The forecast for Canada’s biggest banks is bright thanks to U.S. tax reform and higher interest rates, but as they report first-quarter results this week, domestic mortgage demand and the North American Free Trade Agreement could cloud the long-term outlook, analysts say. Earnings estimates for the 2018 fiscal year are being revised upwards by some […]
A Scotiabank subsidiary in Colombia is acquiring the consumer operations of Citibank in that country, the bank announced Wednesday. Banco Colpatria reached an agreement to acquire the consumer and small and medium enterprise operations of Citibank in Colombia, subject to regulatory approval. The transaction is not financially material to Scotiabank, a press release said. “We’re […]
Financial institutions must increasingly focus on compliance and cybersecurity, with a global focus. Such issues are explored in a Deloitte report on risk management innovation, which examines critical regulatory topics facing Canadian financial institutions, and how trends such as innovation, automation and analytics are becoming increasingly important to stay compliant and competitive. Read: An algorithm […]
Goldman Sachs posted a US$1.93-billion loss in the fourth quarter, the investment bank said Wednesday, as the bank had to record more than US$4 billion in charges related to the new tax law. It was the bank’s first quarterly loss in more than six years. (All figures are in U.S. dollars.) Goldman had a net […]
Consumers are increasingly leaning toward financial service providers that offer value-added services such as advice, rewards and personal finance management, a report from CGI finds. The report, called “Today’s financial consumer: Open for business,” says banks need to innovate and improve services to compete with more nimble competitors. They can also partner with fintech and […]
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Canadian consumers want their banks to embrace the digital age.
Financial services companies are wasting no time adopting Amazon’s Echo smart speakers, which the tech giant announced would be coming to Canada in December. On Wednesday BMO and Manulife announced partnerships with Amazon that would allow customers to use its Alexa voice assistant for banking and benefits. BMO’s “skill” for the platform (a skill is […]
Potential reforms could aim for financial stability over GDP targets
In 2016-2017, financial institutions reimbursed $10.5 million to 1.2 million consumer accounts, reveals the annual report from the Financial Consumer Agency of Canada (FCAC). The reimbursement made up for inaccurate fee disclosure or interest rate calculations, or for incorrect charges to accounts. Read: Pro bono legal clinic backs wronged investors FCAC’s annual report also details […]