Banking

U.S. banks cut bonuses to beef up bottom line Fallback Image Decorative pattern

Economic Indicators

U.S. banks cut bonuses to beef up bottom line

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, […]

By Staff |January 17, 2013

1 min read

ING closes broker channel Fallback Image Decorative pattern

Industry

ING closes broker channel

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.

By Staff |January 16, 2013

1 min read

Citi provides fund services to Portland Investment Counsel Fallback Image Decorative pattern

Industry

Citi provides fund services to Portland Investment Counsel

Citi will provide fund services to Portland Investment Counsel’s investment funds.

By Staff |January 14, 2013

1 min read

Low margins worry U.S. banks Fallback Image Decorative pattern

Economic Indicators

Low margins worry U.S. banks

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 […]

By Staff |January 14, 2013

1 min read