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TD said it would be challenging to meet its medium-term adjusted earnings growth target range of 7%-10% in the new fiscal year. It reported adjusted earnings of C$1.83 per share, 7 Canadian cents shy of estimates. RBC reported adjusted earnings of C$2.78 per share, comfortably beating expectations of C$2.62, according to LSEG data. CIBC also beat profit expectations as it set aside smaller-than-expected loan provisions and is slashing costs through a 5% reduction in its workforce, or about 2,400 jobs. The lender, Canada's fifth biggest, reported adjusted earnings of C$1.57 per share, compared with expectations of C$1.53.

Persons: Mark Blinch, Gabriel Dechaine, Kelvin Tran, Victor Dodig, Dave McKay, Niket, Balu, Arasu Kannagi Basil, Shinjini Ganguli, Kirsten Donovan, Mark Porter Organizations: Royal Bank of Canada, REUTERS, Canadian Imperial Bank of Commerce, RBC, National Bank, CIBC, TD Bank, Bank Nova Scotia, Bank of Montreal, Scotiabank, Tuesday, Thomson Locations: Toronto, dealmaking, PCLs, Canada, United States, U.S, Bengaluru

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Persons: — Organizations: CIBC, Service, CIBC Bank USA, United, Canadian Imperial Bank of Commerce, Bank USA, CIBC Agility Savings, Savings, CIBC Bank, FDIC, Western Alliance, CIT Bank, Western Alliance Bank, BMO, U.S, Bank, Bask Bank Locations: United States

☆ Regulator imposes trading halt on Canada hedge fund after founder's death
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

The regulator said it was informed on Saturday that Christopher Callahan, the sole director, officer and shareholder of Traynor, was dead. His death leaves Traynor without a director or officer in charge of the firm. "As a result, the three dealers have potential losses totalling approximately C$85 million ($61.27 million) to C$95 million," the regulator added, without naming the dealers. The firm and one of Callahan's colleagues listed on its website did not immediately respond to requests for comment. A Toronto police spokesperson said Callahan's death was not considered suspicious and they were not investigating.

Persons: Traynor, Christopher Callahan, Nia Williams, Jamie Freed Organizations: The Ontario Securities Commission, Inc, OSC, CIBC, Markets Inc, Canadian Imperial Bank of Commerce, TR1, Thomson Locations: Toronto, British Columbia

☆ Barclays appoints Geoffrey Belsher as new Canada CEO
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

Barclays Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 13 (Reuters) - Barclays (BARC.L) on Friday named investment banking veteran Geoffrey Belsher as chairman and country chief executive officer for Canada, effective Oct. 16. Belsher has previously held senior role in Canadian Imperial Bank of Commerce (CM.TO). He was also the president of Canadian operations of Barclays Capital and its predecessor Lehman Brothers Canada, according to the company's statement. Belsher would be based in Toronto and report to CEO of Americas Richard Haworth and the global co-heads of investment banking Cathal Deasy and Taylor Wright.

Persons: Dado Ruvic, Geoffrey Belsher, Belsher, Richard Haworth, Cathal Deasy, Taylor Wright, Bruce Rothney, Pritam Biswas, Shilpi Majumdar Organizations: Barclays Bank, REUTERS, Barclays, Canadian Imperial Bank of Commerce, Barclays Capital, Lehman Brothers Canada, Citigroup, Jefferies Financial, Reuters, Thomson Locations: Canada, Toronto, U.S, Bengaluru

☆ CIBC's profit falls below estimates as it guards against bad loans
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

A sign for the The Canadian Imperial Bank of Commerce (CIBC) in Toronto, Ontario, Canada December 13, 2021. CIBC, the last big six Canadian bank to report results for the third quarter, was also the latest to guard against potentially sour loans, a factor that is dragging on earnings across the sector. The issue was reflected in its core Canadian personal and business banking segment, where net income fell 16%. At its commercial banking and wealth management segment, net income fell 4%. CIBC's peers TD Bank (TD.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and National Bank (NA.TO) missed quarterly profit estimates earlier in the week, also weighed down by higher provisions.

Persons: Carlos Osorio, Nivedita Balu, Pritam Biswas, Shweta Agarwal, David Holmes Organizations: Canadian Imperial Bank of Commerce, CIBC, REUTERS, Bank, Bank of Montreal, Bank of Nova, National Bank, Thomson Locations: Toronto , Ontario, Canada, Bank of Nova Scotia, Toronto, Bengaluru

CIBC blamed soft U.S. real estate and construction sectors and high interest rates for its three-fold jump in bad loan provisions to C$736 million ($544 million). "Where we are seeing the issues is in commercial real estate and in particular, in the institutional office space," said Shawn Beber, the bank's head of U.S. operations. And as that transition continues, you'll see (commercial real estate) wind up being a smaller percentage of the overall U.S. portfolio as our commercial and industrial and our wealth businesses continue to grow," Beber told analysts. The U.S. office portfolio represents less than 1% of CIBC's overall loan book and 20% of overall U.S. commercial real estate. "It appears that higher interest rates for longer may be the primary culprit," RBC analyst Darko Mihelic said.

