Part 2: The Merchant Loyalty Industrial Complex Collapse  

fsim.ca/docs/Credit_cards_Part_2v4.pdf

Mark Sibthorpe

Since November 2, 2021, Loyalty Ventures Inc.'s (Airmiles) market cap has decreased from $861.42M to $2.11M, a decrease of -99.75%. This compares closely to 2018, when Aimia sold Aeroplan back to Air Canada and partners TD and CIBC for $238 million. For reference, in 2005 Aeroplan launched an IPO valuing it at $2 billion. Related to Aimia’s downfall, it had also previously sold the UK Nectar program to Sainsburys for $120 million, $580 million lower than it paid for Nectar in 2007.

This report digs under the surface and uncovers why loyalty is going the way of the dodo.

Merchants should not waste time fighting card networks  

fsim.ca/docs/Card_fees_ongoing.pdf

Mark Sibthorpe

This is part one of a two part assessment of merchant frustration due to high credit card fees. The second part of this report will outline an alternative approach that merchants can consider. An approach that is a win for them and also for the card networks.

The full story of SVB March 12th, 2023  

fsim.ca/docs/SVB_special_report2.pdf

Mark Sibthorpe

Aggregated news and research related to SVB. Apart from SVB, included in this report is related news with respect to other banks and non-traditional companies looking to add financial services that also appear risky.

March 2023 bank earnings summary  

fsim.ca/docs/bankearningsfriday.pdf

Mark Sibthorpe

This report provides a snapshot into recent bank earnings and related news as published in fsim.ca reports.

Real estate report: October 30th, 2020  

fsim.ca/docs/Oct30rereportv1.pdf

Mark Sibthorpe

The big buzz in real estate recently is Mark Carney being scooped up by Brookfield. This means more juice for riskier borrowers. Brookfield, a huge player in real estate, both residential and commercial, recently bought its remaining shares from Sagen (Genworth MI Canada), which values the company at $3.8 bn.

VersaBank’s New High-Security VPN Proving Especially Valuable During COVID-19 Pandemic  

fsim.ca/docs/TailscaleReleaseMarch30FINAL.pdf

Press Release

2014 FSIM when Bernanke visited Montreal  

fsim.ca/docs/MockBernanke.pdf

Mark Sibthorpe

Considering Bernanke is hated by the Republicans and hated even more by the Democrats, and is currently under scrutiny for saving AIG but not Lehman, (in hindsight) with respect to issues over solvency vs liquidity, the Montreal lovefest attended by 1,100 people yesterday must have been a welcome respite. Click the link to read the entire 2014 report.

Eisman's big Canadian bank short  

fsim.ca/docs/eisman2.pdf

Mark Sibthorpe

I have been reporting on Steve Eisman's short position for quite some time.  As the analyst reaction to Eisman shows (link below), Eisman has taken a lot of heat for shorting Canadian banks. Instead of capitulating, in September 2019 he publicly disclosed the fact that he added Canadian Tire to his position, He explains the rationale for this in a BNN interview late 2019. Essentially, his big concern with respect to banks was non-performing loans in Alberta. He feels Canadian bank CEOs are not prepared for a credit cycle. He specifically referenced ATB (a private bank) in discussing his concerns. Looking at the numbers today, my guess is that he has made off like a bandit.

VersaBank Beta-Testing Its New, High Volume Mortgage Finance App   

fsim.ca/docs/VBCortelMortFinanceAppFeb62020.pdf

Press Release

VersaBank announces it is initiating beta-testing on its newly developed high-volume mortgage software app with the Cortel Group, one of Canada’s largest home and condominium builders. The app, named “Direct Connect”, was designed to facilitate and significantly reduce the lengthy finance approval process typically experienced by home buyers when visiting home and condo pre-construction sales offices.

How and why you need to defend your brand against disruptors  

Mark Sibthorpe

Technology, and being open to opportunities, has preempted transformation in banking. At the top of change are Mint, PayPal and ApplePay; three examples of transformative solutions that are now ubiquitous. On the horizon: Uber and Google, both having recently announced partner based banking services. Further down in the plumbing is Duca Impact Labs, Versabank, and Revolut. This report shows how cost conscious FIs can, not only stay relevant in the face of adversity, but punch well above their weight. All thanks to creative thinking and the ongoing commoditization of technology.

