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'Pros on the Go', a Fierce Tartan company are seeking insurance partners to pilot its new solution for streamlining the claims process.

Using financial data, Mark Sibthorpe compares the performance of TD bank to its rivals. TD grew faster in 2017 than its rivals, but was cited for aggressive sales practices.

Mr. Michael R. King, Tangerine Chair in Finance and Co-Director, Scotiabank Digital Banking Lab / Ivey Business School at Western University

This video covers XE.com's presentation at the AI, Big Data and Analytics event which took place in Toronto February 7/8, 2018. Cecelia Tamez and Jean Louis provide insights into their evolution and winning strategy.

Greenpeace's campaign to stop TD financing the oil sands is delusional. Trillions of dollars are at stake for the banks and the Canadian economy. This video explores the related financial issues.

This video provides an overview of the main differences between Canada's approach to overland flooding versus the US approach.

Canadian bank overview part 5, medium-large banks. Banks include Manulife, Tangerine and Laurentian Bank.

Canadian banking industry overview of Canadian Tire Bank, Presidents Choice Financial, Equitable Bank, B2B Bank

Overview of small-medium size banks in Canada. Banks covered include Versabank, Hollis Bank, Equity Bank and Caisse Populaire Acadienne.

Review of small banks including Bridgewater,Vancity Bank, Concentra, Wealth One, Zag...

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

RBC invested $24 million into Wave Technologies and now they will roll out Waves accounting, invoicing, reporting and billing platform to SMEs.

Overview of Canadian banking industry. This multi-part series looks at issues facing Canadian banks from a variety of angles. Part 1 examines the types of banks and scale using ROE and EBITDA as measures.


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About BankNews TV: financial services industry monitor (FSIM), analytics and research

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

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

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/docs/Gamfin.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  

banknews.tv/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?  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/docs/xbranch.pdf

Mark Sibthorpe

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


Canadian Nudge  

banknews.tv/docs/nudge.pdf

Mark Sibthorpe

Whether he knew it or not, Tom Reid, a senior vice-president at Sun Life, made a case for the behavior modification concept ‘Nudging’ when he recently proposed auto-enrolling Canadians in his company’s pension plans. Sun life cover 1.2 million Canadians, about 60% of the eligible employees.
According to Reid,


CWB cause for concern  

banknews.tv/docs/cwbupdate.pdf

Mark Sibthorpe

In an earlier report BankNews.TV expressed concerns about CWB. Here are 5 charts that show cause:
1. First earnings drop in years;
2. Deposits dropping which will increase cost of funds in the future.


BNTV Overview  

banknews.tv/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  

banknews.tv/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  

banknews.tv/docs/GamingEventProposal-printsample--en-final.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  

banknews.tv/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.

This report looks at the issues facing Canadian banks in the event of a Bank Rate rise.  


FIFA: the new goldenballs  

banknews.tv/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  

banknews.tv/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  

banknews.tv/docs/sample RFP for a loyalty program.pdf

Mark Sibthorpe


Merchants extend financial services  

banknews.tv/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  

banknews.tv/docs/hotmoney.pdf

Mark Sibthorpe

Canadian and London real estate, like Macau, may also be a convenient means for China’s elite to move money offshore; with the deleterious effect of driving up home values. Louise Shelley`s research concurs. In a published paper written for the National Defense University, Shelley argues that money laundering in real estate (MLRE) increases prices.


Currency Cheat Sheet: a guide for the rest of us  

banknews.tv/docs/currencycheatsheet.pdf

Mark Sibthorpe

Readers of this document will be presented with monetary policy issues and facts
that show the USD will likely remain the dominant reserve currency, despite
questionable Chinese practices, record US debt levels, and a shaky economy.


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

banknews.tv/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  

banknews.tv/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  

banknews.tv/docs/Liquid.pdf

Mark Sibthorpe

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


Bank Fees  

banknews.tv/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  

banknews.tv/docs/co2.pdf

Cheap oil has pushed the Bank of Canada's governor, Stephen Poloz onto a slippery slope. For some background on this, take October 22nd, when Poloz bid farewell to forward guidance, resulting in yesterday's surprise rate cut. A cut that has enraged TD and other banks, which see this as eroding profits.
 


Canada's Economy, a strategic solution  

banknews.tv/docs/ces.pdf

This report explores Canada's strategies to compete globally. The report begins with an analyses of the housing market, because housing is the canary in the coal mine; explores what happens in the event of collapse; and analyses the underlying problem causing Canada to be uncompetitive.
 


Complete loyalty RFP  

banknews.tv/docs/booksample.pdf

Merchants that want to understand loyalty, credit and mobile payments should read this book. It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and 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.
 


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

banknews.tv/docs/booksample.pdf

Merchants that want to understand loyalty, credit and mobile payments should read this book. It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and 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.
 


Report on merchants extending financial services  

banknews.tv/docs/

Special report explaining why some merchants in the UK, U.S. and Canada are expanding their financial services. The paper discusses the structural and regulatory pressures facing merchants and explains the rational behind key decisions. This is an 8 page high level report
 


Guide to system selection  

banknews.tv/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

HOW CAN INSURANCE BROKERS USE RATE COMPARISON SITES TO BOOST THEIR BOOKS OF BUSINESS?

Insurance Business - Bethan Moorcraft (2020-12-07)

Enter, rate comparison websites. They’re all the rage in the UK and the USA, where consumers use comparison sites to shop for insurance much like Canadians do when comparing travel costs on sites like Expedia and Trivago. But Canadians are slowly starting to catch on to the insurance comparison trend. They’re searching for and finding platforms like LowestRates.ca, which is enabling consumers to compare insurance premium prices across a number of product lines, primarily in auto and home insurance.


CHINESE INVESTMENT IN CANADA’S HOTEL INDUSTRY DECREASES

G&M - Rachelle Younglai (2019-04-23)

Beijing’s crackdown on foreign investments is deterring Chinese companies from making large purchases of Canadian hotels.