Persons: Carlos Osorio, Shawn Beber, Beber, Brian Madden, Darko Mihelic, Nivedita Balu, Pritam Biswas, David Holmes, Mark Potter Organizations: Canadian Imperial Bank of Commerce, CIBC, REUTERS, Bank, Bank of Montreal, Bank of Nova, National Bank, Royal Bank of Canada, Investment, RBC, Thomson Locations: Toronto , Ontario, Canada, U.S, Bank of Nova Scotia, Canadian, Toronto, Bengaluru

☆ UK could borrow a leaf from Canada’s mortgage book
▼ + stars: | 2023-07-07 | by ( Edward Chancellor | ) www.reuters.com time to read: +6 min

The amount of mortgage debt rose even more sharply. This would require lenders to fix total monthly payments – of both interest and principal – relative to the outstanding mortgage balance. When interest rates rise sharply, as is happening now, repayments might be less than the monthly interest bill. The amount of mortgage debt outstanding would then increase as unpaid interest is added to the principal – a situation known as “negative amortisation”. Since borrowers always hand over a proportion of their income, mortgage payments wouldn’t shrink when interest rates decline.

Persons: Irving Fisher, ”, “, Neal Hudson, Michael Gove, Patrick Macaskie, Victor Dodig, Edward Chancellor, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Bank of England, Office, National Statistics, Bank of, Fiscal Studies, Canadian Imperial Bank of Commerce, CIBC, Reuters Graphics, Thomson Locations: United Kingdom, ”, Britain, England, Bank of England, United States, Canada

☆ Canadian banks see earnings risk from commercial property loans, TD in focus
▼ + stars: | 2023-05-22 | by ( Nivedita Balu | ) www.reuters.com time to read: +4 min

TORONTO, May 22 (Reuters) - Canadian banks are expected to report a rise in bad debt provisions and highlight risks from commercial property loans when they report earnings this week, with the country's No.2 bank TD (TD.TO) in focus after its acquisition of First Horizon (FHN.N) failed. Bay Street analysts have lowered their second quarter earnings expectations for Canadian banks, anticipating higher expenses and slowing loan growth as turmoil south of the border weighs on the broader banking sector. Still, investors view Canadian banks as safer bets than their U.S. counterparts due to their strong capital levels. BMO and Scotia Bank (BNS.TO) are due to report earnings on Wednesday, while TD, Canadian Imperial Bank of Commerce (CM.TO) and Royal Bank of Canada (RY.TO) report on Thursday. Canadian bank stocks have largely underperformed TSX Canadian bank stocks have largely underperformed TSXEmpty offices in big cities have raised concerns among investors about banks' commercial property loan exposure, since about 10% of the lending portfolio of the Big-6 banks is tied to commercial real estate.

☆ Canadian lender RBC increases work-from-office time as COVID ebbs
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +1 min

March 21 (Reuters) - Royal Bank of Canada (RY.TO) on Tuesday asked its employees to return to office three or four days a week, as Canada's largest lender eases its COVID-19 protocols. In an internal memo to employees seen by Reuters, RBC said that "starting May 1, employees in hybrid work arrangements will come together in person for the majority of the time. This means you have the option to work remotely for one to two days each week, depending on your team". Nearly three years after the onset of the pandemic, companies across the globe have ramped up efforts to bring more employees back to offices. RBC Chief Executive Officer Dave McKay last year asked its employees to return to office more often, but said the hybrid work approach was "here to stay".

[1/2] A sign for the Bank of Montreal in Toronto, Ontario, Canada December 13, 2021. Banks typically benefit from higher interest rates but could feel the pressure if they affect loan demand and economic growth. Provision for credit losses (PCL) at BMO came in at C$217 million ($158 million) for the quarter, compared with a recovery of C$99 million a year earlier. Reuters GraphicsProfits at BMO and Scotiabank were also weighed down by the Canadian government's 'Canada Recovery Dividend (CRD)'. BMO recorded C$371 million related to the CRD and Scotiabank C$579 million.

☆ Higher provisions, legal charges dampen CIBC's quarterly profit
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Feb 24 (Reuters) - Canadian Imperial Bank of Commerce (CIBC) (CM.TO) reported a fall in its first-quarter profit on Friday, weighed down by higher provisions and legal charges to settle a lawsuit tied to the 2008 global financial crisis. CIBC set aside C$295 million ($217.17 million) in provisions for credit losses in the reported quarter, up C$220 million from a year-ago period. Last month, Bank of Canada said it would hold off on further moves to let the effects of past rate hikes sink in. CIBC kicked off the first-quarter earnings season for major Canadian banks on Friday. Rivals Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) will report on Tuesday while Royal Bank of Canada (RY.TO) and National Bank of Canada (NA.TO) will post their earnings on Wednesday.