Kick the can(nomics)  

fsim.ca/docs/Kick.pdf

Mark Sibthorpe

Canada has used consumer debt to provide life support to the economy. This strategy which basically pushed the day of reckoning to the next government was old back in 2014, and now is well past its sell-by-date. Recognizing this, and desperate to keep the economy out of a recession, Trudeau is spending more money now than any government in Canadian history. This report disusses a possible alternative.

ScoreCard Bill Morneau, Canada's Minister of Finance  

fsim.ca/docs/ScoreCardMorneau.pdf

Mark Sibthorpe

This report is a scorecard I designed in order to rank the performance of the current Minister of Finance, Bill Morneau. I do regular rankings because, otherwise, I cannot measure the performance in a meaningful way. The scoring is based on a variety of metrics as detailed on the ‘score-table’ on page 3. Examples of the criteria and weighting include:

Observations and overview of 2018 NB flood support from government and insurance companies.  

fsim.ca/docs/Observations and overview of 2018 NB flood support from government and insurance companies..pdf

Mark Sibthorpe

Flood aftermath is linked to post traumatic stress. Here are some findings from a study conducted by Queensland University following a flood:

"The findings showed that aftermath stress contributed to poor mental health outcomes over and above the flood itself, prior mental health issues and demographic factors," Ms Dixon said.

"Aftermath stress was the strongest predictor of post-traumatic stress symptoms with 75 per cent of people saying the most difficult aspect was the aftermath and dealing with insurance companies," she said.

With this in mind, I felt it was important to understand how New Brunswick flood victims were treated.

Update Argentina: a sign of the times  

fsim.ca/docs/Update Argentina_ a sign of the times.pdf

Mark Sibthorpe

Argentina is in the news daily because the situation is dire, and may be an indication of further contagion. The most dramatic story that speaks of the a leading cause of its troubles was the recent arrest of the public works secretary, Jose Lopez. June 15th he was caught hiding millions in cash in a monastery. No this is not a plot for a comedy.

Summary of Canada's flood news, 2017 to present  

fsim.ca/docs/Summary-of-flood-news-2017-present.pdf

Mark Sibthorpe

This report covers flood news in Canada from 2017 to present and highlights the relevent issues for home-owners and the insurance industry.

Banking on Pot  

fsim.ca/docs/c10191_banking-on-pot.pdf

SBS

As states across the US legalize marijuana for both medicinal and recreational purposes, it has fueled a growing industry of marijuana related businesses (MRBs).

Canadian banking industry overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

Introduction
Small banks
Small medium sized banks
Medium sized banks
Medium large banks

2014 Mobile payments the Apple pay way  

fsim.ca/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

With Walmart Pay about to userp Apple Pay, I thought I would share my 2014 book on mobile payments and loyalty. The guilde was written for Merchants that want to understand loyalty, credit, mobile payments and Apple Pay, but anyone involved with credit and loyalty might find it useful.
The book is a prelude to Walmart leaving MCX, and chronicles the evolution that led to Walmart Pay. There is an extensive case study of Walmart that looks into its efforts to become an ILC and to avoid paying credit card transaction fees ('merchant discount').
It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and industry facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives. 

Death to bitcoin, long live the blockchain   (See full report)

Mark Sibthorpe

Jamie Dimon calls bitcoin a fraud used by criminals, yet he has jumped into the blockchain with both feet.

TD bank industry conduct  

fsim.ca/docs/tdind2.pdf

Mark Sibthorpe

TD’s share price recently collapsed by $7 bn in one day due to CBC’s allegations of aggressive selling tactics. A huge fall from a bank that was trading at a premium as recently as January. This was even before the most recent allegation of TD attempting to avoid paying taxes on advertising.
This report chronicles the events leading up to the collapse, shows TD's performance, analyses other related issues.