BLACKSTONE GROUP TO BUY VANCOUVER OFFICE COMPLEX BENTALL CENTRE FROM ANBANG

G&M - Rachelle Younglai (2019-04-23)

Private equity company Blackstone Group and a Los Angeles real estate trust have a deal to buy Anbang Insurance Group’s office complex in Vancouver, the companies announced on Wednesday.


IMMIGRANTS SHOULDER HEAVIER HOUSING DEBT BURDEN THAN CANADIAN COUNTERPARTS, SAYS STATSCAN STUDY

G&M - Rachelle Younglai (2019-04-23)

Canada’s property boom has increased household wealth, but real estate purchases have left immigrants with a bigger debt burden than residents who were born here.


IMAGINING WHAT IT WOULD TAKE FOR POLOZ TO RAISE YOUR MORTGAGE RATE: DON PITTIS

G&M - Don Pittis (2019-04-23)

Following a month of surprisingly strong indicators on the economy, it is an interesting thought experiment to imagine what it would take to make Bank of Canada governor Stephen Poloz actually adjust Canadian interest rates this year.


OIL HITS 2019 HIGH ON U.S. PLAN TO TIGHTEN SQUEEZE ON IRAN

G&M - Alex Zerden and Sarah Freuden (2019-04-22)

Oil prices jumped more than 2 per cent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.


CANADIAN GREEN BOND MARKET EXPANDS WITH PUSH TO ENVIRONMENTALLY FRIENDLY PROJECTS

G&M - Alexandra Posadzki (2019-04-22)

The Canadian green bond market is expanding as more companies are looking to raise money to fund environmentally friendly projects.


CANADA NEEDS A BETTER PICTURE OF HOW HOUSEHOLDS ARE FARING

G&M - Ian McGugan (2019-04-22)

How has the past decade been for you? Are you happy with your financial progress?


'IS THAT EVEN LEGAL?': COMPANIES MAY BE SHARING NEW CREDIT OR DEBIT CARD INFORMATION WITHOUT YOU KNOWING

G&M - Rosa Marchitelli (2019-04-22)

Vanessa Acuña blames an "updating service" that some credit and debit card companies have that allows new account numbers and expiry dates to be shared with merchants customers have dealt with in the past. 


AN OLD TOOL TO FIGHT A NEW RECESSION: PERISHABLE MONEY

Bloomberg - Stephen Mihm (2019-04-22)


CHINA’S SCARIEST ASSETS ARE HIDING UNDER YOUR BED

Bloomberg - Shuli Ren (2019-04-22)

Everyone knows China’s stock markets aren’t for the faint-hearted. But plain vanilla assets can be equally scary. 


CHINESE COURTS HAVE PUT ON SOCIAL-CREDIT PUNISHMENT LIST ABOUT 13.5 MILLION PEOPLE DEEMED UNTRUSTWORTHY

G&M - Nathan Vanderklippe (2019-04-20)

People deemed untrustworthy in China have been blocked from the purchase of more than 25 million plane and train tickets, as the country works to build a social-credit system designed to monitor and shape the conduct of its citizens.


THE DATA GAME: HOW INFORMATION ON EVERYTHING FROM FLIGHT PATTERNS TO PARKING LOTS CAN REVEAL VALUABLE CLUES ABOUT WHERE THE MARKET IS HEADING

G&M - Tim Shufelt (2019-04-20)

Last summer, a corporate jet owned by Encana Corp. embarked on a strange pattern of flights.


ACROSS THE COUNTRY, VOTERS GROW IMPATIENT WITH THE STATUS QUO

G&M - John Ibbitson (2019-04-20)

If the polls are to be believed, Prince Edward Islanders could elect Canada’s first Green government in Tuesday’s provincial election. This would be the second time in one week that an incumbent premier with a majority government was defeated after a single term in office.


CIBC ACCELERATES PUSH INTO STARTUP FINANCING, SPURRING COMPETITORS TO FOLLOW

G&M - James Bradshaw (2019-04-20)

When Canadian Imperial Bank of Commerce acquired Wellington Financial early in 2018, the bank signalled its desire to tap into the expanding ecosystem of high-tech startups that many a banker had shunned as too risky.


BUSINESSES SEND THE BANK OF CANADA A CLEAR MESSAGE ON RATES: HOLD THE LINE

G&M - DAVID PARKINSON (2019-04-20)

If the Bank of Canada listens to what Canadian businesses are saying about their state of mind and their prospects, then interest-rate hikes could be on the shelf for a long time. The question is whether the central bank should believe what it’s hearing.


INSIDE TD’S AI PLAY: HOW LAYER 6’S TECHNOLOGY HOPES TO IMPROVE OLD-FASHIONED BANKING ADVICE

G&M - Josh O'Kane (2019-04-20)

After paying a nine-figure sum for some of the brightest minds in Canadian artificial intelligence, Toronto-Dominion Bank is trying to use tech to bring back what tech has greatly diminished: the personal touch of a trusty branch manager.


HIGHER FOOD PRICES HELP PUSH CANADA'S INFLATION RATE UP TO 1.9% IN MARCH

CBC - Pete Evans (2019-04-18)

The data agency said Wednesday that Canada's consumer price index rose from 1.5 per cent in February to 1.9 per cent in March. The 1.9 per cent figure was in line with what economists were expecting.


APPEALS FILED FOR DISMISSED LAWSUITS AGAINST THREE CANADIAN LIFE INSURERS

G&M - Tim Kiladze (2019-04-18)

A pivotal court ruling that dismissed three lawsuits against Canadian life insurers has been formally appealed, extending a battle between the companies and three investment funds over the fine print of decades-old contracts.


BUSINESSES SEND THE BANK OF CANADA A CLEAR MESSAGE ON RATES: HOLD THE LINE

G&M - DAVID PARKINSON (2019-04-18)

If the Bank of Canada listens to what Canadian businesses are saying about their state of mind and their prospects, then interest-rate hikes could be on the shelf for a long time. The question is whether the central bank should believe what it’s hearing.


WHY THIS COULD BE AN IDEAL TIME TO SELL CANADIAN UTILITY STOCKS AND BUY FINANCIALS

G&M - Scott Barlow (2019-04-18)

Merrill Lynch quantitative strategist Savita Subramanian has a new trade idea – sell U.S. utility stocks and buy U.S. financial stocks – for a potential gain of 20 per cent in the next 12 months. Could this trade also work for Canadian stocks?


