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.
YOUR BANK CAN CUT YOU OFF AND NEVER TELL YOU EXACTLY WHY.
G&M (2025-03-10)
A letter in the mail succinctly announces that all of your financial accounts will be shuttered.
CANADIAN AI COMPANY COHERE SUED BY MAJOR PUBLISHERS FOR COPYRIGHT VIOLATIONS
G&M - Joe Castaldo (2025-02-14)
More than a dozen publishers including Condé Nast, The Atlantic and the Toronto Star are suing Canadian artificial intelligence company Cohere Inc.
SUN LIFE SHARES UNDER PRESSURE AFTER U.S. DIVISION DRIVES EARNINGS MISS
Yahoo Finance - Ian Bickis (2025-02-14)
Shares were down more than 10 per cent early on in the trading day before closing lower by $6.18,
BANK OF RUSSIA HOLDS RATE AT RECORD HIGH AMID INFLATION FIGHT
Bloomberg (2025-02-14)
Russiaâs central bank kept borrowing costs at a record high for the second meeting, though held open the prospect it could tighten monetary policy at its next meeting to fight persistent inflation. The
CANADA’S NON-PRODUCTIVE BUILDING BOOM—INFLATION KILLED 70% OF GROWTH
Better Dwelling (2025-02-14)
Canadian building investment is booming at a high level, but the devilâs in the details.
BROOKFIELD REPORTS US$432M Q4 PROFIT ATTRIBUTABLE TO SHAREHOLDERS
Investment Executive (2025-02-14)
Brookfield says its distributable earnings for the quarter amounted to US$1.61
INVESTING IN BANK SHARES IS NOT FOR THE FAINT-HEARTED
FT (2025-02-14)
Equity markets are made up of stories and numbers.
MAGNIFICENT 7? TRY THE MAGNIFICENT 47 FOR SIZE
FT (2025-02-14)
The striking statistic is partly a reminder of the importance of choosing the right time series â go back to the start of 2015 and banking sector returns are pretty much static; the Mag 7 rises to 2,600 per cent.
BASEL III MAY HAVE BEEN INDEFINITELY SHELVED
WSJ (2025-02-14)
A decision by Canadaâs bank regulator to defer a planned increase to the Basel III standardized capital floor suggests the move has been indefinitely shelved, Scotiabankâs Derek Holt suggests.
UPDATE ON U.S. STEEL AND ALUMINUM TARIFFS
TD (2025-02-14)
The White House has also announced the termination of exemptions to the tariffs on steel arranged with major trade partners since 2018.
BROOKFIELD’S CREDIT DIVISION LEADS FOURTH-QUARTER FUNDRAISING WINDFALL, DIVIDEND BOOSTED
G&M - James Bradshaw (2025-02-13)
The fast-growing credit arm of Brookfield Asset Management Ltd.
SUN LIFE FINANCIAL EARNS $237 MILLION IN FOURTH QUARTER, DOWN $512 MILLION ON PREVIOUS YEAR
G&M (2025-02-13)
Sun Life Financial Inc.
NEW COAL POWER PLANT PROJECTS IN CHINA HIT THE HIGHEST LEVEL IN NEARLY 10 YEARS, REPORT SAYS
Yahoo Finance (2025-02-13)
âInstead of replacing coal, clean energy is being layered on top of an entrenched reliance on fossil fuels,â it said.
BARCLAYS SETS NEW PERFORMANCE TARGETS AS 2024 PRETAX PROFIT RISES
Yahoo Finance - Sinead Cruise and Chandini Monnappa (2025-02-13)
The bank reported profit before tax for the year to December 31 of 8.1
JANUARY RATE CUT CAME AS BANK OF CANADA WEIGHED U.S. TARIFF THREAT
BNN (2025-02-13)
âMembers also agreed that the threat of tariffs had increased uncertainty, and this would weigh on business confidence and investment intentions, as well as consumer sentiment,â the report reads.
SAVE THE DATES FOR OUR QUARTERLY RELEASE
OSFI (2025-02-13)
Last year we started piloting a new approach to the way we release regulatory guidance.