☆ CIBC to appeal New York court's ruling in Cerberus lawsuit
▼ + stars: | 2022-12-02 | by ( Reuters Staff | ) www.reuters.com time to read: 1 min

Dec 2 (Reuters) - Canadian Imperial Bank of Commerce (CIBC) CM.TO said on Friday it would appeal a New York court’s ruling in a lawsuit brought against the bank by an entity of U.S. private equity firm Cerberus Capital Management. The lawsuit, filed in 2015, relates to an October 2008 transaction in which CIBC issued a limited recourse note - a form of debt - to the Cerberus-controlled fund. Cerberus had alleged that CIBC defaulted on certain payments and is seeking damages of $1.067 billion. CIBC said it had satisfied all its obligations. New York-based Cerberus did not immediately respond to a request for comment.

☆ TSX pares weekly gain as investors brace for further rate hikes
▼ + stars: | 2022-12-02 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

TORONTO (Reuters) - Canada’s main stock index fell on Friday, including declines for financials and technology, as investors weighed U.S. and Canadian jobs data that could help determine the pace of central bank interest rate hikes. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/File PhotoThe Toronto Stock Exchange’s S&P/TSX composite index ended down 39.79 points, or 0.2%, at 20,485.66, after posting on Thursday its highest closing level in nearly six months. U.S. stocks fell, although recovering from their lowest levels, as the November payrolls report fueled expectations the Federal Reserve would maintain its path of interest rate hikes. Canada added 10,100 jobs in November, broadly in line with forecasts, while the jobless rate fell to 5.1%.

☆ TSX falls after better-than-expected domestic jobs data, materials weigh
▼ + stars: | 2022-12-02 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

Traders see a 75% chance of a 25-basis-point rate hike by the BoC next week, down from 84% before the data was published. The materials sector (.GSPTTMT) fell 1.2% tracking bullion prices that dipped after a strong U.S. jobs data rekindled worries of an aggressive Federal Reserve. This week was a cocktail of economic data iced with mixed bank earnings, as markets enter into the holiday season. The big fear and debate is all about whether the economic data is starting to point to a recession coming in 2023," Taylor added. Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Canadian lender CIBC's profit falls on bigger loan-loss provisions
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

Dec 1 (Reuters) - Canadian Imperial Bank of Commerce (CM.TO) on Thursday reported a slump in fourth-quarter profit as the bank set aside larger provisions to cover potential loan defaults. The lender's overall net profit came in at C$1.19 billion ($886.93 million), or C$1.26 per share, compared with C$1.44 billion, or C$1.54 per share, a year ago. An uncertain macroeconomic environment due to soaring inflation and a jump in borrowing costs have raised concerns of borrowers falling behind on their loan repayments. CIBC set aside C$436 million in provisions for credit losses in the quarter, up more than fivefold from last year. ($1 = 1.3417 Canadian dollars)Reporting by Niket Nishant and Anirban Chakroborti in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Nov 27 (Reuters) - Top Canadian banks are expected to post a decline in fourth-quarter profits as choppy markets hurt wealth management and a slow deal pipeline dents income from investment banking, offsetting expected gains from business loans. On average, profit for the Big Six banks are expected to drop 4% from last year, hurt by lower investment banking activity. Royal Bank of Canada (RY.TO) and Bank of Montreal (BMO.TO), which have the largest capital markets businesses, are expected to see the biggest hit to profits. "Business lending was particularly strong and aided by strength in balances outside of Canada," KBW analysts Mike Rizvanovic and Abhilash Shashidharan said. National Bank of Canada (NA.TO) and Toronto-Dominion Bank (TD.TO), also among the Big Six, will report earnings on Wednesday and Friday, respectively.

☆ HSBC's Canada unit loses National Bank, CIBC as bidders, Global and Mail reports
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +1 min

HSBC disclosed on Oct. 4 that it was considering selling HSBC Bank Canada, a unit that analysts estimate to be valued around C$8 billion ($5.88 billion) to C$10 billion ($7.35 billion). The Globe and Mail, in its report on Friday, quoted sources familiar with the process as saying that the field of contenders to acquire HSBC Bank Canada from the British lender was narrowing. HSBC Bank Canada includes four divisions covering HSBC's commercial banking, personal banking, investment banking and markets services business in the country. National Bank of Canada declined to comment on the Global and Mail report. HSBC, CIBC and BMO did not immediately respond to requests for comment.

☆ Canada's CIBC adds former finance minister Morneau to board
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Canada's Minister of Finance Bill Morneau arrives to a meeting of the special committee on the COVID-19 pandemic, as efforts continue to help slow the spread of the coronavirus disease (COVID-19), in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada May 13, 2020. REUTERS/Blair GableOct 18 (Reuters) - Canadian Imperial Bank of Commerce (CM.TO) said on Tuesday the country's former finance minister, Bill Morneau, will join its board of directors effective Nov 1. Morneau served as Canada's minister of finance from 2015 to 2020 and played a key role in shaping sustainable and inclusive monetary policies, the lender said in a statement. He has also advocated on issues such as climate change and the digital economy at major international forums, it added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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