Bitcoin regulations are coming

Are we in a bubble and, if so, when will it pop?

Canadian real estate and government, March 29

FIRE report January 12th

BOC and reconciliation with Indigenous people

Nov 26 FIRE report

FSIM FIRE report Nov 23

Nov 18th FIRE report

Poloz debunked, Nov 12 FIRE report

Central bank digital currencies: foundational prin

Nov 5th FIRE report

FIRE report November 2nd

Canadian real estate February 24

Real estate: Feb 9, bulls vs bears

Feb 1, The Dumb Money Real Estate Vid

January real estate report 2021

December 4th real estate report

Real estate, mortgage debt to income ratio improve

Real estate: fiscal conservatism/ponzi neoliberali

Caution for real estate investors, Oct 14th report

Canadian bank industry overview - part 1

Why insurance should partner with flood-claim.com

Canadian large bank comparison

Current state of fintech in Canada

XE.com explains their Big Data and AI strategy.

Greenpeace urges TD bank boycott

Insurance flood US vs Can comparison.

Canadian bank industry overview part 5

Canadian banking industry overview part 4

Part 3 Canadian bank industry overview

Canadian banking overview - part 2

Death to bitcoin, long live bitcoin

RBC to integrate Wave Technologies

Deposits have skyrocketed since the start of the p

About
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Latest news and events for Canadian financial service companies, analytics, fintech and AI. BankNews.TV provide the latest technology news and reports for banks and insurance companies looking to compete in a rapidly changing market.
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Research
Part 2: The Merchant Loyalty Industrial Complex Collapse
fsim.ca/docs/Credit_cards_Part_2v4.pdf
Mark Sibthorpe
Since November 2, 2021, Loyalty Ventures Inc.'s (Airmiles) market cap has decreased from $861.42M to $2.11M, a decrease of -99.75%. This compares closely to 2018, when Aimia sold Aeroplan back to Air Canada and partners TD and CIBC for $238 million. For reference, in 2005 Aeroplan launched an IPO valuing it at $2 billion. Related to Aimia’s downfall, it had also previously sold the UK Nectar program to Sainsburys for $120 million, $580 million lower than it paid for Nectar in 2007.
This report digs under the surface and uncovers why loyalty is going the way of the dodo.
Merchants should not waste time fighting card networks
fsim.ca/docs/Card_fees_ongoing.pdf
Mark Sibthorpe
This is part one of a two part assessment of merchant frustration due to high credit card fees. The second part of this report will outline an alternative approach that merchants can consider. An approach that is a win for them and also for the card networks.
The full story of SVB March 12th, 2023
fsim.ca/docs/SVB_special_report2.pdf
Mark Sibthorpe
Aggregated news and research related to SVB. Apart from SVB, included in this report is related news with respect to other banks and non-traditional companies looking to add financial services that also appear risky.
March 2023 bank earnings summary
fsim.ca/docs/bankearningsfriday.pdf
Mark Sibthorpe
This report provides a snapshot into recent bank earnings and related news as published in fsim.ca reports.
Real estate report: October 30th, 2020
fsim.ca/docs/Oct30rereportv1.pdf
Mark Sibthorpe
The big buzz in real estate recently is Mark Carney being scooped up by Brookfield. This means more juice for riskier borrowers. Brookfield, a huge player in real estate, both residential and commercial, recently bought its remaining shares from Sagen (Genworth MI Canada), which values the company at $3.8 bn.
VersaBank’s New High-Security VPN Proving Especially Valuable During COVID-19 Pandemic
fsim.ca/docs/TailscaleReleaseMarch30FINAL.pdf
Press Release
2014 FSIM when Bernanke visited Montreal
fsim.ca/docs/MockBernanke.pdf
Mark Sibthorpe
Considering Bernanke is hated by the Republicans and hated even more by the Democrats, and is currently under scrutiny for saving AIG but not Lehman, (in hindsight) with respect to issues over solvency vs liquidity, the Montreal lovefest attended by 1,100 people yesterday must have been a welcome respite. Click the link to read the entire 2014 report.
Eisman's big Canadian bank short
fsim.ca/docs/eisman2.pdf
Mark Sibthorpe
I have been reporting on Steve Eisman's short position for quite some time. As the analyst reaction to Eisman shows (link below), Eisman has taken a lot of heat for shorting Canadian banks. Instead of capitulating, in September 2019 he publicly disclosed the fact that he added Canadian Tire to his position, He explains the rationale for this in a BNN interview late 2019. Essentially, his big concern with respect to banks was non-performing loans in Alberta. He feels Canadian bank CEOs are not prepared for a credit cycle. He specifically referenced ATB (a private bank) in discussing his concerns. Looking at the numbers today, my guess is that he has made off like a bandit.
VersaBank Beta-Testing Its New, High Volume Mortgage Finance App
fsim.ca/docs/VBCortelMortFinanceAppFeb62020.pdf
Press Release
VersaBank announces it is initiating beta-testing on its newly developed high-volume mortgage software app with the Cortel Group, one of Canada’s largest home and condominium builders. The app, named “Direct Connect”, was designed to facilitate and significantly reduce the lengthy finance approval process typically experienced by home buyers when visiting home and condo pre-construction sales offices.
How and why you need to defend your brand against disruptors
Mark Sibthorpe
Technology, and being open to opportunities, has preempted transformation in banking. At the top of change are Mint, PayPal and ApplePay; three examples of transformative solutions that are now ubiquitous. On the horizon: Uber and Google, both having recently announced partner based banking services. Further down in the plumbing is Duca Impact Labs, Versabank, and Revolut. This report shows how cost conscious FIs can, not only stay relevant in the face of adversity, but punch well above their weight. All thanks to creative thinking and the ongoing commoditization of technology.
Kick the can(nomics)
fsim.ca/docs/Kick.pdf
Mark Sibthorpe