A CARVE-UP THAT LEAVES UKRAINE SIDELINED
Bloomberg - Flavia Krause-Jackson (2025-02-13)
Even before President Volodymyr Zelenskiy arrives at the Munich Security Conference tomorrow to renew his case with the US for defending Ukraineâs independence, his countryâs fate looks to have been sealed. A
CANADIAN CONSUMER INSOLVENCIES JUST SAW A 2009-LIKE GROWTH SURGE
Better Dwelling (2025-02-13)
In general, last year was an unusually big year for consumer insolvencies.
OSFI PUTS CAPITAL HIKE ON HOLD, INDEFINITELY
Investment Executive (2025-02-13)
For now, the output floor will remain at 67.5%,
POWELL SAYS TRUMP’S COMMENTS WON’T AFFECT FED’S INTEREST RATE DECISIONS
Investment Executive - Christopher Rugaber (2025-02-13)
On Wednesday, the government reported that inflation picked up last month, with consumer prices rising 3% in January from a year earlier, up from a 3 1/2 year low of 2.4%
CANADA'S BUILDING PERMITS HIT SEVEN-YEAR HIGH – STATCAN
Mortgage Broker News (2025-02-13)
Statistics Canada reported that building permits in December surged 11% from the previous month to a seasonally adjusted $13.15
TD CEO SAYS PROCEEDS FROM $20-BILLION CHARLES SCHWAB SALE WILL BE USED TO COMPETE FOR MORE BUSINESS IN CANADA
G&M - Stefanie Marotta (2025-02-12)
Toronto-Dominion Bank TD-T is shoring up capital to invest in its Canadian businesses as it offsets regulatory restrictions on expansion in the U.S.
INTACT FINANCIAL EARNINGS RISE TO $667-MILLION IN FOURTH QUARTER
G&M (2025-02-12)
Intact Financial Corp.
DONALD TRUMP’S COMPLAINT ABOUT BARRIERS TO ENTRY IN CANADIAN BANKING COULD BECOME A KEY ISSUE IN TRADE TALKS
G&M - Stefanie Marotta (2025-02-12)
The mounting threat has phones ringing across Bay Street as regulatory experts sort out what this could mean for unleashing competition in the banking sector â a debate that has been raging for years, but has made little progress. Canadaâs
BANK OF CANADA APPOINTS MICHELLE ALEXOPOULOS TO NEW DEPUTY GOVERNOR ROLE
Yahoo Finance (2025-02-12)
The external deputy governor position was created in 2023 to bring diverse perspectives to the bank's policy-making process.
BANCO BPM RAISES TAKEOVER OFFER FOR ASSET MANAGER ANIMA
Yahoo Finance (2025-02-12)
In November, Banco BPM offered to buy the investment firm in an effort to strengthen its life insurance and asset management operations.
CALIFORNIA LEVIES $1 BILLION ASSESSMENT ON INSURERS FOR LA FIRES
Bloomberg - Leslie Kaufman, Michelle Ma, and Eliyahu Kamisher (2025-02-12)
Californiaâs insurance commission plans to impose a $1 billion assessment on private insurers to shore up the FAIR Plan, the stateâs insurer of last resort, after last monthâs devastating Los Angeles wildfires. Insurance
BREAKINGVIEWS: ELON MUSK VS OPENAI IS FOUNDER’S SYNDROME GONE MAD
Reuters - Jonathan Guilford (2025-02-12)
Artificial intelligence is not a normal technology.
EXCLUSIVE: CHINA'S RECORD MERGERS IN $8 TRILLION SMALL BANKING SECTOR RAISE FUTURE RISKS
Reuters (2025-02-12)
China oversaw its largest-ever wave of rural bank mergers last year, a Reuters review of official data showed, but analysts say Beijing's efforts to tackle risks in the small banking sector could end up creating more problems down the road. Many
GOLDMAN SACHS CEO OPEN TO ACQUISITIONS IN ASSET, WEALTH MANAGEMENT
Reuters - SAEED AZHAR AND NIKET NISHANT (2025-02-12)
The Wall Street powerhouse has since shifted its focus back to traditional mainstays of investment banking and trading, while pushing growth in asset and wealth management. Solomon
BANKS BAILING ON CLIMATE GROUPS FACE FUTURE RISKS: REPORT
Investment Executive - James Langton (2025-02-12)
The withdrawal of five of Canadaâs largest banks from the Net-Zero Banking Alliance (NZBA) likely reduces short-term transition risks, but increases the longer-term risks of failing to address climate change, says Morningstar DBRS Inc.
