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"We are seeing evidence of slowing labor markets as evidenced by slowing wage growth, lower job postings and an increase in Canadian unemployment. The country's second-largest bank Toronto-Dominion Bank (TD.TO), however, missed analysts' estimates for quarterly profit, which was hurt by higher expenses, rainy day funds to cover for unpaid loans and weakness in its U.S. business. RBC reported adjusted earnings of C$2.84 per share, beating analysts' estimates of C$2.71 per share, according to Refinitiv data. The bank's earnings were also impacted by a C$306 million payment related to the termination of its First Horizon acquisition. RBC and TD together account for half of the market share among the big six Canadian banks with a market capitalization of C$168 billion and C$151 billion respectively.

Persons: Dave McKay, McKay, May, John Aiken, Kelvin Tran, TD, Nivedita Balu, Manya Saini, Sri Hari, Pritam Biswas, Shilpi Majumdar, Mark Potter, Sharon Singleton Organizations: Royal Bank of Canada, RBC, Barclays, Dominion Bank, Bank of Canada, Thomson Locations: China, Toronto, Canada, Bengaluru

☆ On tap next week: 2 housing reports and 2 Cub earnings releases. Here's what we're looking for
▼ + stars: | 2023-08-19 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

All three major U.S stock indices pulled back this week, as earnings season wound down and retail earnings painted a mixed picture of the state of the economy. Looking to next week, we'll be watching how shares of Club name Palo Alto Networks (PANW) open on Monday. With mortgage rates hitting the highest level in over two decades this week, affordability remains a major impediment for the housing market. Earnings : Club name Foot Locker (FL) reports quarterly results Wednesday before the opening bell, while Club holding Nvidia (NVDA) releases after the close that same day. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: we'll, Locker, Mary Dillon, Lowe's, Jim Cramer's, Jim Cramer, Jim, Kelter Davis Organizations: Nasdaq, Dow Jones, TJX, Walmart, Federal Reserve, U.S, Palo Alto Networks, Palo, Club, Nvidia, Lufax, Baidu, Dick's Sporting, Coty, COTY, Urban Outfitters, Parts, Devices, Sonoma, Body, Abercrombie, Fitch, Autodesk, TD Bank, Royal Bank of Canada, Marvell Technology, Intuit, Nordstrom, Jim Cramer's Charitable, CNBC, Shoppers, Bloomberg, Getty Locations: U.S, China, Friday's, Williams, Burlington, Chicago , Illinois

☆ Can These Three Much-Loved Musicals Ever Be Truly Revived?
▼ + stars: | 2023-08-08 | by ( Jesse Green | More About Jesse Green | ) www.nytimes.com time to read: +2 min

Like the movie, it was a blast, even if its satire, coming from all directions, seemed to have no target. (Much of what it pokes fun at are the conventions of musicals themselves.) Last year at Stratford, “The Rocky Horror Show” suffered from a similar problem — but recent Stratford productions of “Chicago,” “The Music Man” and “Guys and Dolls” (all directed and choreographed by Donna Feore) did not. (We’ll have a chance to find out with the arrival of a completely different “Spamalot” revival on Broadway this fall.) Maybe comedy needs to skip a few generations until minds that know nothing of migratory coconuts can test its enduring worth.

Persons: ”, Donna Feore, Lezlie Wade, Jesse Robb, “ Spamalot ” Organizations: “ Locations: Stratford, “, “ Chicago

Copper M&A more than doubled in 2002 to $14.24 billion from the previous year, according to an S&P Intelligence report. "So the large miners are saying it is difficult to build new supply, so let's just buy companies," McDonald said. Copper prices have been gradually losing steam since hitting their strongest levels in over seven months in January when optimism abounded about the reopening of China. The lower copper price presents M&A opportunities for Hudbay, Kukielski said, but it will also get "squeezed" if the price of copper falls below $3.50. With lack of large mines up for grabs, he is expecting that large miners will be looking to expand their production by acquiring smaller mines.