Canada has used consumer debt to provide life support to the economy. This strategy which basically pushed the day of reckoning to the next government was old back in 2014, and now is well past its sell-by-date. Recognizing this, and desperate to keep the economy out of a recession, Trudeau is spending more money now than any government in Canadian history. This report disusses a possible alternative.
ScoreCard Bill Morneau, Canada's Minister of Finance
fsim.ca/docs/ScoreCardMorneau.pdf
Mark Sibthorpe
This report is a scorecard I designed in order to rank the performance of the current Minister of Finance, Bill Morneau. I do regular rankings because, otherwise, I cannot measure the performance in a meaningful way. The scoring is based on a variety of metrics as detailed on the ‘score-table’ on page 3. Examples of the criteria and weighting include:
Observations and overview of 2018 NB flood support from government and insurance companies.
fsim.ca/docs/Observations and overview of 2018 NB flood support from government and insurance companies..pdf
Mark Sibthorpe
Flood aftermath is linked to post traumatic stress. Here are some findings from a study conducted by Queensland University following a flood:
"The findings showed that aftermath stress contributed to poor mental health outcomes over and above the flood itself, prior mental health issues and demographic factors," Ms Dixon said.
"Aftermath stress was the strongest predictor of post-traumatic stress symptoms with 75 per cent of people saying the most difficult aspect was the aftermath and dealing with insurance companies," she said.
With this in mind, I felt it was important to understand how New Brunswick flood victims were treated.
Update Argentina: a sign of the times
fsim.ca/docs/Update Argentina_ a sign of the times.pdf
Mark Sibthorpe
Argentina is in the news daily because the situation is dire, and may be an indication of further contagion. The most dramatic story that speaks of the a leading cause of its troubles was the recent arrest of the public works secretary, Jose Lopez. June 15th he was caught hiding millions in cash in a monastery. No this is not a plot for a comedy.
Summary of Canada's flood news, 2017 to present
fsim.ca/docs/Summary-of-flood-news-2017-present.pdf
Mark Sibthorpe
This report covers flood news in Canada from 2017 to present and highlights the relevent issues for home-owners and the insurance industry.
Banking on Pot
fsim.ca/docs/c10191_banking-on-pot.pdf
SBS
As states across the US legalize marijuana for both medicinal and recreational purposes, it has fueled a growing industry of marijuana related businesses (MRBs).
Canadian banking industry overview
Mark Sibthorpe
The industry overview is divided into 5 parts:
Introduction
Small banks
Small medium sized banks
Medium sized banks
Medium large banks
2014 Mobile payments the Apple pay way
fsim.ca/docs/Mobile_Payments_Apple_Pay_2014.pdf
Mark Sibthorpe
With Walmart Pay about to userp Apple Pay, I thought I would share my 2014 book on mobile payments and loyalty. The guilde was written for Merchants that want to understand loyalty, credit, mobile payments and Apple Pay, but anyone involved with credit and loyalty might find it useful.
The book is a prelude to Walmart leaving MCX, and chronicles the evolution that led to Walmart Pay. There is an extensive case study of Walmart that looks into its efforts to become an ILC and to avoid paying credit card transaction fees ('merchant discount').
It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and industry facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives.
Death to bitcoin, long live the blockchain (See full report)
Mark Sibthorpe
Jamie Dimon calls bitcoin a fraud used by criminals, yet he has jumped into the blockchain with both feet.
TD bank industry conduct
fsim.ca/docs/tdind2.pdf
Mark Sibthorpe
TD’s share price recently collapsed by $7 bn in one day due to CBC’s allegations of aggressive selling tactics. A huge fall from a bank that was trading at a premium as recently as January. This was even before the most recent allegation of TD attempting to avoid paying taxes on advertising.
This report chronicles the events leading up to the collapse, shows TD's performance, analyses other related issues.
Book review: Back from the Brink
fsim.ca/docs/backbrink.pdf
Mark Sibthorpe
This is a book review of the book Back from the Brink by Paul Halpern, Caroline Cakebread, Christopher C. Nicholls and Poonam Puri.
Footnote 151
fsim.ca/docs/footnote151.pdf
Mark Sibthorpe
Footnote 151 implies an important regulatory change related to derivative contracts. It means that US Banks will not be required to hold as much capital against commodities. If you want to understand the implications of this regulatory change in more detail, see the enclosed related article detailing the changes. For contextual purposes, I have also included two Rolling Stones Magazines reports from 2010 and 2014 that chronicle the role large US banks have played in manipulating commodities. You might question the credibility of these sources, but rest assured, these reports are based on United States Senate hearings which outline the issues in a 396 page report related to the implied risks.
Save the Canadian economy now
fsim.ca/docs/helecopter-money.pdf
Mark Sibthorpe
Consumer debt spending appears to have insulated Canada from the worst of the credit crisis, but now the alarming magnitude of consumer debt ($1.92-trillion) could exacerbate a day of reckoning.
This report assesses the issues at hand and recommends the solution to get Canada's economy on track.
Reasons financial service companies should consider gamification
fsim.ca/docs/GamingEventProposal-printsample--en-final.pdf
Mark Sibthorpe
Gamification of business processes resulted on Mint.com growing to 10 million users within 4 years. This report explains how.
National Bank Special Report
fsim.ca/docs/NatBSpec.pdf
Mark Sibthorpe
According to Bloomberg, National Bank of Canada will take a C$64 million ($48 million) restructuring charge in the fourth quarter and said its investment in Maple Financial Group Inc., which is being probed by German regulators, may be at risk of a “substantial loss.”
