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CIBC profit misses expectations on higher loan loss provisions

Posted on 07 December 2019

Canadian Imperial Bank of Commerce reported quarterly profit that fell short of analysts’ estimates on Thursday, hurt by higher provision for bad loans and slower growth at its domestic banking business. Net income at CIBC’s Canadian retail banking business, which provides loans and other financial products to small businesses and individual consumers across Canada, fell 10 per ce ...

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Scotiabank expects ‘high single digit’ growth in foreign business after year of weaker gains

Posted on 07 December 2019

The Bank of Nova Scotia on Tuesday downplayed the toll that recent unrest in Latin America is likely to take on the lender’s business, saying that fallout from protests in Chile is expected to have a limited impact and highlighting that economic growth will be stable or improving in other key markets. Scotiabank president and CEO Brian Porter said the Pacific Alliance countries of Chi ...

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Scotiabank reports profit of $2.31B, meets analyst expectations

Posted on 07 December 2019

The Bank of Nova Scotia is expecting a strong performance from its Canadian banking segment next year driven by higher contributions from business banking, credit cards and growth of Tangerine digital banking. The bank's domestic operations are forecast to contribute 30 to 40 per cent of all bank earnings in 2020, with international banking at 25 to 30 per cent, global banking and mar ...

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BMO trimming five per cent of workforce, with cuts spread across business

Posted on 07 December 2019

TORONTO -- The Bank of Montreal's fourth-quarter profit fell to $1.19 billion as it was hit by a restructuring charge related primarily to severance that will affect about five per cent of the its global workforce, the bank announced Tuesday. The quarter ended Oct. 31 included a $357-million restructuring charge as a result of the bank's decision to accelerate delivery of digitizatio ...

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RBC to ratchet up efforts to turn Ventures users into banking clients

Posted on 07 December 2019

The Royal Bank of Canada has connected with 3.2 million Canadians via its digital app-building efforts, and the lender will soon begin trying to more aggressively convert those users into regular banking clients, the company’s chief executive said Wednesday. RBC announced the launch of its RBC Ventures Inc. subsidiary in June 2018. At the time, the bank set out to acquire five mill ...

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Royal Bank of Canada Shifts to Expense Management as Growth Slows

Posted on 07 December 2019

TORONTO—Royal Bank of Canada is focusing on curbing cost growth as lower interest rates and economic uncertainty weigh on the banks’ businesses. Profit at Canada’s largest bank by assets fell in its fiscal fourth quarter, missing Wall Street forecasts. ...

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Toronto backs Ontario Line

Posted on 22 November 2019

CANADA: Four metro projects in the greater Toronto area with a combined budget of C$28·5bn are set to move ahead, after the city council voted to support an expansion package put forward by the Ontario provincial government rather than progressing its own projects. Described by Toronto Mayor John Tory as a ‘once-in-a-lifetime’ deal, the package would include the 15·5 km Ontario Li ...

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Toronto Condo Prices Increased 4x The Pace of House Prices

Posted on 22 November 2019

Toronto real estate prices are rising, but most of the beefy gains are due to one segment. Statistics Canada (Stat Can) updated its new Residential property price index for Q3 2019. The Toronto index shows condo prices are rising much faster than house prices. It also tells us that resale prices are rising much faster than new build homes. Toronto Real Estate Prices Are Up 2.75% F ...

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Former Toronto Hydro building becomes refugee shelter, thanks to Iranian-Canadian immigrants

Posted on 22 November 2019

The first and only city-run refugee shelter in Toronto successfully opened its doors Tuesday, with about 20 refugees climbing off a bus and dropping their heavy luggage in their new temporary space — all thanks to Iranian-Canadian immigrants who dished out millions to purchase the former Toronto Hydro building for the cause. “We wanted to give back to the community because we, ...

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Toronto’s homeless need more than ‘one little space’ during extreme cold, advocate says

Posted on 22 November 2019

When Toronto was hit with extremely cold weather this week, with temperatures dropping as low as -13 C early Wednesday, just one warming centre was open downtown for vulnerable people across the city. That’s a problem, says street nurse and longtime advocate Cathy Crowe. As part of its response to extreme cold alerts, the city opens a hallway in Metro Hall with cots, curtains for ...