Banking

CIBC World Markets to pay $85,000 fine

On July 24, 2012, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement between its staff and CIBC World Markets Inc. CIBC admitted from May 2005 to October 2008, it failed to effectively exercise its supervisory responsibilities. It let unsuitable options trades—not suitable for two clients—slip through the […]

By Staff |August 9, 2012

1 min read

Industry

Spain’s sovereign rating faces possible downgrade

Spain’s long-term government debt rating is stable for now, says ratings firm S&P, so long as the government doesn’t increase the country’s bank bailout, reports the Wall Street Journal. Struggling Bankia—the country’s third largest lender—was rescued in late May, with an infusion of $23.78 billion, or €19 billion. And while Prime Minister Mariano Rajoy said […]

By Wire services |August 1, 2012

2 min read

Industry

Canadian banks need competition: Hamilton Capital

Canadian banks avoided the worst of the global financial crisis due to successful public policy and good management, said Rob Wessel, Managing Partner of Hamilton Capital in Toronto, in an article written for the Globe and Mail. “For much of the past century, our policy makers have successfully – and deliberately – created a very […]

By Staff |July 27, 2012

1 min read

Industry

Macquarie Group constrained by weak markets

Macquarie Group’s securities business is set for a second consecutive annual loss if market conditions don’t improve.

By Melissa Shin |July 25, 2012

1 min read

HSBC should lose U.S. banking license: Levin

In 2002, HSBC purchased Grupo Financiero Bital—a Mexican lender lacking a compliance department at the time. Five years later, the head of the British giant’s Latin America compliance department, voiced his frustration and concerns about the Mexico unit overseeing the acquired company’s activities, reports Financial Times. Read: HSBC in talks to sell Latin American units, […]

2 min read

CFIB calls for enhanced credit/debit card code

The Canadian Federation of Independent Business (CFIB) is asking Finance Minister Flaherty to strengthen the government’s Code of Conduct for the Credit and Debit Card Industry in Canada. The group’s request follows recent news that mobile payment options are rapidly expanding and growing in popularity. It also comes on the heels of a $7.25 billion […]

By Staff |July 17, 2012

1 min read

Goldman Sachs will house private bank unit

Goldman Sachs’ net income fell 11% in the April-to-June period; the investment bank says its clients traded less and made fewer deals as global financial markets turned volatile. The bank has also faced a slew of problems in recent months, causing investor confidence to erode. Not only was it fined $22 million in April and […]

1 min read

Canadians adopting mobile banking

Is mobile banking the way of the future? While only a small minority have turned to it so far, the trend is growing, says the most recent issue of the Ipsos Canadian Inter@ctive Reid Report. More than one-in-10 online Canadians (12%) have completed transactions using their mobile device in the past three months, shooting up […]

By Staff |July 10, 2012

1 min read

Barclays a top world bank: Euromoney

Financial magazine Euromoney has a very different view of how global banking should be measured. During its recent 2012 Awards for Excellence dinner, the European publication awarded Barclays—which continues to be mired in scandal—best global debt house, best investment bank, and global flow house of the year.

July 6, 2012

2 min read