INSOLVENT DEBTORS’ AVERAGE CREDIT CARD BALANCE TOPS $20,000 IN ONTARIO
Investment Executive - Kevin Press (2025-02-12)
Increasingly, insolvency has become a fact of life for middle-class Ontarians.
STATEMENT FROM THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS ON THE BASEL III STANDARDIZED CAPITAL FLOOR LEVEL
OSFI - Peter Routledge (2025-02-12)
On February 4, 2025, the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision (BCBS), unanimously reaffirmed their expectation to implement the Basel III capital framework in full and consistently.
CEO OF CANADA’S CELESTICA SELLS $130-MILLION OF SHARES, CASHING IN ON NVIDIA-STYLE GAINS DURING AI BOOM
G&M - Tim Kiladze (2025-02-11)
The chief executive of Celestica Inc.
'THAT IS A LOT OF CAPITAL': TD SHARES JUMP ON SCHWAB STAKE SALE
Yahoo Finance - John MacFarlane (2025-02-11)
In a note to investors, RBC analyst Darko Mihelic says there will be sharp focus on TDâs intentions for the remaining proceeds, which analyst estimates put at $12 billion or more. âThe
CANADA MAY OVERSHOOT POPULATION TARGETS, WITH COMPLICATIONS LOOMING: DESJARDINS
Yahoo Finance (2025-02-11)
âDespite slight revisions in the short term, our long-term population projection suggests that the government will require more aggressive reductions in NPR numbers to reach its ambitious target by the end of 2026,â they wrote.
WHY TRUMP WANTS HIGHER TARIFFS ON STEEL AND ALUMINUM
Bloomberg (2025-02-11)
As he tries to reshape US trade ties with the rest of the world, President Donald Trump has announced yet more tariffs: new 25% levies on US imports of steel and aluminum, which were valued at almost $50 billion in 2024.
FFB BANK SUPER BOWL AD SUPERBOWL AD
Youtube (2025-02-11)
Thrilled to announce that our commercial for FFB Bank aired during Super Bowl 59! A huge thank you to our incredible team for making this possible.
PENSION AWARENESS DAY FEBRUARY 20TH
FSRA (2025-02-11)
There are many ways you can help promote Pension Awareness Day.
HAS MEME-STOCK KID ROBINHOOD FINALLY COME OF AGE?
FT - Jennifer Hughes (2025-02-11)
Analysts anticipate fourth-quarter profits of more than double any previous quarter off the back of a blowout period for rivals.
MONTREAL BUSINESSMAN SENTENCED TO 3 AND A HALF YEARS IN U.S. PRISON FOR LAUNDERING BITCOIN
CBC (2025-02-11)
When Patel was sentenced by then-District Judge Ketanji Brown Jackson, who is now a U.S.
CLIMATE DISASTERS LEAD TO BILLIONS IN INSURANCE LOSSES. COULD THEY TRIGGER A FINANCIAL CRISIS?
CBC - Andre Mayer (2025-02-11)
Meanwhile, the Insurance Bureau of Canada recently reported that as a result of events like the Jasper wildfire and flooding in eastern Canada, 2024 set a record for insurance payouts in Canada: $8.55
CANADIAN BANKS SAW MORTGAGES IN ARREARS JUMP 22% HIGHER
Better Dwelling (2025-02-11)
The arrears rate remains relatively low, but even though itâs a small shareâitâs clear the tides are turning.
DONALD TRUMP’S COMPLAINT ABOUT BARRIERS TO ENTRY IN CANADIAN BANKING COULD BECOME A KEY ISSUE IN TRADE TALKS
G&M - Stefanie Marotta (2025-02-10)
When U.S.
AMAZON STARTS CLOSING QUEBEC WAREHOUSES AS UNION PRESIDENT CALLS FOR BOYCOTT
G&M - Joe Bongiorno (2025-02-10)
The company is cutting nearly 2,000 jobs, but the number of total layoffs rises to about 4,500 when workers employed by subcontractors are factored in, according to Quebec labour group Confédération des syndicats nationaux. Trudeau,
MONTREAL HOME SALES JUMP 36 PER CENT IN JANUARY AS RATE CUTS ENTICE BUYERS
Yahoo Finance (2025-02-10)
The association says home sales in the region totalled 2,812 for the month, up from 2,063 in January 2024, and 10 per cent higher than the historical average for January.