MORGAN STANLEY BEATS PROFIT ESTIMATES ON LOWER COSTS AND STRENGTH IN WEALTH MANAGEMENT

G&M - APARAJITA SAXENA AND ELIZABETH DILTS (2019-04-18)

Morgan Stanley reported a 9-per-cent drop in quarterly earnings on Wednesday, but managed to beat analyst estimates through slight growth in its wealth management business, as well as cost cuts.


STEPHEN POLOZ’S DASHBOARD: THE LATEST CHARTS THAT MATTER MOST TO THE BANK OF CANADA

FP - Kevin Carmichael (2019-04-18)

When Statistics Canada publishes the Labour Force Survey early each month, the number that makes the headlines is the net change in employment, or maybe the jobless rate.


MORTGAGE STRESS TEST IS HELPING FUEL ALTERNATIVE LENDING BOOM: REPORT

FP - Geoff Zachodine (2019-04-18)

Regulators should reconsider a stress test for uninsured mortgages that was imposed amid an already slowing housing market and that has helped fuel an alternative-lending boom, a Canadian Imperial Bank of Commerce economist said Tuesday.


RELEASE OF LONG-AWAITED MUELLER REPORT ON RUSSIA A WATERSHED MOMENT FOR TRUMP

Reuters - SARAH N. LYNCH (2019-04-18)

Special Counsel Robert Mueller’s long-awaited report on Russia’s role in the 2016 U.S. election will be released on Thursday, providing the first public look at the findings of an inquiry that has cast a shadow over Donald Trump’s presidency.


JPMORGAN SHUFFLES CFO AND CARD SERVICES EXECUTIVES

Reuters - David Henry (2019-04-18)

JPMorgan Chase & Co shuffled the jobs of two of its most senior women executives on Wednesday, moving Chief Financial Officer Marianne Lake to a role leading consumer lending and naming the head of card services Jenn Piepszak to replace her.


BNY MELLON EXPECTS NET INTEREST REVENUE TO DROP AGAIN, SHARES SLIDE

Reuters - Reuters (2019-04-18)

Bank of New York Mellon Corp said on Wednesday it expects net interest revenue to decline again in the current quarter as the world’s largest custodian bank pays higher interest rates to attract deposits, sending its shares down 9 percent.


ACCOUNTING RULES ARE DRIVING BETS AGAINST CANADIAN BANKS

Bloomberg - Doug Alexander (2019-04-18)


WHY CANADIAN BANKS AREN’T THE ONLY GAME IN TOWN

G&M - Ian McGugan (2019-04-17)

Many Canadian investors hold a couple of truths to be self-evident. One is that big banks rule. The other is that only stocks with big dividend yields deserve to be considered as potential investments.


CANADIAN HOUSING MARKETS: A LOOK AT WHERE BUYERS OR SELLERS HOLD THE UPPER HAND

G&M - Michael Babad (2019-04-17)

“Buyers hold a strong hand in several of Canada’s large markets at this stage, while policy makers will view lower prices as (good) signs of improving affordability that require no further intervention,” Mr. Hogue said in a report.


DROP IN TRADING REVENUES AT U.S. INVESTMENT BANKS DOESN’T BODE WELL FOR CANADIAN PEERS

G&M - Alexandra Posadzki (2019-04-17)

Lower market volatility took a bite out of the equity trading revenues at some of the big U.S. investment banks and analysts say a similar theme could play out north of the border, as well.


RESTRAINING THE HOUSING MARKET MAY BE WISE — BUT IT REMAINS DIVISIVE: DON PITTIS

CBC - Don Pittis (2019-04-17)

It's pretty clear that the explosive growth in the price of Canadian houses over the last decade was the inadvertent product of an emergency plan to rescue global capitalism in 2008. 


MORTGAGE STRESS TEST ACCOUNTS FOR UP TO $15B DROP IN NEW MORTGAGES IN 2018: CIBC

CBC - CP (2019-04-17)

The total value of new mortgages fell by eight per cent or $25 billion in 2018, wrote Benjamin Tal, deputy chief economist at CIBC World Markets Inc. in a report released Tuesday.


'TODAY WE BEGIN TO FIGHT BACK': JASON KENNEY'S UCP WINS MAJORITY IN ALBERTA ELECTION

National Post - Tyler Dawson, Stuart Thomson and Jake Edmiston (2019-04-17)

It was not a close call. Despite all the hand-wringing, all the reminders that the polls had gotten it wrong in Alberta before, in the end the province’s election unfolded precisely as expected: Jason Kenney’s United Conservative Party won, handily.


MORTGAGE STRESS TEST IS HELPING FUEL ALTERNATIVE LENDING BOOM: REPORT

FP - Geoff Zochodne (2019-04-17)

Regulators should reconsider a stress test for uninsured mortgages that was imposed amid an already slowing housing market and that has helped fuel an alternative-lending boom, a Canadian Imperial Bank of Commerce economist said Tuesday.


MANY CANADIANS ANXIOUS ABOUT INVESTING ON THEIR OWN

Insurance Journal - IIJ (2019-04-17)

Only one in 10 people feel very comfortable investing on their own, and only one-fifth are currently DIY investors, the survey found. However, half of respondents said they would like to be able to invest online by themselves.


QUEBEC'S NEW DISASTER RELIEF PROGRAM SETS CAPS ON FLOOD COMPENSATION

Insurance Business - Lyle Adriano (2019-04-17)

The Quebec government has revealed a new disaster relief program – one that puts limits on the amount of compensation given to homeowners in flood zones.


UBER-STYLE PLATFORM FOR EXPEDITING APPRAISALS NOW IN CANADA

Canadian Underwriter - David Gambrill (2019-04-17)

An Uber-style platform to expedite home and auto claims appraisals has made its way into Canada.


LEHMAN BROTHERS, A FAMILY SAGA, AS VIEWED BY SOME WHO LIVED IT

NY Times - Patricia Cohen (2019-04-17)

“I remember that Sunday like it was yesterday,” he said. “In the morning we were told we were going to be saved.” They weren’t.


