Demands of social distancing have accelerated bank transformation
But banks may have to set more money aside if economic conditions continue to deteriorate
Francois Desjardins has been with the bank for 29 years
ATB Financial also reported lower net income for the 2019-20 fiscal year due to provisions for loan losses
The bank's Q2 profit dropped nearly 80% from a year ago, leading to a dividend cut
The bank recorded a $1.5-billion profit, down from $3.2 billion a year ago
The bank’s loan loss provisions grew by $2.4 billion in the quarter
The bank still reported a profit of $1.00 per share for the quarter
Despite the plunge, the bank beat analysts’ expectations
Fitch Ratings says Canadian banks’ wealth management businesses will face pressure