Banking

Decorative pattern

JPMorgan’s net income soars on spending cuts

Aggressive job cuts and cost containment by the big U.S. banks have started to show results. JPMorgan Chase beat expectations to report a 33% rise in its net income to $6.5bn in the first quarter, reports FT.com. However, the “bumper profit” was also a function of improving U.S. economy, increased borrowing and debt issuance. Also […]

By Staff |April 12, 2013

1 min read

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New policy norms support EM currency rise

There has been a dramatic shift in the OECD central banks’ approach to their monetary policies since 2007. The old practice of anticipating inflation has now given way to central bankers being more reactive to inflationary outcomes, reports FT.com. One of the many implications of this change is its impact on currency movements causing emerging […]

By Staff |April 4, 2013

1 min read

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Masrani to succeed Clark at TD

TD Bank Group chief executive Ed Clark announced his retirement effective November 1, 2014. Read: TD snaps up Epoch Holding Corporation Clark will be succeeded by Bharat Masrani, group head U.S. personal and commercial banking, TD Bank Group, who will take over as the group’s president and CEO on the day of Clark’s retirement. Clark […]

By Staff |April 3, 2013

1 min read

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BRICS to build rival bank to IMF

The BRICS group of emerging market economies has long sought greater sway in global finance and at the International Monetary Fund (IMF), which is currently dominated by advanced economies. Now the group, which accounts for 43% of the world’s population, is considering plans to set up a new bank that will reduce its dependence on […]

By Staff |March 26, 2013

1 min read

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Cyprus crisis averted, stocks rebound

The Mediterranean island of Cyprus, having taken global markets on a vertiginous ride, struck a €10bn ($13bn) bailout deal over the weekend. And as fears of the Eurozone trundling into another banking crisis subsided, equity market rally picked up right where it left off, reports FT.com. Nicosia, the nation’s capital, is pushing for legislation that […]

By Staff |March 25, 2013

1 min read

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Book aims broadsides at bankers

From the ruins of the recent banking crisis emerges a book that shows why banking is more dangerous than most think. Reviewed by the chief economics commentator at the Financial Times, Martin Wolf, the book, The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It, dispels a host of myths about […]

By Staff |March 20, 2013

1 min read

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TD acquires Target’s U.S. credit card portfolio

TD Bank Group today announced the completion of its transaction with Target Corporation, in which TD has acquired Target’s U.S. Visa and private label card portfolio and entered into a seven-year program agreement to be the exclusive issuer of Target-branded Visa and private label consumer credit cards to Target’s U.S. customers. Read: Canadian banks on […]

By Staff |March 13, 2013

1 min read

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Bancassurance varies in global markets

Bancassurance, when banks and other lending institutions get involved in the distribution of insurance, varies greatly across the world depending on the product and structure of the market, finds research by Finaccord. Read: Canada should pursue global markets: Scotiabank The distribution share of banks is highest for life insurance in Brazil, France, Italy, South Korea […]

By Staff |March 12, 2013

2 min read

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Educate clients about financial fraud risks

The majority of Canadians (81%) are worried about financial scammers.

By Staff |March 11, 2013

1 min read

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Barclays head hints at job cuts

As revenues continue to fall, cutting jobs remains an area of focus for the big banks looking to reduce operating costs and retain their competitive edge. Barclays’ chief executive Antony Jenkins has similar ideas to lower costs as he looks for a way to have the bank operate with 30% fewer staff, reports FT.com. Jenkins’ […]

By Staff |March 8, 2013

1 min read

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