Big Six growth in wealth management points to more consolidation
The Big Six chartered banks all posted double-digit growth in their wealth management operations and you can expect them to continue to expand aggressively.
e-Disclosure approved by securities regulators
Canada’s securities regulators have approved e-disclosure rules. Instead of issuing excessively lengthy e-mail or multiple pages of pdf documents (which clients may never read), firms can now provide them with hyperlinks (which they may never click).
Google Glass to provide in-your-face market data
A new Google Glass app may soon allow users to have a permanent market ticker embedded in their field of vision. But having a constant stream of information may not be a good thing for some investors.
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.