Book review: Back from the Brink  

fsim.ca/docs/backbrink.pdf

Mark Sibthorpe

This is a book review of the book Back from the Brink by Paul Halpern, Caroline Cakebread, Christopher C. Nicholls and Poonam Puri.

Footnote 151  

fsim.ca/docs/footnote151.pdf

Mark Sibthorpe

Footnote 151 implies an important regulatory change related to derivative contracts. It means that US Banks will not be required to hold as much capital against commodities. If you want to understand the implications of this regulatory change in more detail, see the enclosed related article detailing the changes. For contextual purposes, I have also included two Rolling Stones Magazines reports from 2010 and 2014 that chronicle the role large US banks have played in manipulating commodities. You might question the credibility of these sources, but rest assured, these reports are based on United States Senate hearings which outline the issues in a 396 page report related to the implied risks. 

Save the Canadian economy now  

fsim.ca/docs/helecopter-money.pdf

Mark Sibthorpe

Consumer debt spending appears to have insulated Canada from the worst of the credit crisis, but now the alarming magnitude of consumer debt ($1.92-trillion) could exacerbate a day of reckoning.
This report assesses the issues at hand and recommends the solution to get Canada's economy on track.

Reasons financial service companies should consider gamification  

fsim.ca/docs/GamingEventProposal-printsample--en-final.pdf

Mark Sibthorpe

Gamification of business processes resulted on Mint.com growing to 10 million users within 4 years. This report explains how.

National Bank Special Report  

fsim.ca/docs/NatBSpec.pdf

Mark Sibthorpe

According to Bloomberg, National Bank of Canada will take a C$64 million ($48 million) restructuring charge in the fourth quarter and said its investment in Maple Financial Group Inc., which is being probed by German regulators, may be at risk of a “substantial loss.”

Will Canadian banks charge companies for deposits?  

fsim.ca/docs/depgrowthimpact2.pdf

Mark Sibthorpe

In light of today’s possible rate cut, this report discusses how a bank rate cut and capital ratio pressure could precipitate negative corporate deposit interest rates in Canada.

Canadian Tire's (CTC) - Canadian Tire Financial Services (CTFS) Scotia deal overview and risk assess  

fsim.ca/docs/ctfsfinal.pdf

Mark Sibthorpe

Review of the Canadian Tire Financial Services deal with Scotiabank, risks, opportunity and benefits.

Finance minisiter scorecard August 26, 2015  

fsim.ca/docs/Scorejo-August-2015.pdf

Mark Sibthorpe

This report looks at Joe Oliver, minister of finance’s progress to date, and assigns a grade to his government’s performance to date.

Xtreme Branch  

fsim.ca/docs/xbranch.pdf

Mark Sibthorpe

Branches are evolving to meet the digital age. This documents tracks the evolution with real-world examples.

Canadian Nudge  

fsim.ca/docs/nudge.pdf

Mark Sibthorpe

CWB cause for concern  

fsim.ca/docs/cwbupdate.pdf

Mark Sibthorpe

BNTV Overview  

fsim.ca/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

• Analytics
• Financial services industry monitor (FSIM) industry briefings and developments reports
• Research

Challenger banks not a threat to big banks  

fsim.ca/docs/challenger.pdf

Mark Sibthorpe

This report looks at Canadian challenger banks (apart from merchant led banks) and explains why they have not threatened larger institutions. It also looks at ways in which these upstarts have achieved success.

Gamification of financial data project  

fsim.ca/docs/GamingEventProposal-printsample--en-final_original.pdf

Mark Sibthorpe

This document contains details on how BankNews.TV is helping kids learn programming via gamification of financial data.

The impact a rate rise will have for Canadian banks  

fsim.ca/docs/irr-f.pdf

Mark Sibthorpe

Canadian banks have made money throughout the credit crisis, but this trend may be about to reverse. The rational supporting this prediction is that revenue has grown despite a declining net interest margin (NIM). It has grown in spite of this fact because Canadian debt (loan lease volume) has risen significantly, as shown in chart 2.

FIFA: the new goldenballs  

fsim.ca/docs/goldenballs.pdf

Mark Sibthorpe

Yesterday, the Attorney General of Switzerland (OAG) opened criminal proceedings related to the FIFA scandal. This report outlines some of the events related to the criminal investigation, with a particular focus on banking.