Will Canadian banks charge companies for deposits?
fsim.ca/docs/depgrowthimpact2.pdf
Mark Sibthorpe
In light of today’s possible rate cut, this report discusses how a bank rate cut and capital ratio pressure could precipitate negative corporate deposit interest rates in Canada.
Canadian Tire's (CTC) - Canadian Tire Financial Services (CTFS) Scotia deal overview and risk assess
fsim.ca/docs/ctfsfinal.pdf
Mark Sibthorpe
Review of the Canadian Tire Financial Services deal with Scotiabank, risks, opportunity and benefits.
Finance minisiter scorecard August 26, 2015
fsim.ca/docs/Scorejo-August-2015.pdf
Mark Sibthorpe
This report looks at Joe Oliver, minister of finance’s progress to date, and assigns a grade to his government’s performance to date.
Xtreme Branch
fsim.ca/docs/xbranch.pdf
Mark Sibthorpe
Branches are evolving to meet the digital age. This documents tracks the evolution with real-world examples.
Canadian Nudge
fsim.ca/docs/nudge.pdf
Mark Sibthorpe
CWB cause for concern
fsim.ca/docs/cwbupdate.pdf
Mark Sibthorpe
BNTV Overview
fsim.ca/docs/overviewpdf.pdf
BNTV
BankNews.TV Publishing Corp services overview document:
- Analytics
- Financial services industry monitor (FSIM) industry briefings and developments reports
- Research
Challenger banks not a threat to big banks
fsim.ca/docs/challenger.pdf
Mark Sibthorpe
This report looks at Canadian challenger banks (apart from merchant led banks) and explains why they have not threatened larger institutions. It also looks at ways in which these upstarts have achieved success.
Gamification of financial data project
fsim.ca/docs/GamingEventProposal-printsample--en-final_original.pdf
Mark Sibthorpe
This document contains details on how BankNews.TV is helping kids learn programming via gamification of financial data.
The impact a rate rise will have for Canadian banks
fsim.ca/docs/irr-f.pdf
Mark Sibthorpe
Canadian banks have made money throughout the credit crisis, but this trend may be about to reverse. The rational supporting this prediction is that revenue has grown despite a declining net interest margin (NIM). It has grown in spite of this fact because Canadian debt (loan lease volume) has risen significantly, as shown in chart 2.
FIFA: the new goldenballs
fsim.ca/docs/goldenballs.pdf
Mark Sibthorpe
Yesterday, the Attorney General of Switzerland (OAG) opened criminal proceedings related to the FIFA scandal. This report outlines some of the events related to the criminal investigation, with a particular focus on banking.
Scorecard Minister of Finance: JIm Flaherty
fsim.ca/docs/Scorecard Min Fin Flaherty April 8 2014.pdf
Mark Sibthorpe
March 18, Finance Minister Jim Flaherty resigned from cabinet after having endured a difficult year due to health issues. This report looks at his legacy and attempts to grade his government’s performance to date.
Merchants extend financial services
fsim.ca/docs/merchantfs.pdf
Mark Sibthorpe
Merchant led financial services are growing in importance once again. This is exemplified in the ongoing UK rivalry between ASDA, Sainsbury and Tesco. Together these merchant/financial service companies provide the backstop for three different approaches for merchants looking to extend their financial services.
Hot Money: real-estate
fsim.ca/docs/hotmoney.pdf
Mark Sibthorpe
Currency Cheat Sheet: a guide for the rest of us
fsim.ca/docs/currencycheatsheet.pdf
Mark Sibthorpe
Riches to Rags? Summary of possible risks for Genworth MI CANADA, INC.
fsim.ca/docs/gq4risk.pdf
Mark Sibthorpe
Genworth had its Q4 2014 earnings call. Genworth own about 30% of the mortgage default insurance in Canada. Not surprisingly, the earnings call became focussed on Alberta; and for good reason, with 20% of its outstanding insured mortgage balance in Alberta, sensitivity to the oil shock and how Genworth plan to manage related risks were discussed in detail.
Canadian Western Bank Competitive Forecast
fsim.ca/docs/cwbf.pdf
Mark Sibthorpe
Based on historical financial data (see detailed charts pages 5-8), the oil based recession in Alberta, and comparison against two of its peers, this document outlines my observation with respect to CWB’s future performances.
Liquid Canada: the tipping point
fsim.ca/docs/Liquid.pdf
Mark Sibthorpe
This report examines liquidity issues in the Canadian financial service industry.
Bank Fees
fsim.ca/docs/Bank fees.pdf
Mark Sibthorpe
Recently the CBC and The Globe and Mail both reported on what has been referred to as a consumer “bank fee outcry”. CBC compares banks to cable and phone companies, standing accused of trying to gouge customers with service fees. The backlash appears to have originated in conjunction with the NDP and the Consumers Council of Canada which argues that there is anxiety ‘among consumers about banking fees’.
Cheap Oil Report
fsim.ca/docs/co2.pdf
Canada's Economy, a strategic solution
fsim.ca/docs/ces.pdf
Mobile Payments Blueprint: guide to credit and loyalty transformation for merchants
fsim.ca/docs/booksample.pdf
Guide to system selection
fsim.ca/docs/gssnow.pdf
Read sample report: Guide to system selection. This sample would normally cost $99 but is available free as a sample. Click here view sample report.
News feed
SCOTIABANK SAYS TECHNICAL GLITCH THAT DISRUPTED DIRECT DEPOSIT, CHEQUE PAYMENTS HAS BEEN RESOLVED
G&M (2026-01-28)
âWe are deeply sorry for the inconvenience the earlier technical issue has had on our clients, and sincerely appreciate their patience as we worked through this,â Ms.
U.S. FEDERAL RESERVE CAN WAIT ON ANY INTEREST RATE MOVES, POWELL SAYS
G&M - Christopher Rugaber (2025-04-17)
âAs that great Chicagoan Ferris Bueller once noted, `Life moves pretty fast,ââ Powell said in a speech to the Economic Club of Chicago.
‘THE RALLY HAS BECOME A BIT UNHINGED’: GOLD ZOOMS PAST $3,300 AS INVESTORS SEEK SHELTER FROM TARIFF WAR
G&M - Brijesh Patel (2025-04-17)
Gold prices extended their record run on Wednesday to breach $3,300 per ounce, as a weaker dollar and escalating U.S.-China
TD BANK CLOSED ACCOUNTS OF PRO-CHINA GROUP, EX-LIBERAL MP HAN DONG, RECORDS SHOW
G&M - Robert Fife, Steven Chase (2025-04-17)