WHY IS IT SO HARD TO DO BUSINESS BETWEEN PROVINCES?
BNN - Charlie Buckley (2025-02-10)
Interprovincial trade barriers range from differing health and safety regulations and inspection obligations to the basics of what ingredients a product needs to meet each provinceâs definition of that product. All
LEGAL & GENERAL TO SELL U.S. INSURANCE BUSINESSES IN $2.3 BILLION DEAL
WSJ - Ian Walker (2025-02-10)
Legal & General LGEN 0.50%increase;
FRONT-RUNNERS SKIM GAINS ON US PENSION FUND TRADES, STUDY FINDS
FT (2025-02-10)
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FIXED OR VARIABLE: WHICH SHOULD MORTGAGE BORROWERS CHOOSE IN UNPREDICTABLE TIMES?
Mortgage Broker News - Fergal McAliden (2025-02-10)
Despite the prospect of further central bank rate cuts in 2025, particularly if tariffs begin to weigh against the economy, Hinojosa said clients often return to her after that 48-hour period and decide they want the peace of mind of a fixed rate that will remain the same over the
TRUMP TAKES AIM AT PRIVATE EQUITY’S FAVORITE TAX LOOPHOLE AGAIN
Yahoo Finance - Jenny Surane (2025-02-07)
The carried-interest tax break allows private equity managers and venture capitalists to pay lower rates on their earnings from the investments they make.
GREAT-WEST LIFECO EARNS $1.1 BILLION IN FOURTH QUARTER, RAISES DIVIDEND
BNN (2025-02-07)
The company raised the quarterly dividend by 10 per cent to 61 cents per common share. Net
CITADEL GIVES RARE GLIMPSE OF $57 BILLION GAINS FROM ITS LARGEST FUNDS
Bloomberg (2025-02-07)
The firmâs $1 billion bond offering this week required Ken Griffinâs secretive hedge fund to produce a prospectus for investors, a copy of which was obtained by Bloomberg.
BANK OF ENGLAND CUTS MAIN INTEREST RATE TO 4.5%, HALVES ECONOMIC GROWTH PROJECTION
Investment Executive (2025-02-07)
Treasury chief Rachel Reeves, who faced criticism for raising taxes on business in her first budget last October, welcomed the interest rate cut but said she was âstill not satisfied with the growth rateâ and that the government will go âfaster to kickstart economic growth.â
EQB TO ANNOUNCE FIRST QUARTER 2025 RESULTS AND HOST EARNINGS CALL
EQB (2025-02-07)
EQB's Andrew Moor, president and chief executive officer, Chadwick Westlake, chief financial officer and Marlene Lenarduzzi, chief risk officer, will host the listen-only conference call and webcast.
THE BIG CHALLENGE FOR EUROPE’S INVESTMENT BANKS: PICK A LANE
FT (2025-02-07)
European investment banks have spent years debating the best path to profits.
THE PROBLEM WITH TAXING OVERSEAS HOMEBUYERS
FT (2025-02-07)
As responses go to the problem of overseas homebuyers, Pedro Sánchez went nuclear.
LESSONS FROM THIS WEEK’S TARIFF DRAMA FOR INVESTORS AND MORTGAGE SHOPPERS
G&M - Rob Carrick (2025-02-06)
On the brink of a U.S.-Canada
TARIFFS MAY BE PAUSED, BUT THE JOB CUTS HAVE ALREADY BEGUN IN QUEBEC
Yahoo Finance (2025-02-06)
Several companies have announced major cuts to their workforces.
MEXICO’S SENATE APPROVES CUADRA AS BANXICO DEPUTY GOVERNOR
Yahoo Finance (2025-02-06)
Banxico is expected by the majority of economists surveyed by Bloomberg to cut the benchmark interest rate by a half-point to 9.5%
ECONOMY MAY NOT BE ABLE TO ABSORB TARIFF SHOCK: FORMER BANK OF CANADA GOVERNOR
BNN - Jordan Fleguel (2025-02-06)
âSo, with household spending per household shrinking for the last two years, and we still have quite a lot of people to renew their mortgages⦠investmentâs been really low for a long time, housingâs been weak, everythingâs been weak.â
WHY IS IT SO HARD TO DO BUSINESS BETWEEN PROVINCES?
