Banks went on a buying spree after the last crisis, but this time is different, CEOs say

Article content continued This crisis finally might reveal some (targets) that might become available TD CEO Bharat Masrani Buying opportunities could emerge for a bank with a solid balance sheet. Toronto-Dominion Bank has been eyeing expansion in the U.S. Southeast and would consider a “good asset generator” if it were to become available, TD president […]

Manulife commits to boost diversity of its leadership, workforce

Manulife Financial Corp. has committed to boost representation in leadership roles of Black, Indigenous and people of colour by 30 per cent over the next five years across its North American insurance and asset manager operations.   “We recognize how important it is to improve the diversity of our organization at all levels,” Roy Gori, […]

Visible minorities vastly underrepresented in the boardroom, new disclosures suggest

Canadian companies may be making progress on gender diversity, but a Financial Post analysis suggests that the boardrooms of some of the biggest businesses in the country have much further to go when it comes to including members of visible minorities, Indigenous peoples and people with disabilities. That analysis is based on a relatively new […]

Ottawa wants equity option from public companies borrowing through new loan program for big businesses

The federal government wants the option to take equity in publicly traded companies that tap into its new loan program for big business, The Logic has learned. On Monday, Finance Minister Bill Morneau announced the Large Employer Emergency Financing Facility (LEEFF), through which Ottawa will give credit of $60 million or more to firms with […]

Market watchdog to be flexible in face of COVID-19 provided regulatory obligations still met

Canadian financial regulators and trading authorities are taking steps to prevent a major disruption if the novel coronavirus outbreak develops into a pandemic. On Tuesday, the Investment Industry Regulatory Organization of Canada (IIROC), which regulates investment dealers on matters such as registration, trading compliance and maintaining adequate capital, told member firms it would make some […]

The Wall Street bankers who burst Saudi Aramco’s $2-trillion bubble

The chairman of the world’s biggest oil company was about to lose his temper. At a meeting in Riyadh on a sultry October evening, Achintya Mangla, one of JPMorgan Chase & Co.’s most senior bankers, had told Yasir Al-Rumayyan there was no way international investors were going to value Saudi Aramco — just weeks away […]

Alberta considers buying back bonds to smooth issuance as outstanding debt climbs

Alberta may consider buying back some of its bonds in an effort to smooth its maturities as its debt outstanding rises. The buy-back strategy, including terms and amounts, is still under analysis, according to Jerrica Goodwin, an Edmonton-based spokeswoman at Alberta’s finance ministry said. The plan, which may start as soon as the next fiscal […]

CIBC and TD see profit drop after rise in loan-loss provisions

Both the Toronto-Dominion Bank and the Canadian Imperial Bank of Commerce said Thursday that they saw profit slip in the fourth quarter after having to set aside more money for possibly sour loans. TD Bank reported net income of nearly $2.9 billion for the three months ended Oct. 31, down almost four per cent from […]

Bank of Montreal hikes dividend as profit beats expectations on strength in personal banking

Bank of Montreal beat Wall Street estimates for quarterly profit on Tuesday, helped by strength in its domestic personal and commercial banking unit. The bank raised its quarterly dividend 2.9 per cent to $1.06 a share. Net income rose 6 per cent to $716 million in the unit, the lender’s biggest. Personal and commercial banking […]

Scotiabank expects ‘high single digit’ growth in foreign business after year of weaker gains

The Bank of Nova Scotia on Tuesday downplayed the toll that recent unrest in Latin America is likely to take on the lender’s business, saying that fallout from protests in Chile is expected to have a limited impact and highlighting that economic growth will be stable or improving in other key markets. Scotiabank president and […]