Toronto-Dominion Bank closed down the accounts of a pro-Beijing organization on suspicion of money laundering in the spring of 2023, and shuttered the joint account of then-sitting MP Han Dong without explanation, according to confidential documents. Records
BANK OF CANADA HOLDS KEY INTEREST RATE STEADY AMID TARIFF UNCERTAINTY, EVEN AS ECONOMISTS SEE FURTHER CUTS AHEAD
Yahoo Finance - John MacFarlane, Jeff Lagerquist (2025-04-17)
"What happens with inflation will depend importantly on what happens with tariffs," Macklem said.
MORE CANADIANS ARE 'UNDERWATER' ON THEIR VEHICLES AND MAY HAVE NO IDEA ABOUT IT
Yahoo Finance - Gabriel Friedman (2025-04-17)
âWhat you have are these people that show up to try to sell their car and theyâre expecting a cheque to put money in their pockets,â he said.
BEST CREDIT CARD FOR GAS REWARDS: HOW TO SAVE AT THE PUMP
Yahoo Finance (2025-04-17)
Credit-card issuers like American Express (AXP), Bank of America (BAC), and Wells Fargo (WFC) offer cash-back rates at gas stations for some of their most popular rewards credit cards.
‘CONFUSED’: BANK OF CANADA FACING CALLS IT SHOULD HAVE CUT AMID INFLATION, GROWTH RISKS
BNN - Daniel Johnson (2025-04-17)
âThey decided to hold, so to us it tells us that the Bank of Canada is equally weighting, at this point, the downside risk to growth against the upside risk to inflation.
RATE HOLD MEANS STATUS QUO FOR CANADA’S STRUGGLING HOUSING MARKET: EXPERTS
BNN (2025-04-17)
Ratesdotca mortgage and real estate expert Victor Tran said the current economic environment is not inspiring consumer confidence in large purchases, such as a mortgage on a home, and the Bank of Canadaâs rate hold wonât do much to change that.
TEXT OF THE BANK OF CANADA’S LATEST INTEREST RATE DECISION
Investment Executive (2025-04-17)
In Canada, the economy is slowing as tariff announcements and uncertainty pull down consumer and business confidence.
BRITAIN'S AUDIT WATCHDOG PROBES EY OVER POST OFFICE SCANDAL
Reuters (2025-04-17)
âWe have been notified of the FRCâs intention to open an investigation into the EY audits of Post Office Limited for the financial years ending March 2015 â March 2018," a spokesperson for EY said.
REGULATORY SNAG IN BNP’S AXA IM BID MAY CAST DOUBT ON SIMILAR DEALS, SOURCES SAY
Reuters - Mathieu Rosemain and Charlie Conchie (2025-04-17)
BNP Paribas, opens new tab embarked on a 5.1
TODAY’S HOT BANKING BUSINESS IS LENDING TO LENDERS
WSJ - Telis Demos (2025-04-17)
Once again, banks are struggling to expand their loan books.
THE PAY-ME-NOW ECONOMY: HOW CONSUMERS ARE DRIVING INSTANT DISBURSEMENTS
Pymnts (2025-04-17)
Consumers are no longer willing to wait.
CREDIT UNIONS CAPITALIZE ON CONSUMER TRUST TO BOOST GROWTH
Pymnts (2025-04-17)
More CUs are forging ahead with mobile-centric rewards tied to those cards, digital payments and budgeting and transaction management offerings.
BANK OF CANADA LIKELY TO PAUSE TO ASSESS TARIFF HIT: DECISION GUIDE
BNN (2025-04-16)
âAs a result of the broad uncertainty, coupled with a better-than-feared outcome on Liberation Day, we do not expect the Bank of Canada to cut rates on Wednesday,â Ian Pollick, global head of fixed income, currency and commodities strategy for Canadian Imperial Bank of Commerce, said in an interview.
BARCLAYS CLOSE TO SELLING STAKE IN PAYMENTS UNIT TO BROOKFIELD
Bloomberg (2025-04-16)
A deal would see Barclays following the footsteps of many of its European rivals in trimming their stakes or even exiting these businesses that handle electronic payments.
CMHC REPORTS ANNUAL PACE OF HOUSING STARTS SLOWED IN MARCH
BNN (2025-04-16)
The annual pace of starts of single-detached homes in centres with a population of 10,000 or greater rose one per cent to 43,012 in March, while the rate of starts of all other homes in centres with a population of 10,000 or greater fell four per cent to 160,273.
TREASURIES FALL WITH KEY GAUGE OF RISK REACHING DECADE HIGH
Bloomberg (2025-04-16)
âThere are real fundamental concerns driving yields higher, rather than just investors exiting positions amid market volatility,â Ed Yardeni, the founder of Yardeni Research in New York, wrote in a note.
WHAT THE BANK OF CANADA INTEREST RATE DECISION ON WEDNESDAY COULD MEAN FOR A HOUSING MARKET HIT BY TRUMP TARIFF UNCERTAINTY
Yahoo Finance - John MacFarlane (2025-04-16)
The limited activity happening in the market is largely by people earning significant salaries who can handle economic turbulence, says Ron Butler, a mortgage broker at Butler Mortgage.
BIG BANKS MAINTAIN 'THE SKY IS NOT FALLING' AMID TRUMP TARIFF TURMOIL. SO FAR.
Yahoo Finance - David Hollerith (2025-04-16)
Many banks said their consumer customers were still spending, defaults were still manageable, and businesses were not experiencing distress despite the uncertainty about the months ahead.
CANADIAN REAL ESTATE PRICES HIT MULTI-MONTH HIGH, DEMAND WEAKEST SINCE 2009
Better Dwelling (2025-04-16)
Canadian existing home prices hit a new multi-month high.
BORING MONEY MARKET FUNDS FACE INNOVATION: MOODY’S
Investment Executive (2025-04-16)
However, these new vehicles that offer the same basic proposition as traditional funds â low risk and high liquidity â also come with the added benefits of âgreater flexibility, transparency and lower costs than traditional MMFs.â
CITIGROUP PROFIT BEATS ESTIMATES, MOVES TOWARD TARGET AS TRADING REVENUE JUMPS
Reuters (2025-04-16)
Citigroup's return on tangible common equity, a closely watched profitability gauge, reached 9% in the first quarter, moving closer to its goal of 10% to 11% next year. Shares
JUDGE SCRAPS US RULE CAPPING CREDIT CARD LATE FEES AT $8
Reuters (2025-04-16)
Pittman, an appointee of President Donald Trump, agreed with both sides that the rule violated the Credit Card Accountability and Disclosure Act of 2009 because it prohibited card issuers from charging fees "reasonable and proportional to violations." The
CIBC LAUNCHES SPONSORSHIP OF TORONTO’S WNBA TEAM
G&M - Andrew Willis (2025-04-15)
The WNBAâs Toronto Tempo has scored a sponsorship from Canadian Imperial Bank of Commerce, with the bank backing the teamâs drive to become a national champion in womenâs basketball. Canadian
BRITAIN'S FINANCIAL WATCHDOG SETS UP IN US AND ASIA TO ATTRACT FIRMS TO UK