BNN - Charlie Buckley (2025-02-06)
Speaking of tariffs, an estimate cited by the Business Council of Alberta (BCA) in 2021 found that interprovincial barriers equated to a 6.9
TORONTO REAL ESTATE PRICES RISE AS SALES FALL & INVENTORY SURGES 70% HIGHER
Better Dwelling (2025-02-06)
Despite the uptick in prices, supply and demand relieved pressure.
BASEL COMMITTEE REVISES CREDIT RISK PRINCIPLES
Investment Executive - James Langton (2025-02-06)
In the meantime, the group that oversees the Basel Committee â the Group of Central Bank Governors and Heads of Supervision (GHOS) â endorsed the committeeâs planned work program and strategic priorities for the year ahead.
FINANCIAL INDUSTRY GROUPS RAISE CONCERN ON LME'S OTC TRADE PLANS, SOURCES SAY
Reuters - Pratima Desai (2025-02-06)
Two financial industry groups have raised concerns with the London Metal Exchange (LME) about its plans to require private deals between members and clients to be carried out on its own platform, five sources with knowledge of the matter said. The
THIS MAN HAS A PERFECT CREDIT SCORE. IS THAT SOMETHING WE SHOULD ALL AIM FOR?
G&M - Brenda Bouw (2025-02-05)
It wasnât until Greg Fjellâs bank started offering free credit-score information online in 2017 that he realized he had a perfect 900. âI
JUST WHAT WAS TRUMP THINKING WHEN HE SAID ‘CANADA DOESN’T EVEN ALLOW U.S. BANKS’?
G&M - JOHN TURLEY-EWART (2025-02-05)
John Turley-Ewart is a regulatory compliance consultant and Canadian banking historian. The
GOLD HITS RECORD HIGH AS US-CHINA TRADE WAR STOKES HAVEN DEMAND
Yahoo Finance - Sybilla Gross (2025-02-05)
Bullion reached an all-time peak above $2,861 an ounce on Wednesday.
QUEBEC UNION GROUP URGES AMAZON BOYCOTT AFTER WAREHOUSE CLOSURE ANNOUNCEMENT
Yahoo Finance - Lia Levesque (2025-02-05)
"It has always been clear that Amazon's decision to close up all their shops, warehouses and businesses here in Quebec is only for one purpose: to stop the unionization effect, and to avoid signing what would have been the first collective agreement for Amazon in North America," she told a
CANADA BANKS, CONSUMER STOCKS STILL AT RISK DESPITE TARIFF DELAY
BNN - Mathieu Dion (2025-02-05)
Canadian stocks rose Tuesday after an agreement between Prime Minister Justin Trudeauâs government and the White House to delay proposed tariffs.
TRUMP SAYS US SHOULD TAKE OVER GAZA, SPARKING REBUKES
Bloomberg (2025-02-05)
Donald Trump said the US should take control of the devastated Gaza Strip, shunt the areaâs residents to other countries and turn it into a âRiviera,â a proposal that drew sharp opposition from Palestinian and other Arab officials. âThe
ICELAND CENTRAL BANK DEPLOYS SECOND JUMBO RATE CUT IN A ROW
Bloomberg (2025-02-05)
Icelandâs central bank delivered a second straight jumbo cut in borrowing costs, citing a cooldown in the Atlantic economy as inflation continues to subside. Policymakers
CANADIANS HAVE ONLY FLED THE COUNTRY FASTER 4 TIMES SINCE 1967
Better Dwelling (2025-02-05)
Canadians are packing up for greener pastures, and that doesnât mean Toronto to Calgary.
TRUMP SAYS US WILL ‘TAKE OVER’ GAZA STRIP
FT (2025-02-05)
President Donald Trump has said the US will âtake overâ the Gaza Strip and that Palestinians should permanently leave the enclave in the strongest indication yet that he wants the 2.2mn
UBS WARNS $3BN BUYBACK PLAN IS HOSTAGE TO SWISS CAPITAL OVERHAUL
FT - Simon Foy (2025-02-05)
UBS warned investors that plans for a $3bn buyback this year could be derailed by reforms to the countryâs bank capital regime, taking the shine off quarterly earnings that blew past expectations. UBS
WHAT DOES TAIWAN HAVE TO DO WITH US MORTGAGE RATES?
FT (2025-02-05)
As FT Alphaville recently detailed, Taiwan is an interesting place, having amassed an absolutely massive treasure trove of US dollars.