Persons: Lundin, Newmont, Stuart McDonald, Taseko, McDonald, Antaike, Peter Kukielski, Kukielski, Minto Metals, Aaron Colleran, Colleran, David Lennox, Divya Rajagopal, Melanie Burton, Denny Thomas, Marguerita Choy Organizations: TORONTO, Reuters, Nippon Mining, Metals, P Intelligence, Taseko, London Metal Exchange, Reuters Graphics Reuters, Hudbay, Japan's Sumitomo Corp, Minto Metals, Yukon, Royal Bank of Canada, Quantum Minerals, Ivanhoe Mines, Capstone, Barrick Gold, Bloomberg News, Barrick, AIC Mines, AIC, Sydney, Thomson Locations: SYDNEY, Toronto, Chile, Vancouver, Arizona, China, Hudbay, Canada, Yukon, Ivanhoe, Australia, Queensland, Melbourne

Unlike the U.S., where home buyers can snag a 30-year mortgage, Canadian borrowers must renew their mortgages every five years at the prevailing interest rates. MORTGAGE DELINQUENCIES LOWLatest data released during the quarterly earnings showed mortgage delinquencies for all banks were low. Of the big six banks in Canada, Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO) do not offer mortgage extensions, meaning the payment owed by the consumer goes up for each hike the BoC announces. Bank of Montreal (BMO.TO), CIBC (CM.TO) and TD Bank (TD.TO) each allow for negative amortization as rates rise. So it is working counter to what the Bank of Canada is trying to accomplish," Briggs added.

Persons: Greg Taylor, Desjardins, Mike Rizvanovic, Rizvanovic, Darcy Briggs, Briggs, Nivedita Balu, Josie Kao, David Gregorio Our Organizations: TORONTO, Bank, Purpose Investments, Bank of Nova, National Bank of Canada, BoC, RBC, Scotiabank, National Bank, Bank of Montreal, CIBC, TD Bank, Desjardins . Royal Bank of Canada, BMO, Franklin Templeton, Bank of Canada, Thomson Locations: U.S, Canada, Bank of Nova Scotia, Franklin Templeton Canada, Toronto

NEW YORK, July 12 (Reuters) - Morgan Stanley (MS.N) has hired veteran investment banker Daniel Cohen from Truist Financial Corp (TFC.N), where he was the head of the firm's healthcare services advisory business, a person familiar with the matter said on Wednesday. In his new role, Cohen will continue to focus on dealmaking in the pharmaceutical services sector, the person said, requesting anonymity because the move is not yet public. Morgan Stanley declined to comment. Cohen's hire comes after veteran pharmaceutical industry bankers Arek Kurkciyan and Dennis Crandall left Morgan Stanley last year to join Moelis & Co (MC.N). Cohen spent just over one year at Truist, where he served as the head of pharmaceutical services investment banking and healthcare sponsor coverage, before being elevated as the head of the healthcare services unit, according to his LinkedIn profile.

Persons: Morgan Stanley, Daniel Cohen, Cohen, Arek Kurkciyan, Dennis Crandall, Morgan Stanley's, John Collins, Tom Miles, Brian Healy, Healy, David Carnevali, Svea, Bayliss, Emma Rumney Organizations: YORK, Truist Financial Corp, LinkedIn, Moelis, RBC Capital Markets, Oppenheimer Holdings Inc, JPMorgan Chase &, Catalent Inc, Svea Herbst, Thomson Locations: Truist, Americas, New York

Variable rate mortgages in Canada typically require borrowers to make regular payments in fixed amounts. WHAT IS THE EXTENT OF MORTGAGE AMORTIZATION EXTENSION? Both banks had no variable-rate mortgages with amortizations greater than 30 years prior to the start of rate hikes. If interest rates stay high over the next few years, as the central bank has warned, it raises questions about customers' ability to service bigger than anticipated debt at higher rates during renewals. The big banks said most customers are able to cope with higher interest rates as they had passed a rigorous stress test to handle higher interest rates.

Persons: Royce Mendes, Carolyn Rogers, OSFI, Nivedita Balu, Fergal Smith, Steve Scherer, Denny Thomas, Conor Humphries Organizations: TORONTO, Statistics Canada, Royal Bank of Canada, CIBC, Bank of Nova, National Bank, Bank of Canada, BoC, Thomson Locations: Canada, United States, Bank of Nova Scotia, amortization, Toronto, Ottawa

☆ Canceled TV deal cuts one loan cord
▼ + stars: | 2023-05-23 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, May 23 (Reuters Breakingviews) - Banks can tune out one painful summer rerun. Television broadcaster Tegna (TGNA.N) on Tuesday terminated its sale to hedge fund Standard General, letting banks off the hook for $8.2 billion in debt backing the deal. As a result, Standard General couldn’t finance its transaction. Chipping away at the $25 billion-plus pile of hung loans potentially frees banks up to start fresh. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ 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.