Yahoo Finance (2025-04-15)
Britain's Financial Conduct Authority has appointed staff in the United States and the Asia-Pacific region for the first time, to help overseas firms to enter the British market and boost exports of UK financial services, the watchdog said on Tuesday.
WHY EVERYONE IS WORRIED ABOUT THE BOND MARKET — ESPECIALLY DONALD TRUMP
Yahoo Finance (2025-04-15)
Immediately after Trumpâs April 2 announcement of sweeping âreciprocalâ tariffs on U.S.
BANK CLIMATE GROUP WINS ‘OVERWHELMING SUPPORT’ FOR NEW DIRECTION
Bloomberg - Alistair Marsh (2025-04-15)
Most banks in the industryâs biggest climate alliance endorsed a proposal that will refocus the group on providing financial support for the energy transition and also hold signatories to a less stringent standard for reducing the emissions enabled by their lending. Shargiil
CANADIAN INCOME INEQUALITY HITS A HIGH, ECONOMIC MOBILITY DISAPPEARS
Better Dwelling (2025-04-15)
A widening income gap is also a problem for everyone, even those at the top of the food chain.
PRODUCT ROUNDUP: HARVEST BANKS ON NEW LOW-VOLATILITY ETFS
Investment Executive - Noushin Ziafati (2025-04-15)
Harvestâs portfolio management team will select 40 stocks for HVOL and HVOI based on a few screens: they must have low beta risk ratings, they must be large or mid-capitalization Canadian equities, and they must have low historical and potential volatility, Heakes said.
BMO DEFENDS CLIMATE EFFORTS
Investment Executive (2025-04-15)
BMO chief executive Darryl White said the bank is committed to being the lead partner for companies in the energy transition, and part of that means meeting with energy advocates on both sides.
JUDGE ORDERS BANK OF AMERICA TO PAY $540 MILLION IN FDIC LAWSUIT
Reuters (2025-04-15)
The FDIC sued Charlotte, North Carolina-based Bank of America for $1.12
AIMCO STOPS NON-ESSENTIAL BUSINESS TRIPS TO U.S. AMID TRADE WAR
FP - Layan Odeh and Paula Sambo (2025-04-15)
Employees can no longer travel to attend conferences or speaking events in the U.S.,
CANADIAN PENSIONS TARGET EUROPE AS TRUMP SHAKES UP WORLD ORDER
FP - Layan Odeh (2025-04-15)
Trump has launched a global trade war without precedent, imposing 10 per cent tariffs on dozens of countries and putting 145 per cent levies on goods from China, while also upending longstanding security and trade alliances with European nations and other allies, including Canada.
CANADIAN INFLATION SURPRISINGLY EASES AHEAD OF COIN-TOSS BANK OF CANADA RATE DECISION
G&M - Matt Lundy (2025-04-15)
Canadaâs inflation rate surprisingly cooled in March as travel-related prices fell during the month, setting up a hotly debated Bank of Canada interest rate decision on Wednesday that is clouded by the trade war. The
BANK OF CANADA FACES A CLOSE-CALL RATE DECISION AS IT STARES DOWN ECONOMIC TURBULENCE
G&M (2025-04-14)
The Bank of Canada is facing a tricky interest rate decision this week against the backdrop of roiling financial markets, a federal election and erratic U.S.
MORGAN STANLEY, CITI CUT US EARNINGS ESTIMATES AS SEASON STARTS
Yahoo Finance (2025-04-14)
Citiâs head of US equity strategy, Scott Chronert lowered his 2025 prediction for the S&P 500 to 5,800 from 6,500, predicated on earnings of $255 a share for companies in the index, down from a previous $270 projection.
ARGENTINA'S PESO: WHERE'S THE CURRENCY HEADED AFTER FX REGIME OVERHAUL?
Yahoo Finance - Jorga Otaola (2025-04-14)
The peso will now be allowed to float freely within a gradually expanding band between 1,000-1,400 pesos per dollar.
GOLDMAN PUTS $4,000 GOLD ON THE AGENDA AS HUNT FOR HAVENS GROWS
Yahoo Finance (2025-04-14)
Goldman analysts including Lina Thomas now see gold rallying to $3,700 an ounce by the end of this year â with prices set to hit $4,000 an ounce by mid-2026 â while UBS strategist Joni Teves pointed to $3,500 an ounce by December 2025, according to two separate notes on
ECONOMISTS EXPECT ANNUAL INFLATION RATE TO COME IN AT 2.6% FOR MARCH
BNN (2025-04-14)
âWeâre still expecting to see strength in core inflation, still expecting to see strength in food inflation,â he said in an interview.
BESSENT IS WRONG ABOUT BANKS SAVING TREASURIES
Bloomberg - PAUL J. DAVIES (2025-04-14)
When senior politicians start talking about technicalities of obscure financial regulations on mainstream TV you can be sure something is up.
YOTTA WENT BUST AND TOOK $96 MILLION OF CLIENT MONEY WITH IT
Bloomberg - Paige Smith, Claire Ballentine, and Emily Mason (2025-04-14)
Then came coins and the money we know today â with even our grandparents sharing stories of how they kept wads of cash under their mattress or in another hard-to-reach area for safekeeping. Nowadays
TD BOARD CHAIR RE-ELECTED WITH 42.3% OF SHAREHOLDER VOTES WITHHELD
Investment Executive - Jonathan Got (2025-04-14)
Other TD board members also saw lower than usual support from shareholders.
BANK OF ENGLAND DELAYS LONG-DATED GILT AUCTION DUE TO MARKET TURMOIL
Reuters - David Milliken (2025-04-14)
The Bank of England said on Thursday that it was postponing an auction of 600 million pounds ($774 million) of long-dated government bonds due on April 14 "in light of recent market volatility". BoE
US BANK PROFITS RISE, BUT EXECUTIVES RAISE MORE TARIFF ALARMS
Reuters - Nupur Anand, Saeed Azhar and Tatiana Bautzer (2025-04-14)
While it is too early to understand the full implications of the tariffs, households and businesses were starting to respond to the import levies, executives at the biggest U.S.
CITI CLIENTS IN RUSSIA RECEIVING SOME FROZEN FUNDS, RUSSIAN LAWYERS SAY
Reuters (2025-04-14)
Western sanctions imposed in June 2022 on Russia's National Settlement Depository (NSD) in response to Russia's military offensive in Ukraine led to Russian investors' holdings in European depositories Euroclear and Clearstream being frozen. Around
META CEO MARK ZUCKERBERG TAKES THE STAND AT U.S. ANTITRUST TRIAL
G&M - Jody Godoy (2025-04-14)
The case poses an existential threat to Meta, which by some estimates earns about half of its U.S.
WHY EARNING AND BURNING YOUR CREDIT CARD LOYALTY POINTS MATTER
G&M (2025-04-14)
