Royal Bank of Canada reported net income of $2,240 million for the third quarter 2012, up $946 million (73%) from the prior year. “RBC had a record quarter, driven by exceptional growth in our Canadian retail franchise and strong investment banking results,” says Gordon Nixon, RBC president and CEO. Further comparing this quarter to 2011, […]
Investors worldwide are deeply concerned about the stability of their banks. Canadians, though, have nothing to worry about, with seven of our banks listed on Global Finance’s 21st annual ranking of the world’s 50 safest banks.
The LIBOR rate probe has turned its focus to Crédit Agricole, HSBC, Deustche Bank and Société Générale, reports Financial Times.
B2B Trust has converted into a federally chartered bank named B2B Bank, effective immediately. Also, the company now offers a branded line of mortgage products—all other products and services remain unchanged. B2B is a subsidiary of Laurentian Bank and does business with more than 23,000 financial advisors.
JPMorgan Chase is under scrutiny again. The Financial Times reports the Federal Energy Regulatory Commission, which is the U.S. electricity regulator, has subpoenaed JPMorgan Chase twice in the past three months.
Banks may be fighting the Volcker rule, but industry professionals would welcome stricter trading regulation for large banks and institutions. In the aftermath of JP Morgan’s trading loss, Jim Allen, CFA, says the fact that a major bank was caught is good for your clients, with “arguments for a lighter-touch Volcker Rule now sounding hollow.”
Three-quarters of Canadian executives are taking measures to reduce their liquidity risk since the 2008 economic crisis, finds an Ernst & Young study.
While the global economy continues to spiral, top U.S. and European bank chiefs must be enjoying the ride. After all, they've received double-digit pay rises, observes Financial Times' Daniel Schafer.
The "Too Big To Fail" theory for America’s largest banks was quashed during the 2008 meltdown, and reformers today claim the Big Five continue to be too big to manage.
JPMorgan Chase is set to testify before Congress today regarding the major bank’s multibillion-dollar trading blunder, and its effect on the future of trading regulation on Wall Street. The Office of the Comptroller of the Currency is expected to face scrutiny over its poor oversight of the bank unit responsible for the loss, with top […]