THE BIG SHORT'S STEVE EISMAN: CANADA'S BANK CEOS 'EXTREMELY ILL-PREPARED' FOR CREDIT CYCLE

BNN - BNN Video (2019-04-16)

Neuberger Berman's Steve Eisman, the money manager made famous by the book 'The Big Short' and its film adaptation, joins BNN Bloomberg to discuss why he's short Canadian banks.


STRESS TEST RESPONSIBLE FOR DROP OF AS MUCH AS $15-BILLION IN NEW MORTGAGES, STUDY FINDS

G&M - Janet McFarland (2019-04-16)

The federal government’s new mortgage stress test was responsible for a drop of as much as $15-billion in residential mortgage borrowing last year, according to a report to be released Tuesday.


PROBABILITY OF CANADIAN RECESSION ‘SMALL BUT RISING’: SCOTIABANK

G&M - Michael Babad (2019-04-16)

The probability of a recession in Canada is “small but rising,” Bank of Nova Scotia says.


DROP IN TRADING REVENUES AT U.S. INVESTMENT BANKS DOESN’T BODE WELL FOR CANADIAN PEERS

G&M - Alexandra Posadzki (2019-04-16)

Lower market volatility took a bite out of the equity trading revenues at some of the big U.S. investment banks and analysts say a similar theme could play out north of the border, as well.


WHY CANADIAN BANK STOCKS AREN’T THE BEST INVESTMENT

G&M - Ian McGuigan (2019-04-16)

Many Canadian investors hold a couple of truths to be self-evident. One is that big banks rule. The other is that only stocks with big dividend yields deserve to be considered as potential investments.


BANK OF CANADA’S KEY GAUGE OF BUSINESS SENTIMENT TURNS NEGATIVE FOR FIRST TIME IN THREE YEARS

G&M - Barrie McKenna (2019-04-16)

The Bank of Canada’s gauge of business sentiment has turned negative for the first time in nearly three years, weighed down by the energy slump, slowing housing activity and global trade tensions.


CIBC SHUFFLES CEO'S BROTHER INTO NEW ROLE AS HEAD OF CIBC WOOD GUNDY

CBC - CP (2019-04-16)

Canadian Imperial Bank of Commerce is shuffling its leadership deck in a series of moves effective today that includes appointing Ed Dodig, CEO Victor Dodig's brother, to head retail investment firm CIBC Wood Gundy.


CANADA’S ‘ECONOMIC CIVIL WAR’ CENTRE STAGE AS ALBERTANS TAKE ANGER AGAINST THE EAST TO POLLS

FP - Kevin Orland (2019-04-16)

“I remember celebrating when the Bloc Quebecois failed because I love my Canada,” he said in an interview, referring to the federal party that advocated Quebec’s secession. “That’s why I describe myself as a frustrated nationalist, not in any way a separatist.”


FOREIGN COMPANIES IN THE US FACING PREMIUM HIKE

Insurance Business - Lyle Adriano (2019-04-16)

This increase in D&O insurance premiums is being driven by more and more lawsuits being filed against non-US firms.


CREDENTIAL STUFFING: CANADA’S NEWEST CYBER THREAT

Canadian Underwriter - Jason Contant (2019-04-16)

“If I can get your details from one site and use them on another like your Uber account, PayPal or an airline, I can start using your accounts for financial gain,” Lindsey Nelson, international cyber practice leader with specialist insurer CFC Underwriting, said Friday.


HOW USAGE-BASED INSURANCE AFFECTS THIS CARRIER’S PROFITS

Canadian Underwriter - Greg Mechbach (2019-04-16)

“We are seeing our retention of customers who are on usage-based insurance is significantly higher than just normal retention, because once a customer gets on if they have earned a discount, then they are going to keep earning that discount going forward,” Tisdale told Canadian Underwriter.


FINANCE’S TOP EARNERS DON’T WORK AT A BANK

WSJ - Patrick Thomas (2019-04-16)

The best place to make money in the world of finance and investment may not be at a bank but in real estate.


QUIET QUARTER ON WALL STREET HURTS GOLDMAN’S RESULTS

WSJ - Liz Hoffman (2019-04-16)

Goldman Sachs Group Inc.’s first-quarter profit fell sharply as trading and underwriting slowed, showing the urgency of the firm’s pivot away from those unpredictable Wall Street businesses.


CITIGROUP’S PROFIT LIFTED BY CONSUMER BANKING

WSJ - Telis Demos (2019-04-16)

Citigroup Inc. said its first-quarter profit rose 2% from a year ago, boosted by growth in U.S. consumer banking and solid trading performance compared with rivals.


DEUTSCHE BANK IS SUBPOENAED FOR TRUMP RECORDS BY HOUSE DEMOCRATS

NY Times - Emily Fliter, David Enrich (2019-04-16)

Subpoenas from the House’s Financial Services and Intelligence committees were the latest attempts by congressional Democrats to collect information about the finances of President Trump.


COURT REVIVES £14BN CLASS ACTION SUIT AGAINST MASTERCARD

Finextra - Finextra (2019-04-16)

The claim, brought under the Consumer Rights Act of 2015 which paved the way for class action lawsuits, is being led by former financial ombudsman Walter Merricks, who alleges that the card scheme imposed "illegal" interchange fees that were ultimately borne by UK consumers.


SPECIAL ECONOMIC MEASURES (VENEZUELA) REGULATIONS

OSFI - OSFI (2019-04-16)

This Notice is directed to the attention of all banks, authorized foreign banks, trust companies, loan companies, cooperative credit associations, cooperative retail associations, life insurance companies, property and casualty insurance companies and fraternal benefit societies (FRFIs).


MORTGAGE STRESS TEST IS HELPING FUEL ALTERNATIVE LENDING BOOM: REPORT

FP - Geoff Zochodne (2019-04-16)

Accordingly, regulators should revisit B-20,” Tal wrote in a report. “We need a more flexible benchmark, potentially a narrower spread over the contract rate when interest rates approach cyclical peak, and perhaps to establish a reasonable floor under which the qualifying rate will never drop below.”