For example, the American Express Gold Rewards Card is a good travel credit card because it earns you two points per dollar spent on travel, gas, groceries, and drugstore purchases.
MARK CARNEY ET PIERRE POILIEVRE à « TOUT LE MONDE EN PARLE » | ÉLECTIONS CANADA 2025
Youtube (2025-04-14)
La quatrième semaine de campagne électorale s'annonce importante, car les chefs s'affronteront lors de deux débats, mercredi et jeudi.
TRUMP CHAOS DOMINATES ELECTION CAMPAIGN – BUT CANADA'S HOUSING CRISIS IS GETTING WORSE
Mortgage Broker News (2025-04-11)
The symptoms of that housing crisis are well documented.
TD SHAREHOLDERS CONFRONT BANK LEADERS ABOUT ANTI-MONEY-LAUNDERING FAILURES AT AGM
G&M - STEFANIE MAROTTA, INDRA EGAN (2025-04-11)
âThe settlements were extraordinarily painful,â Mr.
CANADIAN OFFICIALS SAID TO PLAN MEETING WITH US BANKS AFTER TRUMP COMPLAINTS
Yahoo Finance - Chunzi Xu (2025-04-11)
Canadian banks underwrote 96% of loonie-denominated corporate bonds â a key part of activity in Canadian capital markets â in 2024, according to data compiled by Bloomberg.
BOFA’S HARTNETT SAYS SELL S&P 500 RALLY UNTIL TRADE WAR ABATES
Yahoo Finance (2025-04-11)
The strategist said President Donald Trumpâs tariffs and the resulting market turmoil were turning US exceptionalism into âUS repudiation.â
CANADA IS SAVING ITS REAL ESTATE BUBBLE BY CREATING A RENTAL BUBBLE
Better Dwelling (2025-04-11)
To be blunt, policymakersâ recent efforts to incentivize institutional investment in purpose-built rentals doesnât make sense if the goal is improved affordability.
BANKING AND FINANCIAL SECTORS MORE FAVOURED AMONG CANADIANS IN 2025: LEGER
Investment Executive - Jonathan Got (2025-04-11)
Canadians have a slightly more favourable view of the insurance and financial sector this year, but the perception of American brands has suffered because of U.S.
BUSINESS OUTLOOK SURVEY—FIRST QUARTER OF 2025
BOC (2025-04-11)
Expectations about how long the tariffs would be in place also varied.
CANADIAN SURVEY OF CONSUMER EXPECTATIONS—FIRST QUARTER OF 2025
BOC (2025-04-11)
Consumers have also become more pessimistic about their financial health (Chart 3, black line), largely because they expect their finances to worsen over the next 12 months (Chart 3, yellow bars).
GLOBAL CREDIT DEFAULT SPREADS NARROW AS MARKETS RALLY
Yahoo Finance (2025-04-10)
In terms of sovereign debt, five-year U.S.
CASH-BACK CREDIT CARDS: FINDING THE BEST ONE FOR YOU
Yahoo Finance (2025-04-10)
Your credit card can pay you cash back, if you choose the right one for you.
HSBC APPOINTS RICHARD BLACKBURN AS CHIEF RISK AND COMPLIANCE OFFICER
Yahoo Finance (2025-04-10)
Blackburn, who has been with HSBC for over 20 years, will also serve on the Group Operating Committee which is the bank's most senior decision-making group under CEO Georges Elhedery.
WHITE HOUSE SAYS CANADA EXEMPT FROM TRUMP’S BASELINE RECIPROCAL TARIFFS, RAISES CHINA’S TO 125%
BNN (2025-04-10)
âAs President Trump and I have agreed, the U.S.
UBS FACES ‘EXTREME’ 50% RISE IN CAPITAL, KELLEHER WARNS
Bloomberg (2025-04-10)
UBS Group AG Chairman Colm Kelleher said current reform plans by Switzerland would dramatically push up the bankâs capital requirements, as he seeks to show that the move would effectively render the global firm uncompetitive. âFinma
FINANCING STANDSTILL TRIGGERS ALARM FOR DEBT-DEPENDENT COMPANIES
Bloomberg (2025-04-10)
With their typical financing channels closed for business as Donald Trumpâs tariffs roil markets, some of the most indebted companies have seen their future suddenly thrown into doubt.
CANADIAN RENTERS ABANDON PLANS TO BUY REAL ESTATE THIS YEAR: BOC
Better Dwelling (2025-04-10)
The collapse of buying intentions in 2022 was entirely due to a lack of affordability.
WEALTHSIMPLE ACQUIRES U.S.-BASED WEALTH MANAGEMENT PLATFORM
Investment Executive (2025-04-10)
âAs excited as we are, itâs bittersweet.
TRUMP PAUSES TARIFFS ON MOST NATIONS FOR 90 DAYS, RAISES TAXES ON CHINESE IMPORTS
Investment Executive (2025-04-10)
Bessent has previously said it could take months to strike deals with countries on tariff rates.
WHY THE TRADE WAR ISN’T OVER FOR AMERICA’S BIGGEST BANKS
WSJ - Jonathan Weil (2025-04-10)
Thereâs a difference between a pause in the fighting and a cease-fire.
FINANCIAL SERVICES ROUNDUP: MARKET TALK
WSJ (2025-04-10)
Mastercard is losing some of its tailwinds as consumer confidence fades, Monness Crespi Hardt analyst Gus Gala says, downgrading it to neutral from buy.
STOCKS TUMBLE AGAIN AS US HITS CHINA WITH 104% TARIFFS, TREASURIES SLAMMED
Yahoo Finance - Stella Qiu (2025-04-09)
"U.S.
CANADA TO IMPOSE COUNTER-TARIFFS ON U.S. AUTO IMPORTS ON WEDNESDAY
Yahoo Finance (2025-04-09)
âCanada continues to respond forcefully to all unwarranted and unreasonable tariffs imposed by the U.S.
LIBERALS’ LEAD OVER CONSERVATIVES REMAINS AT 5 POINTS, WITH NDP AT A 25- YEAR LOW: NANOS TRACKING
BNN - Phil Hahn (2025-04-09)
âThe narrowed five-point gap between the Liberals and the Conservatives continues as voting day looms less than three weeks away,â said Nik Nanos, chief data scientist at Nanos Research and official pollster for CTV News and the Globe and Mail.
OVER 1 IN 5 CANADIANS FEAR LOSING THEIR JOB WITHIN 12 MONTHS: BOC
Better Dwelling (2025-04-09)
A large share of Canadian households are uncertain about the stability of their job.
BIG BANK CEOS RECKON WITH THEIR LACK OF INFLUENCE ON TRUMP
WSJ (2025-04-09)
Last week, bank CEOs including JPMorgan Chaseâs Jamie Dimon, Goldman Sachsâs David Solomon, Bank of Americaâs Brian Moynihan and Wells Fargoâs Charlie Scharf were in Washington for an industry meeting when the matter of communications with the White House came up. Executives
FINANCIAL SERVICES ROUNDUP: MARKET TALK
WSJ (2025-04-09)
American Expressâs high-income customer base could become a burden in the event of a recession, J.P.
CANADA'S MORTGAGE MARKET IN THE NEW TRADE WAR ERA
Mortgage Broker News (2025-04-09)
Government data showing the Canadian economy lost about 33,000 jobs last month only deepened that gloom, with employers shedding 62,000 full-time positions and only a bump in part-time employment (by about 30,000 jobs) helping partially offset those losses.
FRAUDSTERS TRIED TO MORTGAGE GTA MAN'S $12M COMMERCIAL PROPERTY WITHOUT HIM KNOWING
