RBC’s wealth management profit jumps 51% to record high
RBC’s 3Q net income was up 3% year on year at $2.3B, supported by a massive 51% rise in earnings for the bank’s wealth management business.
CIBC wealth management segment earnings up 34% in 3Q
Strong gains in the wealth segment helped CIBC bring in its highest net earnings to date.
TD’s 3Q earnings hammered by insurance losses
TD Bank Group’s third-quarter earnings, and those in its combined wealth and insurance segment, took a hit from weather related losses in the insurance segment and at group level were down 13% year on-year at $1.6 billion.
US bank exec used TARP bailout funds to buy condo
The president of a US bank has pleaded guilty to using bailout funds to buy a luxury condo. Unfortunately for him, the size of his institution does not put its executives among the ‘too big to jail’ set.
Canada boomers more than $400k short on retirement
Canadian baby boomers are significantly unprepared for retirement with the average amount saved being more than $400,000 short of individual retirement savings goals.
National Bank wealth management segment income up 33% in 3Q
National Bank of Canada posted record results in the third quarter, boosted by strong earnings in its wealth management and financial markets segments. The country’s sixth largest lender said it saw an 11% year-over-year rise in overall net profit, to $419 million, in the period.
Scotia’s wealth management earnings up 18% in 3Q
The wealth division of Scotiabank, the second of the Big Six to report earnings, outperformed the bank's other businesses in the third quarter.
BMO’s private client group 3Q net earnings double
Bank of Montreal’s earnings for the third quarter came in a bit above most analyst expectations, but its wealth management segment provided record results with net earnings doubling to $218 million.
OSC panel finds Crown Hill Capital, CEO breached fiduciary duty
An Ontario Securities Commission (OSC) panel found that Crown Hill Capital Corp (CHCC) and its chief executive Wayne Lawrence Pushka breached their fiduciary duty in connection with several transactions.
Heritage Financial buys 50% of Boomerang Financial
Heritage Financial Group buys 50% of mortgage broker Boomerang Financial.