YES, CANADA, OPEN BANKING IS WORKING IN BRITAIN

G&M - Christopher Day (2019-04-16)

Canada is considering a move toward open banking, a formalized system in which consumers are empowered to share their bank-held data with third-party providers (TPPs) to encourage competition and innovation. If the experience in Britain is a guide, this advance will transform the country’s economy and improve outcomes for consumers, businesses and financial institutions (FIs).


CIBC SHUFFLES EXECUTIVE RANKS, NAMES CEO’S BROTHER AS NEW HEAD OF WOOD GUNDY

G&M - CLARE O’HARA AND TIM KILADZE (2019-04-15)

Canadian Imperial Bank of Commerce is making significant leadership changes that span wealth management, capital markets and retail banking, including naming CEO Victor Dodig’s brother as head of retail brokerage Wood Gundy.


HOUSE PRICE GROWTH IN CANADA MAY BE SLOWEST IN ALMOST 10 YEARS

G&M - Michael Babad (2019-04-15)

A report Monday is expected to show Canada’s housing market staged a “mild rebound" in March, while a key price measure eased to its slowest pace in almost 10 years.


A FIRST FOR CANADA: AN INDIGENOUS-FOCUSED FUND THAT PROJECTS 8-PER-CENT RETURNS

G&M - Tim Kiladze (2019-04-15)

A new fund dedicated to financing Indigenous economic development offers Canadians the rare opportunity to invest in on-reserve projects through a private asset manager.


TRUMP IS SHOWING THE WORLD HOW NOT TO RUN A CENTRAL BANK

G&M - Barrie McKenna (2019-04-15)

When the Bank of Canada went looking to fill a vacant spot on its policy-making governing council in 2018, it hired a global executive recruiter and posted a long list of qualifications.


HOW RAISING THE AGE FOR CPP AND OAS TO 67 WOULD BENEFIT THE WHOLE COUNTRY

G&M - Rob Carrick (2019-04-15)

It’s time to acknowledge that people are both working and living longer by increasing the standard age for starting retirement benefits to 67, Canada’s actuaries say.


‘OUR ENGINE IS SPUTTERING’: ONTARIO PCS BANK ON BUSINESS INVESTMENT INCENTIVE TO SPUR SLOWING ECONOMY

FP - Geoff Zochodne (2019-04-15)

“Ontario’s economy is expected to grow at a steady pace over the 2019 to 2024 period, moderating from recent years mainly due to a less supportive external environment,” the budget says.


NORTHLEAF CAPITAL BOOSTS PRIVATE CREDIT PROGRAM WITH US$800 MILLION CAPITAL RAISE

FP - Barbara Shecter (2019-04-15)

Northleaf now has more than US$12 billion in private equity, private credit, and infrastructure commitments under management on behalf of institutional and high-net-worth investors, including pension funds. Private credit is a general term for loans made to companies by lenders other than banks.


TRUMP’S FED BATTLES VEX CENTRAL BANKERS

WSJ - Nick Timiraos (2019-04-15)

Former Federal Reserve officials and foreign central bankers say President Trump’s combative stance toward the U.S. central bank could over time weaken the institution and its role in the global economy.


U.S. GOVERNMENT BONDS FALL ON CHINESE DATA

WSJ - Sam Goldfarb (2019-04-15)

U.S. government-bond prices fell after better-than-expected Chinese economic data helped sap demand for safer assets.


U.S. TREASURY YIELDS UNDER PRESSURE FOLLOWING CPI, FED MINUTES

WSJ - Akane Otani (2019-04-15)

U.S. government bond yields fell following an underwhelming report on consumer prices and cautious remarks from central bank officials.


BIG BANK EARNINGS REFLECT STRENGTH IN THE ECONOMY

NY Times - Emily Flitter (2019-04-15)

JPMorgan Chase and PNC Financial Services Group both reported strong performances on Friday for the first three months of 2019, including revenue that was higher than Wall Street analysts had expected. The banks’ results suggested that events like the government shutdown in January and President Trump’s trade war with China had little impact on large swaths of American businesses and consumers.


BARCLAYS ACTIVIST BRAMSON RENEWS CALL TO JOIN THE BOARD

Reuters - Reuters (2019-04-15)

Activist Edward Bramson on Monday made a renewed plea for Barclays' investors to give him a seat on the bank's board, as the war of words between his Sherborne Investors fund and the lender's management ratchets up.


CITIGROUP TO REFUND RETAIL CUSTOMERS FOR INVESTMENT LOSSES: AUSTRALIAN REGULATOR

Reuters - Paulina Duran (2019-04-15)

Citigroup is refunding more than A$3 million ($2.2 million) to retail customers in Australia who suffered losses from complex investments sold by the bank without adequate advice, the country’s corporate watchdog said on Monday.


WELLS FARGO'S REVENUE OUTLOOK SPOOKS INVESTORS

Reuters - Imani Moise (2019-04-15)

Wells Fargo & Co shares fell as much as 3 percent on Friday after the bank dialed back its net interest income outlook for this year and reported a decline in total quarterly revenue.


PROTESTS IN SUDAN AND ALGERIA RAISE HOPES FOR ANOTHER ARAB SPRING REVOLUTION? TOO SOON TO TELL

G&M - Mark Mackinnon (2019-04-12)

The scenes were familiar: another aged Arab leader, this time 75-year-old Omar al-Bashir of Sudan, being forced from power by a young and jubilant pro-democracy crowd on Thursday, just nine days after Algeria’s 82-year-old president Abdelaziz Bouteflika was ousted by similar throngs of flag-waving demonstrators in his country.


MANULIFE’S COO TO DEPART AMID EXECUTIVE SHUFFLE

G&M - James Bradshaw (2019-04-12)

Manulife Financial Corp. is eliminating its chief operating officer role as it redraws reporting lines for seven key divisions, according to people familiar with the matter.


CANADA’S BIG BANKS PREPARING FOR WORST-CASE BREXIT SCENARIO, WITH SOME TAKING STEPS TO BOLSTER DUBLIN OFFICES

G&M - Alexandra Posadzki (2019-04-12)

Canada’s big investment banks are preparing for the possibility of a worst-case Brexit scenario, with some taking steps to bolster their Dublin offices in case Britain is not able to strike a deal with the European Union before the new Halloween deadline.


