With the Olympics in full swing, it’ll be nice to watch something positive come out of Europe for once.
There were few strong economic reports last week. Perhaps the most impressive print was the U.S. Initial Jobless Claims, which fell to 350,000, but the bounce from this data was tepid at best.
Have you earned your CFA designation?
Earlier this week, CIBC Capital Markets predicted Canadian banks would grow an average 5.3% in 2012’s second quarter. Bank of Montreal, however, far surpassed those expectations, with profits leaping 27%. The bank beat analyst expectations on stronger results in both its U.S. and Canadian retail operations. Read: RBC is top North American bank for more […]
When companies use accounting to make profits look bad
Desjardins Financial Security (DFS), a subsidiary of Desjardins Group, recorded profits of $225.5 million for 2011, posting a year-over-year increase of 13.5%.
Despite low interest rates and economic uncertainty, Standard Life Financial today reported net income of $244 million in 2011, slightly down from $252 million 2010.
Macquarie has slashed its full-year profits guidance, underlining the tough conditions currently facing the investment banking industry.
When the Canadian life insurers reported their third quarter results, billions of dollars in red ink flowed. Investors and executives alike were blaming the accounting rules. Frankly, we had to smile.
Third quarter volatility hurt more than your client statements; it took a bite out of the earnings of the brokerage industry.