DESPITE TARIFF PAUSE, NORTH AMERICA’S INTEGRATED ECONOMY REMAINS IN JEOPARDY
G&M - Mark Rendell, Nojoud Al Maleese (2025-02-04)
Donald Trump put his threat to implement sweeping tariffs against Canada and Mexico on hold Monday, but the future of North Americaâs integrated economy remains uncertain given the U.S.
TRUMP TARIFFS WOULD PUSH BANK OF CANADA TO CUT INTEREST RATES MORE THIS YEAR, SAYS BMO
Yahoo Finance - Alicja Siekierska (2025-02-04)
Porter wrote that the Canadian economy would face the risk of a modest recession if tariffs are in place for a year, with a two percentage point reduction to real GDP growth in 2025, slightly below the Bankâs simulation due to the lower tariff on energy imports.
CANADIAN INTEREST RATES TO PLUNGE FURTHER, TEST HISTORIC EXTREMES: BMO
Better Dwelling (2025-02-04)
BMO now sees the central bank slashing rates much more aggressively on this path.
U.S. BANKS POISED FOR ROSY YEAR AHEAD: DBRS
Investment Executive - James Langton (2025-02-04)
âWhile considerable headwinds to the U.S.
FINANCE DEFERS INCREASE TO CAPITAL GAINS INCLUSION RATE TO 2026
Investment Executive - Michelle Shriver (2025-02-04)
âThe deferral of the increase to the capital gains inclusion rate will provide certainty to Canadians, whether they be individuals or business owners, as we quickly approach tax season,â Dominic LeBlanc, minister of finance and intergovernmental affairs, said in the release.
TD VETERAN CHUN TAKES OVER AS BANK RECOVERS FROM MONEY LAUNDERING SCANDAL
Reuters - Nivedita Balu (2025-02-04)
Unlike other CEO contenders, Chun maintained a low profile on Bay Street - Toronto's financial district - while running many of TD's businesses and was known for his broad knowledge of the bank business, former colleagues and industry executives said. Perhaps
VANGUARD SLASHES FEES; EXPECTS ITS INVESTORS WILL SAVE $350 MILLION IN 2025
Reuters (2025-02-04)
The fee cut will lower costs across its bond mutual funds, ETFs, U.S.
INVESTORS WITH 6 TRILLION EUROS WARN EU NOT TO WEAKEN GREEN RULES
Reuters - Kate Abnett and Virginia Furness (2025-02-04)
"Reopening these regulations in their entirety risks creating regulatory uncertainty and could ultimately jeopardise the Commission's goal to reorient capital in support of the European Green Deal," said the statement, also signed by investors including AXA Investment Managers and L&G Asset Management. The
SUN LIFE’S ALTERNATIVE ASSET MANAGEMENT BUSINESS LOOKS TO BOOST PROFITS AFTER A DECADE OF ACQUISITIONS
G&M - Clare O'Hara (2025-02-03)
After 10 years of acquiring powerhouse alternative asset managers, SLC Management is shifting focus to boosting its profits by 20 per cent over the next three to five years. The
FROM BLUEBERRIES TO CRANKSHAFTS, HERE’S HOW TARIFFS COULD HIT CANADA IN UNEXPECTED WAYS
G&M - Erica Alini (2025-02-03)
For shoppers and many businesses, tariffs largely faded into irrelevance when the North American Free Trade Agreement came into effect in 1994, eliminating most levies on trade among Canada, the United States and Mexico.
CARNEY SHARES HIS VISION FOR LIBERAL ECONOMIC POLICY
G&M - CP (2025-02-03)
Former Bank of Canada governor Mark Carney says he'll be advising the Liberal party to turn the challenges posed by an increasingly divided and dangerous world into an economic opportunity for Canada.
TRUMP FIRES CONSUMER BUREAU DIRECTOR CHOPRA, SOURCE SAYS
Reuters - Douglas Gillison (2025-02-03)
Rohit Chopra, head of the top U.S.