HOUSING MARKET WEAKNESS MEANS STRESS FOR BOOMERS CONSIDERING WHETHER TO DOWNSIZE

G&M - Rob Carrick (2019-04-12)

Boomers who own houses worth many times what they paid have a retirement planning advantage that may never be equalled by future generations.


FOREIGN INSURERS GEAR UP TO TAP CHINA’S $1.6-TRILLION PENSIONS BUSINESS: SOURCES

G&M - Sumeet Chatterjee (2019-04-12)

Foreign insurers including Generali and Prudential Plc are in early talks with authorities to enter China’s private pensions sector, people with knowledge of the matter said, as Beijing opens up to overseas companies.


BANK REGULATOR'S REPORT ON AGGRESSIVE SALES TACTICS WEAKENED AFTER GOVERNMENT — AND BANKS — REVIEWED DRAFTS

CBC - Erica Johnson, Enza Uda (2019-04-12)

Last year's report from Canada's banking regulator about aggressive sales tactics underwent several drafts that eliminated proposed protections for consumers — edits that were made after the regulator sent early versions to the federal Finance Department and the big banks.


NORTHLEAF CAPITAL BOOSTS PRIVATE CREDIT PROGRAM WITH US$800 MILLION CAPITAL RAISE

FP - Barbara Schecter (2019-04-12)

Toronto-based private markets fund manager Northleaf Capital Partners has boosted its global private credit program by more than 50 per cent to US$2.2 billion with a new capital raise.


COMMERZBANK CHAIRMAN DISMISSES 'IRRESPONSIBLE' REPORTS OF DISSATISFACTION WITH CEO

Reuters - Reuters (2019-04-12)

Chairman Stefan Schmittmann was reacting to reports in recent days that some board members were pushing Commerzbank to end merger talks with rival Deutsche Bank and push CEO Martin Zielke from office.


ITALY'S UNICREDIT SAYS IT IS AMONG BANKS ACCUSED OF RUNNING BOND CARTEL

Reuters - Gianluca Semeraro (2019-04-12)

Italy’s biggest lender UniCredit said it is among a group of banks accused of running a cartel in trading euro zone government bonds between 2007 and 2012, years when financial crises dragged down banks and several European countries.


MORNEAU DOESN’T BUY ARGUMENT FOR SHORTING CANADIAN BANK STOCKS

Bloomberg - Theophilos Argitis and Josh Wingrove (2019-04-12)

“The underlying thesis, I don’t buy into,” Morneau told reporters Thursday in Washington, after an event at Georgetown University, adding he continues to be “optimistic about our banking sector.”


BMO RESTRUCTURES CAPITAL MARKETS LEADERSHIP, MAKES MULTIPLE CUTS

G&M - Tim Kiladze (2019-04-11)

Bank of Montreal has revamped its capital markets leadership team, making changes across its trading and investment banking units.


U.S. BANK CEOS GET A GRILLING FROM CONGRESSIONAL PANEL

G&M - IMANI MOISE AND ELIZABETH DILTS (2019-04-11)

Chief executives of some of the largest U.S. banks appeared before the House Financial Services committee for the first time since the financial crisis on Wednesday armed with the healthy balance sheets, but lawmakers grilled executives more on social issues than business fundamentals.


WEALTH MANAGEMENT GAINS FROM AI DEVELOPMENTS

Bobsguide - Herbert Leonelli (2019-04-11)

Artifical intelligence is set to transform businesses in ways we’ve not seen since the industrial revolution. The digital era is evolving in the wealth management sector, leading to a dynamic increase of AI and robo-advisory tools. 25% of 600 banking professionals, surveyed by MoneyLIVE and presented at FStech, said they used AI at a moderate extent. The growth of AI will “plug the current gap in data science skills, predicting that by 2020 more than 40% of data science tasks will be automated” according to Gartner.


US REAL-TIME PAYMENTS ARE HEADED TO UBIQUITY. ARE BANKS READY?

Bobsguide - Robert Mancini (2019-04-11)

By way of evidence, let’s take a few figures from the report. The complement of 12 banks live on RTP at the start of 2019 is projected to double to 24 by the end of the year. That may not sound like a massive increase, but it will bring the proportion of demand deposit accounts able to transact in real-time through RTP to 70%. And further rises in connections will likely take that figure to 90% by the end of 2020, putting ubiquity within reach.


‘BREXIT IS NOT HELPING ANYBODY’: BRITAIN’S LOOMING EU SPLIT CAUSING HAVOC IN BUSINESS INVESTMENT, MANUFACTURING

G&M - PAUL WALDIE (2019-04-10)

When Honda Motor Co. opened a car plant in Swindon, England, in 1989, the company said it would be the cornerstone of its European operations.


WHY SHORTING THE CANADIAN BANKS ON HOUSING MAKES NO SENSE

G&M - Tim Kiladze, James Bradshaw (2019-04-10)

Crucially, he noted, healthy levels of collateral and mortgage insurance “provide huge buffers to direct losses for the banks." He isn’t completely dismissive of the short story, but he believes "it would take a truly significant decline in home prices for Canadian and Australian banks to incur a large increase in direct mortgage credit losses.”


RBC, TD THREATENED WITH LAWSUIT OVER ‘CLOSET INDEXERS'

G&M - Clare O'Hara (2019-04-10)

The proposed class actions were filed on behalf of RBC investors who held units of the RBC Canadian Equity Fund at any time from June 1, 2005, to present, and TD investors who held units of the TD Canadian Equity Fund at any time from Jan. 1, 2010, to present. The action would still need to be certified by the court; no timetable for a hearing has yet been set. If certified, those investors eligible to join the class action would be notified.


CANADIAN BANK NAY-SAYERS WILL BE PROVEN WRONG, SCOTIA'S CEO SAYS

FP - Geoff Zochodne (2019-04-10)

“U.S. hedge funds from time-to-time have appeared in this country over the last 10 years, with the same hypothesis of shorting Canadian banks, and it hasn’t worked very well for them,” said Brian Porter, president and CEO of Scotiabank, in response to a question at the lender’s annual meeting of shareholders in Toronto.