Mortgage Broker News (2025-04-09)
Hitender Sharma was en route from Toronto to Windsor last month when he received a call from a private investigator who informed him that his company had been hijacked by a group looking to exploit the mortgage-free commercial land it owns in Mississauga.
HOUSING CRISIS CAMPAIGN URGES FEDERAL ACTION AHEAD OF CANADIAN ELECTION
Mortgage Broker News (2025-04-09)
The campaign, titled âEnd the Housing Game,â was launched by the Housing Canada Coalition, a partnership between the Canadian Alliance to End Homelessness (CAEH), the Canadian Real Estate Association (CREA), Habitat for Humanity Canada, and the Canadian Housing & Renewal Association (CHRA).
ANDREW BAILEY TO BE NEXT FSB CHAIR
Central Banking (2025-04-09)
Andrew Bailey is to become the next chair of the Financial Stability Board (FSB).
GOLDMAN WARNS OF BEAR MARKET, BLACKROCK DOWNGRADES US STOCKS
Bloomberg (2025-04-08)
Warnings from Wall Street strategists are piling up on the dour outlook for stocks amid President Donald Trumpâs trade war. BlackRock
CHINA VOWS TO ‘FIGHT TO THE END,’ CALLS DONALD TRUMP’S BLUFF ON TARIFFS
G&M - James Griffiths (2025-04-08)
As countries around the globe grapple with the fact they are now in an involuntary trade war with the worldâs largest economy, China is maintaining an approach of calm defiance to U.S.
SOME CIRCLE K LOCATIONS NOW OFFERING ACCESS TO PERSONAL LOANS
G&M - Erica Alini (2025-04-08)
Circle K customers can now apply for personal loans at select locations in Ontario, the latest in what experts say is a growing effort by online lenders to make borrowing as convenient as possible. The
HISTORY SHOWS LIBERALS' NEW HOUSING PLAN FAILED THE LAST TIME IT WAS IMPLEMENTED
Yahoo Finance - Kim Moody (2025-04-08)
Property âflippersâ are also apparently a problem.
JAPAN'S BANKRUPTCY FILINGS HIT 11-YEAR HIGH IN FY2024/25, TSR TALLY SHOWS
Yahoo Finance (2025-04-08)
However, the total amount of debt in bankruptcy was 2.37
BANK OF CANADA OUTLOOK SURVEYS SHOW RECESSION FEARS RISING
FP - Jordan Gowling (2025-04-08)
Data from the BOS is based on interviews conducted between Feb.
GOLDMAN WARNS OIL BELOW $40 IS POSSIBLE IN ‘EXTREME’ SCENARIO
BNN - Yongchang Chin (2025-04-08)
Assuming a âtypicalâ US recession, plus baseline expectations for supply, Brent was seen at $58 a barrel this December, and $50 in the same month next year, the Goldman analysts said in the note, titled âHow Low Could Oil Prices Go?â
ONTARIO OFFERS $11B IN RELIEF TO BUSINESSES STUNG BY U.S. TARIFFS
Investment Executive - Allison Jones (2025-04-08)
Earlier Monday, Ford made good on an election promise to provide businesses with the deferral on taxes such as the Employer Health Tax and the Insurance Premium Tax, in order to provide them with some cash flow and keep workers employed.
AMERICANS HAVE $35 TRILLION IN HOUSING WEALTH—AND IT’S COSTING THEM
WSJ - Veronica DagherFollow and Anne Tergesen (2025-04-08)
The extra half a million dollars seemed to come so easilyâon paper, at least.
WSJ MARKETTALK
WSJ (2025-04-08)
The current selloff in European bank shares is overdone given the sectorâs strong fundamentals in historical terms, UniCreditâs Investment Institute says.
SCOTIABANK CEO SAYS CANADA NEEDS TO BOOST INVESTMENT IN ENERGY INFRASTRUCTURE
G&M - Stefanie Marotta (2025-04-08)
Bank of Nova Scotia chief executive officer Scott Thomson said that Canada must boost investment in energy infrastructure to export resources to foreign markets and across provincial borders to grow its economy and diversify its trade partners. During
CANADA TO IMPOSE COUNTER-TARIFFS ON U.S. AUTO IMPORTS ON WEDNESDAY
Yahoo Finance (2025-04-08)
âCanada continues to respond forcefully to all unwarranted and unreasonable tariffs imposed by the U.S.
US TREASURIES DROP FOR SECOND STRAIGHT DAY AFTER DISAPPOINTING $58BN AUCTION
FT - Kate Duguid, George Steer and Joshua Franklin (2025-04-08)
US government debt fell sharply for the second straight day after a $58bn short-term Treasury auction drew weak demand and hedge funds continued to rapidly unwind popular trades. The
INVESTORS LOSE $25BN IN LEVERAGED ETFS IN SECTOR’S BIGGEST MELTDOWN
FT - Steve Johnson (2025-04-08)
Investors lost $25.7bn
UK FINANCIAL WATCHDOG CUTS FEES FOR FIRST TIME IN MORE THAN A DECADE
FT (2025-04-08)
Britainâs main financial watchdog plans to cut the fees paid by the companies it oversees for the first time in more than a decade, reflecting the record amount of money it will retain from fines imposed in the past financial year. The
GOLDMAN SACHS RAISES ODDS OF U.S. RECESSION TO 45%, SECOND HIKE IN A WEEK
G&M (2025-04-07)
Goldman Sachs has raised the odds of a U.S.
CIBC ANALYST UPGRADES RBC, DOWNGRADES BMO AND NATIONAL AS TARIFFS NEGATE U.S. PREFERENCE
Yahoo Finance - John MacFarlane (2025-04-07)
CIBC upgraded Royal Bank to âOutperformerâ from âNeutral,â with Holden arguing that the lender âtypically performs better in down markets.â
EUROPEAN BANK SHARES ON COURSE FOR BEAR MARKET
Yahoo Finance (2025-04-07)
Together with the losses over the past two trading days, the index had fallen by more than 18% on Monday.
GLOBAL CREDIT STARTS TO WOBBLE AS MARKET PAIN SPREADS
Yahoo Finance (2025-04-07)
The five-year credit default swap spread on the iTRAXX Europe Crossover index, which reflects the cost of insuring against the risk of default for 75 of the most traded sub-investment grade companies, shot up by the most in a single day since the banking crisis of March 2023, according to
EUROPEAN AND ASIAN STOCKS NOSEDIVE AND CHINA ACCUSES THE U.S. OF BULLYING WITH TARIFFS
BNN - ELAINE KURTENBACH (2025-04-07)
On Friday, the worst market crisis since COVID slammed into a higher gear as the S&P 500 plummeted 6% and the Dow plunged 5.5%.
GOLDMAN BOOSTS RECESSION RISK, BRINGS FORWARD FED RATE-CUT CALL
BNN - Michael Heath (2025-04-07)
In the current non-recession baseline, the Goldman economists said they expect the Fed to deliver a package of three consecutive 25-basis point âinsurance cutsâ starting in June versus July previously, lowering the funds rate to 3.5-3.75%.
BANK OF CANADA EXPECTED TO MAKE DEEPER RATE CUTS AMID STOCK ROUT, JOB LOSSES
FP - Eerik Hertzberg (2025-04-07)