PUTIN APPROVES SALE OF GOLDMAN SACHS' RUSSIAN UNIT TO ARMENIAN FUND
Reuters (2025-02-03)
A source confirmed Goldman Sachs had entered into a binding agreement to dispose of its Russian subsidiary, subject to various conditions. According
RBC BECOMES THE LAST BIG CANADIAN BANK TO QUIT MAJOR GLOBAL CLIMATE ALLIANCE
FP - Naimul Karim (2025-02-03)
Canadaâs biggest bank on Friday joined Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada and a host of big banks in the United States to withdraw from the Net-Zero Banking Alliance, which tries to align lending, investment and capital markets
VERSABANK ANNOUNCES WATERCRESS FINANCIAL AS ITS US RECEIVABLE PURCHASE PROGRAM PARTNER
VersaBank (2025-02-03)
"We believe Watercress management's long and successful history of originating and servicing home improvement loans in North America, along with our previous success of working with VersaBank, makes us an ideal partner for VersaBank's expansion into the US," said Matt Melius, Chief Executive Officer, Watercress Financial.
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.
YOUR BANK CAN CUT YOU OFF AND NEVER TELL YOU EXACTLY WHY.
G&M (2025-03-10)
A letter in the mail succinctly announces that all of your financial accounts will be shuttered.
CANADIAN AI COMPANY COHERE SUED BY MAJOR PUBLISHERS FOR COPYRIGHT VIOLATIONS
G&M - Joe Castaldo (2025-02-14)
More than a dozen publishers including Condé Nast, The Atlantic and the Toronto Star are suing Canadian artificial intelligence company Cohere Inc.
SUN LIFE SHARES UNDER PRESSURE AFTER U.S. DIVISION DRIVES EARNINGS MISS
Yahoo Finance - Ian Bickis (2025-02-14)
Shares were down more than 10 per cent early on in the trading day before closing lower by $6.18,
News feed
FSIM briefings and developments reports
UPDATE ON U.S. STEEL AND ALUMINUM TARIFFS
The White House has also announced the termination of exemptions to the tariffs on steel arranged with major trade partners since 2018. Moreover, the new orders remove the prior authority the Secretary of Commerce had to offer exemptions on steel and aluminum tariffs.
BASEL III MAY HAVE BEEN INDEFINITELY SHELVED
A decision by Canada’s bank regulator to defer a planned increase to the Basel III standardized capital floor suggests the move has been indefinitely shelved, Scotiabank’s Derek Holt suggests. The deferral, following last summer’s one-year delay, follows a global pattern, the economist adds. It means Canadian banks won’t be at a relative disadvantage to banks in other countries, and most notably in the U.S., in having to set aside more capital. Holt says the competitive equity angle clearly dominated the regulator’s decision since its release notes there remains uncertainty about when other jurisdictions will fully implement Basel III. “Under Trump? Likely never.”
MAGNIFICENT 7? TRY THE MAGNIFICENT 47 FOR SIZE
The striking statistic is partly a reminder of the importance of choosing the right time series — go back to the start of 2015 and banking sector returns are pretty much static; the Mag 7 rises to 2,600 per cent. Still, it does highlight that, sometimes, beaten down value stocks do rear their heads again. Should the rally continue? When stocks have had a blistering run, it is easy to get sucked in to the negatives. After all, no one likes to buy at the top of a cycle, and the environment is definitely getting more challenging. Banks pulled ahead in 2022 for the same reason tech stocks fell that year — interest rates began to climb. But rates are falling again, which will weigh down on profitability. However, they are not going back to zero. Analysts expect return on common equity across the index to dip from 2024’s 12 per cent to 11.4 per cent in 2025 and 11.1 per cent in 2026. That is still almost double what they managed for most of the past decade. Another important measure is how much cash the companies can return. Counting dividends and buybacks, the sector is currently offering a total payout yield of close to 10 per cent, far above their historic average. That also underpins valuations. The scale of the bank stock rally over the past few years was helped by a very weak starting point. Given the changing interest rate environment and uncertainty around everything from trade wars to local elections, it would be surprising if they could maintain the blistering pace of the past few years. But there is still scope for expansion before valuations get overly magnificent. In terms of valuations, too, it is easy to think banks look toppy. The index is trading at close to book value, well above the 10-year average of 0.7 times. But then, as the Mag 7 chart shows, picking the right start date makes a big difference. Europe’s banks have been dysfunctional for more than a decade; on a longer-term horizon, the average price to book is closer to 1.1 times. Or compare to the rest of the world: the KBW US banks index currently trades at almost a 50 per cent premium to book, while the global MSCI ACWI Banks is at 1.2 times. Comparing the banks on a price-to-earnings basis shows similar trends.