BANK OF NOVA SCOTIA’S PLAN TO SELL ASSETS IN CARIBBEAN FACING SCRUTINY FROM LOCAL WATCHDOG

FP - Geoff Zachodine (2019-04-10)

Scotiabank’s Caribbean banking asset sale — involving Anguilla, Antigua, Dominica, Grenada, Guyana, St. Kitts & Nevis, St. Lucia, St. Maarten, St. Vincent and the Grenadines — forms part of a broader campaign by the bank to focus its energies on its core markets.


PAT GALLAGHER, JR. EXPLAINS WHAT IT TAKES TO RUN AN ETHICAL INSURANCE COMPANY

Insurance Business - Bethan Moorcraft (2019-04-10)

The World’s Most Ethical Companies assessment is based upon the Ethisphere Institute’s Ethics Quotient (EQ) framework, which assesses a company’s performance in five key areas: ethics and compliance program (35%), culture of ethics (20%), corporate citizenship and responsibility (20%), governance (15%), and leadership and reputation (10%).


THE CO-OPERATORS CREATES INSURTECH INVESTMENT FUND

Insurance Business - Lyle Adriano (2019-04-10)

Wesseling added that The Co-operators is willing to collaborate with insurtechs that offer cutting-edge technology and solutions which “meet the changing needs and preferences of [the company’s] clients.”


INTACT FINANCIAL REVEALS SEVERE WEATHER IMPACT FOR Q1 2019

Insurance Business - Lyle Adriano (2019-04-10)

Intact Financial has revealed that severe winter weather led to net catastrophe and non-catastrophe weather losses of about $165 million, before tax.


WHERE CANADA’S LARGEST INSURER SITS WITH BOARD DIVERSITY

Canadian Underwriter - Greg Meckbach (2019-04-10)

Kinney is currently vice chair of banking advisory for Deloitte Canada. If she is elected by shareholders, women will make up 41.6% of the board of Intact, which led the Canadian P&C market in 2017 with 17% market share and $7.9 billion in net premiums written.


MODERN MONETARY THEORY FINDS AN EMBRACE IN AN UNEXPECTED PLACE: WALL STREET

NY Times - Patricia Cohen (2019-04-10)

But M.M.T., as it’s known, is attracting a conspicuous number of fans in an unexpected place: Wall Street. Money managers, chief executives and business analysts maintain that the approach offers several important and overlooked insights, and far from finding it fanciful or deranged, they are using M.M.T. to build economic forecasts and even trading strategies.


OSFI PROMOTES FINANCIAL INSTITUTION RESILIENCE WITH A NEW VERSION OF ITS LARGE EXPOSURE LIMITS GUIDELINE FOR DOMESTIC SYSTEMICALLY IMPORTANT BANKS (D-SIBS)

OSFI - Press Release (2019-04-10)

Today, the Office of the Superintendent of Financial Institutions (OSFI) released the final version of its Guideline B-2: Large Exposure Limits for Domestic Systemically Important Banks.


B.C. UNVEILS CANADA’S FIRST BENEFICIAL OWNERSHIP REGISTRY

G&M - Wendy Sueck (2019-04-10)

The B.C. government has introduced new legislation to create a public registry of property owners in the province, the first of its kind in Canada, that is aimed at ending the use of trusts, corporations and partnerships to shield transactions from public view.


BILLIONAIRES TAKE A PAGE FROM THE PROGRESSIVE PLAYBOOK (TO A POINT)

G&M - Ian McGugan (2019-04-10)

Pop quiz: Who said this past week that “capitalism is not working well” and warned of a “high risk of bad conflict” among haves and have-nots?


EQUIFAX MADE BREACH WORSE BY FALLING SHORT OF PRIVACY OBLIGATIONS TO CANADIANS, COMMISSION FINDS

FP - CP (2019-04-10)

Canada’s privacy commissioner says Equifax fell short of its privacy obligations to Canadians during and after a global data breach in 2017.


U.S. LAWMAKERS GRILL BANK CEOS ON SOCIAL ISSUES

Reuters - Imani Moise, Elizabeth Dilts (2019-04-10)

CEOs from JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Goldman Sachs Group Inc, Morgan Stanley, State Street Corp and Bank of New York Mellon Corp walked into the hearing room ready to argue Wall Street has reformed the practices that fueled the 2007-2009 crisis and stress the contribution banks make to the broader economy.


STANDARD CHARTERED TO PAY $1.1 BILLION FOR SANCTIONS VIOLATIONS

Reuters - Karen Frefeld (2019-04-10)

Standard Chartered Plc has agreed to pay $1.1 billion to U.S. and British authorities for conducting illegal financial transactions that violated sanctions against Iran and other countries, government authorities announced on Tuesday.


BANK CEOS QUIZZED ON WHETHER SUCCESSORS WILL BE ‘ALL WHITE MEN’

Bloomberg - Michelle Davis (2019-04-10)


DERIVATIVES ARE STILL TOO DANGEROUS

Bloomberg - Bloomberg (2019-04-10)

Financial regulators have done a lot to reform the derivatives markets that helped turn the financial crisis of 2008 into a global disaster. But their work is unfinished — and there’s even a danger that, in one way, they might have made things worse.


CLEANUP OF ALBERTA’S OIL WELLS COULD COST UP TO $70-BILLION, REPORT SAYS

G&M - Jeffrey Jones (2019-04-09)

Alberta’s oil and gas industry could be on the hook for up to $70-billion in future cleanup liabilities related to oil and gas wells, quadruple the current estimate gleaned from the provincial regulator’s data, a new research group says.


B.C.'S ANTI-MONEY LAUNDERING EFFORTS DESERVE PRAISE, BUT MORE NEEDS TO BE DONE

G&M - Kevin Comeau (2019-04-09)

For years, criminals from around the world have been secretly investing their proceeds of crime in Canadian real estate simply by registering the property in the name of a private corporation, partnership or trust. That will soon come to an end in British Columbia. Well, almost.