Scorecard Minister of Finance: JIm Flaherty  

fsim.ca/docs/Scorecard Min Fin Flaherty April 8 2014.pdf

Mark Sibthorpe

March 18, Finance Minister Jim Flaherty resigned from cabinet after having endured a difficult year due to health issues. This report looks at his legacy and attempts to grade his government’s performance to date.

Sample RFP for a Loyalty Program  

fsim.ca/docs/sample RFP for a loyalty program.pdf

Mark Sibthorpe

Merchants extend financial services  

fsim.ca/docs/merchantfs.pdf

Mark Sibthorpe

Merchant led financial services are growing in importance once again. This is exemplified in the ongoing UK rivalry between ASDA, Sainsbury and Tesco. Together these merchant/financial service companies provide the backstop for three different approaches for merchants looking to extend their financial services.

Hot Money: real-estate  

fsim.ca/docs/hotmoney.pdf

Mark Sibthorpe

Currency Cheat Sheet: a guide for the rest of us  

fsim.ca/docs/currencycheatsheet.pdf

Mark Sibthorpe

Riches to Rags? Summary of possible risks for Genworth MI CANADA, INC.  

fsim.ca/docs/gq4risk.pdf

Mark Sibthorpe

Genworth had its Q4 2014 earnings call. Genworth own about 30% of the mortgage default insurance in Canada. Not surprisingly, the earnings call became focussed on Alberta; and for good reason, with 20% of its outstanding insured mortgage balance in Alberta, sensitivity to the oil shock and how Genworth plan to manage related risks were discussed in detail.

Canadian Western Bank Competitive Forecast  

fsim.ca/docs/cwbf.pdf

Mark Sibthorpe

Based on historical financial data (see detailed charts pages 5-8), the oil based recession in Alberta, and comparison against two of its peers, this document outlines my observation with respect to CWB’s future performances.

Liquid Canada: the tipping point  

fsim.ca/docs/Liquid.pdf

Mark Sibthorpe

This report examines liquidity issues in the Canadian financial service industry.

Bank Fees  

fsim.ca/docs/Bank fees.pdf

Mark Sibthorpe

Recently the CBC and The Globe and Mail both reported on what has been referred to as a consumer “bank fee outcry”. CBC compares banks to cable and phone companies, standing accused of trying to gouge customers with service fees. The backlash appears to have originated in conjunction with the NDP and the Consumers Council of Canada which argues that there is anxiety ‘among consumers about banking fees’.

Cheap Oil Report  

fsim.ca/docs/co2.pdf

Canada's Economy, a strategic solution  

fsim.ca/docs/ces.pdf

Mobile Payments Blueprint: guide to credit and loyalty transformation for merchants  

fsim.ca/docs/booksample.pdf

Guide to system selection  

fsim.ca/docs/gssnow.pdf

Read sample report: Guide to system selection. This sample would normally cost $99 but is available free as a sample. Click here view sample report.

SCOTIABANK SAYS TECHNICAL GLITCH THAT DISRUPTED DIRECT DEPOSIT, CHEQUE PAYMENTS HAS BEEN RESOLVED

G&M (2026-01-28)

“We are deeply sorry for the inconvenience the earlier technical issue has had on our clients, and sincerely appreciate their patience as we worked through this,” Ms.

U.S. FEDERAL RESERVE CAN WAIT ON ANY INTEREST RATE MOVES, POWELL SAYS

G&M - Christopher Rugaber (2025-04-17)

“As that great Chicagoan Ferris Bueller once noted, `Life moves pretty fast,’” 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)

“What you have are these people that show up to try to sell their car and they’re expecting a cheque to put money in their pockets,” 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)

“They 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 Canada’s rate hold won’t 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)

“We have been notified of the FRC’s intention to open an investigation into the EY audits of Post Office Limited for the financial years ending March 2015 – 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)

“As 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,” 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)

“There are real fundamental concerns driving yields higher, rather than just investors exiting positions amid market volatility,” 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 — low risk and high liquidity — also come with the added benefits of “greater flexibility, transparency and lower costs than traditional MMFs.”