Traders in overnight swaps see policymakers led by Tiff Macklem cutting the key policy rate by another 75 basis points this year, falling to two per cent from the current 2.75
WHY FALLING RATES SPELL TROUBLE FOR ANYONE NEEDING TO BREAK THEIR MORTGAGE CONTRACT
FP - Robert Mclister (2025-04-07)
These IRD charges are essentially based on fake rates, and it costs Canadians billions every year. We
ARGENTINA'S ZOMBIE MORTGAGE MARKET IS COMING BACK TO LIFE
Reuters - Hernan Nessi (2025-04-07)
Argentina's mortgage market, for years almost non-existent due to spiraling triple-digit inflation and high borrowing costs, is starting to show signs of coming back to life under the pro-market reforms of libertarian President Javier Milei. Monthly
US STOCKS SET FOR FURTHER PLUNGE ON TARIFF TURMOIL
Bloomberg (2025-04-07)
As we move into the US morning, hereâs a summary of the continued fallout across markets sparked by US tariff worries: A bad day in Asia, where the Nikkei 225 entered a bear market, became a bad day in Europe, with major benchmarks across the region plunging. That
WHY DOES EVERYONE WANT TO BE A BANK NOW?
Bloomberg - Georgia Hall and Paige Smith (2025-04-07)
In March, a financial-technology firm did something no US company had done in more than four years: It became a bank.
ALEX OVECHKIN BREAKS WAYNE GRETZKY'S NHL CAREER GOALS RECORD
Bloomberg (2025-04-07)
Alex Ovechkin fired just about the perfect shot from the place on the ice that has defined his remarkable career.
News feed
SCOTIABANK SAYS TECHNICAL GLITCH THAT DISRUPTED DIRECT DEPOSIT, CHEQUE PAYMENTS HAS BEEN RESOLVED
G&M (2026-01-28)
âWe are deeply sorry for the inconvenience the earlier technical issue has had on our clients, and sincerely appreciate their patience as we worked through this,â Ms.
U.S. FEDERAL RESERVE CAN WAIT ON ANY INTEREST RATE MOVES, POWELL SAYS
G&M - Christopher Rugaber (2025-04-17)
âAs that great Chicagoan Ferris Bueller once noted, `Life moves pretty fast,ââ Powell said in a speech to the Economic Club of Chicago.
‘THE RALLY HAS BECOME A BIT UNHINGED’: GOLD ZOOMS PAST $3,300 AS INVESTORS SEEK SHELTER FROM TARIFF WAR
G&M - Brijesh Patel (2025-04-17)
Gold prices extended their record run on Wednesday to breach $3,300 per ounce, as a weaker dollar and escalating U.S.-China
TD BANK CLOSED ACCOUNTS OF PRO-CHINA GROUP, EX-LIBERAL MP HAN DONG, RECORDS SHOW
G&M - Robert Fife, Steven Chase (2025-04-17)
Toronto-Dominion Bank closed down the accounts of a pro-Beijing organization on suspicion of money laundering in the spring of 2023, and shuttered the joint account of then-sitting MP Han Dong without explanation, according to confidential documents. Records
News feed
FSIM briefings and developments reports
CREDIT UNIONS CAPITALIZE ON CONSUMER TRUST TO BOOST GROWTH
More CUs are forging ahead with mobile-centric rewards tied to those cards, digital payments and budgeting and transaction management offerings. The share of CUs with 10 or fewer branches taking a “laggard’s” approach to innovation decreased significantly to just 11% in 2024 from 47% two years earlier.
THE PAY-ME-NOW ECONOMY: HOW CONSUMERS ARE DRIVING INSTANT DISBURSEMENTS
Consumers are no longer willing to wait. Instant disbursements have become the expectation rather than the exception. New research from PYMNTS Intelligence and Ingo Payments reveals that not only do people want their money instantly, many are even willing to pay extra to get it faster.
TODAY’S HOT BANKING BUSINESS IS LENDING TO LENDERS
Once again, banks are struggling to expand their loan books. But they have an ace up their sleeve: lending to nonbank lenders. Across several large, global, national and regional banks that have reported earnings so far, a common pattern is tepid loan growth. The year-over-year average loan growth at eight commercial banks—ranging in size from JPMorgan Chase to First Horizon—rounds to zero. Many are still shrinking their commercial real-estate loan books. One area that is growing rapidly is lending to nonbanks, often through banks’ trading units. These can be loans to hedge funds, but also to credit funds or financial companies that are themselves making loans to businesses or consumers. The banks lend to the lenders, and sometimes also help them then sell those loans to the market in the form of a securitization. At Bank of America BAC -1.74%decrease; red down pointing triangle, average loans in the first quarter were up 4% from a year earlier. Lending in its consumer and global banking units grew just 1%. But it reported a 19% jump in lending within its global markets business. Bank of America’s finance chief, Alastair Borthwick, on Tuesday described the growth in global markets as “very diversified,” and “across things like asset-backed and mortgage warehouse, and credit financing and subscription.” This is also a driver of higher revenues at banks’ trading desks, in which revenue from this lending is often reported. Goldman Sachs said its so-called “FICC financing” business within its fixed-income trading unit hit a record in the quarter, citing “mortgages and structured lending” as drivers. Subscription lines are used by private funds to borrow money against future commitments by their investors. They have used more financing as it has taken longer to sell down old investments and bring in new cash. At Wells Fargo, overall lending was down 2% on average in the first quarter from a year earlier because the bank reduced its commercial real-estate lending. But lending through its markets business was up 21% year over year. By financing lenders, banks are often enabling their competitors, the giant alternative asset managers that offer private equity and private credit funds. For the biggest banks, this trade-off can often be worth it. Loans to financial companies can be lower-yielding, but are also heavily collateralized. So they carry lower risk in regulators’ eyes. That frees up capital for higher-returning activities such as trading. Traditional lenders, like many regional banks, aren’t as fortunate because they don’t have trading arms. They will face a bigger struggle to figure out how to be as profitable as they were in the past.