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HSBC completes sale of Canadian unit to RBC

theglobeandmail.com HSBC Holdings said it completed the $13.5-billion sale of its Canadian unit, HSBC Bank Canada, to Royal Bank of Canada (RBC) on Thursday. The transaction will result in the…

UBS Banker's Comments Highlight Challenges Facing Green Banking

archive.ph The upshot: The world’s biggest banks can’t live up to the green regulatory ideal unless they start dumping huge numbers of clients worldwide at a reckless pace and also…

Discover CEO Michael Rhodes resigns to become Ally’s head

chicagotribune.com Discover Financial Services Chief Executive Officer Michael Rhodes is leaving the credit-card company to become CEO of auto lender Ally Financial Inc. Rhodes will stay at…

TD Bank CEO takes pay cut over anti-money-laundering probe

financialpost.com Toronto-Dominion Bank chief executive Bharat Masrani took a pay cut last year over the lender’s scuttled acquisition of First Horizon Corp. and the United States probe it…

BMO, CIBC and Scotiabank chief executives missed bonus targets in rocky 2023

financialpost.com The top executives at three of Canada’s biggest banks took home less than their target pay last year, according to new filings. We apologize, but this video has failed to…

Canada's Big Five banks' fossil-fuel exposure outpaces U.S., European peers

financialpost.com In contrast, fossil-fuel entities accounted for 7.2 per cent of overall financing among the largest banks in Europe and six per cent at the biggest U.S. lenders, said Daan…

Soaring stocks boost Canadians' wealth while real estate declines

financialpost.com A global rally in bonds and equities supported Canadians’ wealth at the end of last year, offsetting continued declines in real estate values. We apologize, but this video…

Temporary residents jump to 2.7 million as Ottawa tries to curb migration

theglobeandmail.com The Canadian population grew by nearly 1.3 million in 2023, an expansion that was largely fuelled by the arrival of temporary residents – a group the federal government is…

Small businesses rank credit unions ahead of Canada's big banks, CFIB finds

financialpost.com Small businesses are happier with the financial services they receive from credit unions than with those provided by the country’s five largest banks, a survey by the…

FP Dealmakers: More people 'just walking away' from transactions as M&A flow slows in first half

financialpost.com Tom Redekopp, managing director of the business law group at Dentons in Toronto, knew there was a seismic shift underway in mergers and acquisitions traffic when deals…

Scotiabank CEO shifts focus to North America, vows 'significant' change in mindset

financialpost.com The Bank of Nova Scotia will reallocate capital from developing markets to developed ones, prioritizing Canada, the United States and Mexico in that order, as it seeks to…

New limits on temporary residents to slow Canadian economy

financialpost.com Canada’s planned reduction in temporary residents is set to add downward pressure to inflation and economic growth in the coming months, and the policy will likely halve its…

Uncertainty over Bank of Canada interest rate cut dragging on Big Six, say analysts

financialpost.com Uncertainty over how long interest rates will remain elevated is posing a risk to growth and credit quality at Canada’s big banks, according to analysts who will be keeping…

Posthaste: Why Canada may need deeper interest rate cuts than other major economies

financialpost.com “Once inflation looks sufficiently tamed, the dosage will come down to just how much of an economic squeeze the existing level of rates has applied,” he said in his weekly…

Student caps may slow rent growth, but won't solve housing woes, say economists

financialpost.com The federal government says its new limit of issuing about 360,000 international study permits — 215,000 or so less than in 2023 — can alleviate pressures on housing, health…

What a mixed jobs report means for the Bank of Canada, according to economists

financialpost.com The Canadian economy added 37,000 jobs in January and the unemployment rate fell to 5.7 per cent, according to figures released Feb. 9 by Statistics Canada. While that beat…

With move to limit temporary residents, Ottawa is ‘attacking the demand curve now’

theglobeandmail.com The federal government’s move to restrict the number of temporary residents in Canada will cool demand in the beleaguered housing sector and help in the battle against…

Canadians paying billions of dollars in 'excess' bank fees: report

financialpost.com TORONTO — As the federal government pushes to reduce bank fees, a report from consultancy North Economics figures Canadians are overpaying by billions of dollars a year. We…

'Flattered by massive population gains': Economists on the February jobs data

financialpost.com The Canadian economy produced double the number of jobs forecasted by analysts, but the unemployment rate rose to 5.8 per cent in February from 5.7 per cent in January as…

‘We've averted a recession’: What senior bank executives are saying about the economy

financialpost.com Senior executives from Canada’s biggest banks were in New York this week for the RBC Capital Markets Financial Institutions Conference, where they addressed issues ranging…

Posthaste: Who says cities are dead? These four are driving Canada's economy

financialpost.com Yet despite concerns about “big city cores getting hollowed out,” the reality is they still drive Canada’s economic activity, says a report from Bank of Montreal economists…

RBC plans to triple renewable funding, reports little progress on oil and gas emissions

financialpost.com TORONTO — Royal Bank of Canada plans to ramp up its renewable energy funding, even as it also reported little progress on reducing the emissions intensity of its oil and gas…