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 WNBA’s Toronto Tempo has scored a sponsorship from Canadian Imperial Bank of Commerce, with the bank backing the team’s drive to become a national champion in women’s 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 Trump’s April 2 announcement of sweeping “reciprocal” tariffs on U.S.

BANK CLIMATE GROUP WINS ‘OVERWHELMING SUPPORT’ FOR NEW DIRECTION

Bloomberg - Alistair Marsh (2025-04-15)

Most banks in the industry’s 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)

Harvest’s 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)

Canada’s 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)

Citi’s 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 — with prices set to hit $4,000 an ounce by mid-2026 — 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)

“We’re still expecting to see strength in core inflation, still expecting to see strength in food inflation,” 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 – 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.

FINANCIAL SERVICES ROUNDUP: MARKET TALK

WSJ (2025-04-11)

1.

TD SHAREHOLDERS CONFRONT BANK LEADERS ABOUT ANTI-MONEY-LAUNDERING FAILURES AT AGM

G&M - STEFANIE MAROTTA, INDRA EGAN (2025-04-11)

“The settlements were extraordinarily painful,” 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 — a key part of activity in Canadian capital markets — 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 Trump’s tariffs and the resulting market turmoil were turning US exceptionalism into “US repudiation.”

BLACKROCK BROUGHT IN LESS MONEY THAN EXPECTED IN TARIFF RUN-UP

Bloomberg (2025-04-11)

BlackRock Inc.

CANADA IS SAVING ITS REAL ESTATE BUBBLE BY CREATING A RENTAL BUBBLE

Better Dwelling (2025-04-11)

To be blunt, policymakers’ recent efforts to incentivize institutional investment in purpose-built rentals doesn’t 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).

CANADIAN EMPLOYMENT (MARCH 2025)

TD (2025-04-11)

The Canadian labour market shed 32.6k

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)

“As 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 bank’s capital requirements, as he seeks to show that the move would effectively render the global firm uncompetitive. “Finma

FINANCING STANDSTILL TRIGGERS ALARM FOR DEBT-DEPENDENT COMPANIES

Bloomberg (2025-04-10)

With their typical financing channels closed for business as Donald Trump’s 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)

“As excited as we are, it’s 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)

There’s 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)

“Canada 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)

“The narrowed five-point gap between the Liberals and the Conservatives continues as voting day looms less than three weeks away,” said Nik Nanos, chief data scientist at Nanos Research and official pollster for CTV News and the Globe and Mail.

SHADOW BANKS ARE TOO BIG TO STAY IN THE SHADOWS

Bloomberg - Paul Davies (2025-04-09)

Paul J.

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 Chase’s Jamie Dimon, Goldman Sachs’s David Solomon, Bank of America’s Brian Moynihan and Wells Fargo’s 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 Express’s 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 “End the Housing Game,” 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 Trump’s 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 world’s 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 “flippers” 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 “typical” 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 “How Low Could Oil Prices Go?”

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 easily—on paper, at least.

WSJ MARKETTALK

WSJ (2025-04-08)

The current selloff in European bank shares is overdone given the sector’s strong fundamentals in historical terms, UniCredit’s 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)

“Canada 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)

Britain’s 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 “Outperformer” from “Neutral,” with Holden arguing that the lender “typically performs better in down markets.”

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 “insurance cuts” 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, here’s 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.

SCOTIABANK SAYS TECHNICAL GLITCH THAT DISRUPTED DIRECT DEPOSIT, CHEQUE PAYMENTS HAS BEEN RESOLVED

G&M (2026-01-28)

“We are deeply sorry for the inconvenience the earlier technical issue has had on our clients, and sincerely appreciate their patience as we worked through this,” Ms.

U.S. FEDERAL RESERVE CAN WAIT ON ANY INTEREST RATE MOVES, POWELL SAYS

G&M - Christopher Rugaber (2025-04-17)

“As that great Chicagoan Ferris Bueller once noted, `Life moves pretty fast,’” 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