U.S. banks continue to cut bonuses and pays of their senior executives to beef up their bottom line. The latest addition to the growing list has been James Gorman, Morgan Stanley chief executive, who is set to take a pay cut, second year in a row. While the bank is looking for ways to boost […]
Banks dominate list of Canada’s biggest brands.
Under pressure from health professionals, ING has decided to take its controversial RRSP TV spot off air. The campaign drew a lot of flak, including from the Canadian Mental Health Association, for allegedly being insensitive and discriminatory to those with mental health problems, says a report in The Globe and Mail. Responding to the criticism, […]
Andrew Tinney, wealth and investment management chief of Barclays, has resigned.
CIBC AM's David Graham is stepping down.
Wall Street banks are fast learning that one way to protect, and indeed fatten, the bottom line in an environment not conducive to business growth is deny their senior management the annual bonus windfall. Goldman Sachs did just that in the fourth quarter, and lifted its profits to $2.8bn, their highest level in three years, […]
ING Direct Canada is closing its mortgage broker division. The firm will be re-branded, drop the ING name, and sell mortgages direct to consumers.
Citi will provide fund services to Portland Investment Counsel’s investment funds.
The profit margins for U.S. banks have become wafer thin as the spread between their borrowing and lending rates has shrunk to the levels once seen in the 1950s. With the Federal Reserve’s keeping the interest rate at a historic low, banks are struggling to stay profitable, says a report in the Financial Times. Wells […]
The Canadian Securities Administrators (CSA) today published for comment amendments to CSA National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, which would require all registered dealers and advisers, outside of Québec, to use the Ombudsman for Banking Services and Investments (OBSI) as the common dispute resolution service (DRS) for the securities industry. “Mandating […]