National Bank shares hit all-time high as it reports $922 million Q1 profit

financialpost.com MONTREAL — Shares of National Bank of Canada pushed to an all-time high Wednesday as the bank delivered positive results that surprised to the upside. We apologize, but this…

RBC beats expectations even as loan loss provisions surge by more than 50%

financialpost.com Royal Bank of Canada beat analysts’ estimates as stronger-than-expected performance in the firm’s capital-markets and wealth-management businesses countered an increase in…

Bank of Montreal cuts exposure to ultra-long mortgages

financialpost.com Bank of Montreal is slowly whittling down a pile of ultra-long mortgages that it granted to Canadian customers to help them handle the rapid rise in interest rates. We…

BMO misses expectations on weak capital markets, higher loan-loss provisions

financialpost.com Bank of Montreal missed analysts’ estimates as it grappled with weak capital-markets revenue and reported an increase in loan-loss provisions. We apologize, but this video…

Canada's big banks report earnings this week: Here's what analysts are worried about

financialpost.com With most of Canada’s biggest banks exposed to the United States commercial-property market, the deteriorating quality of some real estate loans could lead to nasty…

BMO bankers sent each other crude memes before getting fired, investigation finds

financialpost.com Junior bankers who were recently fired from Bank of Montreal’s metals and mining group used work-sharing platforms to circulate crude jokes and at least one obscene image,…

Canada's Big Five banks pile into hot risk-transfer trade

financialpost.com A little-watched corner of Canada’s credit market is being shaken up by the country’s largest lenders as they pile into securities that shift credit risks to other investors…

TD Bank to pay $16 million to settle insufficient funds class-action lawsuit

financialpost.com TORONTO — The high cost of not having enough money is being brought into focus by a class-action lawsuit at one of the country’s largest banks. We apologize, but this video…

Posthaste: It's the economy, stupid

financialpost.com Investment in foreign securities hit $29.4 billion in December — largest net outflow of purchases into foreign stocks and bonds on records going back to 1988. Foreigners…

TD takes top spot as Canada's most valuable brand

financialpost.com Toronto-Dominion Bank took the top spot as Canada’s most valuable brand in 2024, according to an annual report by consultant Brand Finance PLC. We apologize, but this video…

These are the big questions facing Canada's Big Six banks in 2024

financialpost.com Interest rates, capital buffers and expense management are among the leading issues facing Canada’s biggest banks in 2024, but in the view of National Bank of Canada analyst…

Desmarais-backed Sagard buys stake in U.S. private equity firm, boosting assets under management to $25 billion

financialpost.com Sagard, an alternative asset management firm controlled by Quebec’s Desmarais family, is acquiring a strategic stake in Connecticut-based Performance Equity Management,…

Canada's big banks face more credit losses amid mortgage renewal crunch

financialpost.com Credit losses must peak and interest rate cuts must be closer at hand before banks enter recovery territory, analysts say Get the latest from Barbara Shecter straight to…

Banks are taking it on the chin, but here’s why they deserve a second look

financialpost.com Canadian banks have long been considered a solid investment choice for a variety of reasons, but perhaps the best thing they have going for them is the oligopolistic nature…

Recent turmoil shows Laurentian Bank's history is catching up with it

financialpost.com One bank analyst, the people who make investor recommendations to buy, sell or hold particular bank stocks, said “it’s completely out of nowhere.” We apologize, but this…

Innovative Financial Content Solution Coming to Canadian Investors with Support from BMO

benzinga.com An investment from BMO will introduce innovative financial content and solutions to Canadian investors. TORONTO, March 19, 2024 /CNW/ - StockPick, a modern financial content…

Live updates: Statistics Canada to release its February inflation report today

theglobeandmail.com The latest on inflation in Canada Statistics Canada will publish its February inflation report at 8:30 a.m. ET. Economists predict that the Consumer Price Index likely…

Spring housing market resurgence could give Bank of Canada pause on rate cuts

financialpost.com Spring housing market resurgence could give Bank of Canada pause on rate cuts A cut in April 'would be about the dumbest thing the central bank could do,' Scotiabank's Derek…

Canada's economy grows more than expected, easing pressure on Bank of Canada to cut rates

financialpost.com Canada’s real gross domestic product grew 0.2 per cent in November and early estimates suggest December growth was even stronger, a sign of economic resilience that some…

Harry Rosen’s $50-million overhaul plan, Gildan’s corporate battle intensifies and CRA clarifies bare trust tax filings: Must-read business and investing…

theglobeandmail.com Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros,…

Posthaste: Canada's GDP numbers not as good as you think, despite recession dodge

financialpost.com Still, digging into the data, economists found plenty of red flags as elevated interest rates continue to throttle the economy. With the final quarter of 2023 in the bag,…

'They run out of money': Real estate receiverships on the rise as projects stall

financialpost.com TORONTO — From one of Canada’s tallest condo towers to bare tracts of land, residential development projects across the country are increasingly being pushed into…

Canada's big banks weathering the storm as credit strain mounts

financialpost.com All but one of the big six beat expectations despite growing loan loss provisions Get the latest from Barbara Shecter straight to your inbox Canada’s largest banks took…

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