AUTO INSURANCE REGULATION IN ONTARIO NEEDS A DRAMATIC OVERHAUL

G&M - Colm Holmes (2019-04-09)

When a car is classified as a write-off, that usually means it’s time for a new one. As many consider Ontario’s system of auto insurance regulation as badly broken, could the same guidance be applied here?


U.S. FED PROPOSES NEW REGULATORY REGIME FOR FOREIGN BANKS

FP - Pete Schroeder (2019-04-09)

The U.S. Federal Reserve on Monday proposed a new regulatory regime for 23 foreign banks operating in the U.S. that could make life easier for some lenders, while tightening up rules for more risky foreign firms.


BANK EXECUTIVES TO TELL CONGRESS: FINANCIAL SYSTEM IS MUCH SAFER

WSJ - Andrew Ackerman , Lalita Clozel (2019-04-09)

The chief executives of the largest U.S. banks plan to tell Congress this week that the financial system is less risky and more tightly supervised than it was a decade ago thanks to a series of regulatory reforms implemented in the wake of the 2008 financial crisis.


FED MOVES TO EASE LIVING WILLS, ALLOWING LARGE BANKS TO FILE WIND-DOWN PLANS LESS FREQUENTLY

WSJ - Lalita Clozel, Liz Hoffman (2019-04-09)

Federal regulators proposed easing a rule that required big banks to plan annually for their own demise, the latest move by regulators under President Trump to loosen controls put in place after the financial crisis.


FRENCH BANK SOCGEN PLANS TO CUT 1,600 JOBS IN BID TO BUOY PROFITS

Reuters - Inti Landauro (2019-04-09)

 Societe Generale, France’s third-largest bank, unveiled on Tuesday a plan to cut 1,600 jobs, mainly at its corporate and investment banking arm, in a bid to buoy profitability after last year’s poor performance.


HOW WELLS FARGO'S REGULATORS AND EMPLOYEES DROVE OUT ITS CEO

Reuters - Imani Moise (2019-04-09)

The day after former Wells Fargo & Co Chief Executive Tim Sloan told U.S. lawmakers he was transforming the bank’s high-pressure culture, Federal Reserve officials met privately with bank employees.


CONGLOMERATES STILL STRUGGLING WITH COMMODITY POSITION CALCULATIONS

Bobsguide - Rebekah Tunstead (2019-04-09)

“It is a practical risk-judged position that a lot of market participants are taking simply because they have made the assumption that the effort required in calculating is not going to really be that worth their while, because they know that they are going to come out on the right side of the limit,” says Ali.


DEUTSCHE BöRSE TO PAY $850M FOR ANALYTICS FIRM AXIOMA

Finextra - Finextra (2019-04-09)

As part of the deal, General Atlantic is pumping around $715 into the new company for a 19% stake. Deutsche Börse will own 78%, with the Axioma management holding three per cent in exchange for reinvesting around $105 million.


FINTECH PHENOMENON BOOSTS LONDON JOBS MARKET

Finextra - Finextra (2019-04-09)

This year, London will be home to just as many fintech ‘unicorns’ as current global leader San Francisco - according to the report from Robert Walters and market analysis experts Vacancy Soft. 


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IMAGINING WHAT IT WOULD TAKE FOR POLOZ TO RAISE YOUR MORTGAGE RATE: DON PITTIS

Following a month of surprisingly strong indicators on the economy, it is an interesting thought experiment to imagine what it would take to make Bank of Canada governor Stephen Poloz actually adjust Canadian interest rates this year.


IMMIGRANTS SHOULDER HEAVIER HOUSING DEBT BURDEN THAN CANADIAN COUNTERPARTS, SAYS STATSCAN STUDY

Canada’s property boom has increased household wealth, but real estate purchases have left immigrants with a bigger debt burden than residents who were born here.

A new study from Statistics Canada shows that immigrants owed significantly more than their Canadian counterparts, leaving newcomers more vulnerable to higher interest rates and an economic slowdown.

Since the Great Recession, Canadians have been borrowing heavily and pushing household debt to levels that are seen as a risk to the financial system over all.

The study looked at household assets and debts in 1999, 2005, 2012 and 2016, the most recently available data. It shows the debt-to-income measurement had climbed for both immigrant and Canadian-born families, but the level was substantially higher for immigrants.

The debt-to-income ratio for established immigrant families hit 217 per cent in 2016 because of large mortgages, according to Statscan data. In comparison, older Canadian-born families had a debt-to-income ratio of 132 per cent.

“We know that when it comes to new immigrants, many of them see real estate as an important factor. They would like to own something physical. This means that they are willing to take large mortgages,” said Benjamin Tal, deputy chief economist with CIBC. “The attachment to real estate is very different. There is an urgency to get something after arriving or establishing themselves,” he said.

For those who were in the country for less than a decade, the debt-to-income ratio was about 250 per cent, and for those who had been in the country for 10-to-19 years, the ratio was nearly 300 per cent.


BLACKSTONE GROUP TO BUY VANCOUVER OFFICE COMPLEX BENTALL CENTRE FROM ANBANG

Private equity company Blackstone Group and a Los Angeles real estate trust have a deal to buy Anbang Insurance Group’s office complex in Vancouver, the companies announced on Wednesday.

The acquisition of the four office towers called Bentall Centre will give Blackstone and Hudson Pacific Properties Inc. a stake in one of the hottest office markets in Canada and the United States.

The deal marks the beginning of Anbang’s exit from Canada, about three years after the Chinese insurance conglomerate vastly outbid rivals for big Canadian properties.

The sale is part of the indebted Anbang’s wider restructuring, which includes potential divestitures of U.S. properties.

Anbang, which was seized by Beijing in early 2018 amid debt and corruption charges, is now looking for a broker to handle the potential sale of a much smaller office building in downtown Toronto, according to two sources. The sources were granted anonymity by The Globe and Mail because they were not authorized to comment publicly on the matter.

That building is known as 70 York Street and could attract a larger group of buyers, given that the price tag will be substantially lower than the $1-billion-plus that Anbang was seeking for Bentall Centre. The state-controlled company has not yet taken concrete steps to sell its other Canadian asset, a B.C. seniors-living chain.



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