☆ Short positions on Canada's TD Bank rise to $6.1 billion, ORTEX data shows
▼ + stars: | 2023-04-19 | by ( Maiya Keidan | ) www.reuters.com time to read: +2 min

TORONTO, April 19 (Reuters) - Hedge fund bets against Canada's TD Bank Group (TD.TO) hit $6.1 billion on Wednesday, a 45% increase from 14 days ago, according to data provider ORTEX's calculations, one day ahead of the Canadian lender's annual general meeting. So-called 'arbitrage investors', many of which are event-driven hedge funds, bet on mergers and acquisitions by buying shares of the target and shorting the acquirer's stock. TD, which is awaiting regulatory approval of its takeover of First Horizon, is expected to address the $13.4 billion deal at its AGM on Thursday in Toronto. Hedge funds profit when they borrow a stock from an institutional investor and sell it back when the price falls, pocketing the difference, a practice known as short-selling. TD shares are down 0.1% since the U.S. regional banking crisis began, and up 3.4% this week.

☆ L&G's fund arm to back climate votes at U.S., Canadian banks
▼ + stars: | 2023-04-13 | by ( Simon Jessop | ) www.reuters.com time to read: +2 min

LGIM, insurer Legal & General's (LGEN.L) fund arm, which manages more than $1.5 trillion, said it was going public ahead of the banks' meetings as part of an escalation strategy after backing several climate votes last year. "Accordingly, we believe our support of many of these resolutions – depending always on the specifics of their drafting language and advisory or binding nature – is warranted." It would also back votes calling for a report on how the bank is aligning its financing activities with its 2030 targets at Toronto-Dominion Bank (TD.TO), Bank of America, Wells Fargo, Goldman Sachs, JPMorgan Chase and Morgan Stanley. "We believe detailed information on how a company intends to achieve the 2030 targets they have set... can further focus the board's attention on the steps and timeframe involved and provides assurance to stakeholders," LGIM said. ($1 = 0.7993 pounds)Reporting by Simon Jessop Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

TORONTO, April 10 (Reuters) - Glencore Plc (GLEN.L) Chief Executive Gary Nagle plans to meet with some of Teck Resources Ltd's (TECKb.TO) Canadian shareholders in Toronto this Thursday to personally lobby them for support of Glencore's proposed takeover of the copper and zinc miner, according to a source who was invited. Royal Bank of Canada's (RY.TO) RBC Capital Markets will host the Toronto lunch meeting, according to Jonathan Case of CI Global Asset Management, a Teck shareholder who was invited. RBC has been one of Glencore's bankers in the past. Teck's executives on Monday reinforced their rejection of Glencore's unsolicited $22.5 billion takeover offer. Reporting by Divya Rajagopal in Toronto; Editing by Ernest Scheyder and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ 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".

☆ U.S. bank crisis 'unlikely' to spill over to Canada, analyst says
▼ + stars: | 2023-03-20 | by ( Divya Rajagopal | ) www.reuters.com time to read: +4 min

read more"The U.S. contagion is unlikely to spill over to Canadian banks as the issues in U.S. are unique and specific to certain business models or lending activities," said James Shanahan, banking analyst with Edward Jones to Reuters. REGIONAL BANK SCRUTINYCanadian banks emerged stronger from the 2008 global financial crisis due to prudent regulations and since built a reputation for financial stability. The Canadian banks have kept their focus on domestic lending and majority of their earnings come from serving local clients. But in recent years, Royal Bank, BMO, TD Bank and CIBC (CM.TO) have expanded into the United States by buying regional lenders to benefit from strong growth in second-tier U.S. cities. However, last week the regional bank's stock was hit after the SVB collapse.

☆ U.S. bank crisis 'unlikely' to spill over to Canada, analysts say
▼ + stars: | 2023-03-20 | by ( Divya Rajagopal | ) www.reuters.com time to read: +4 min

"The U.S. contagion is unlikely to spill over to Canadian banks as the issues in U.S. are unique and specific to certain business models or lending activities," said James Shanahan, banking analyst with Edward Jones to Reuters. REGIONAL BANK SCRUTINYCanadian banks emerged stronger from the 2008 global financial crisis due to prudent regulations and since built a reputation for financial stability. The Canadian banks have kept their focus on domestic lending and majority of their earnings come from serving local clients. But in recent years, Royal Bank, BMO, TD Bank and CIBC (CM.TO) have expanded into the United States by buying regional lenders to benefit from strong growth in second-tier U.S. cities. However, last week the regional bank's stock was hit after the SVB collapse.

☆ Tech pressure, Yellen everywhere: How Washington scrambled as SVB collapsed
▼ + stars: | 2023-03-15 | by ( Andrea Shalal | ) www.reuters.com time to read: +7 min

Yellen heads to the White House, Brainard meets with her staff and holds Zoom calls in her wood-paneled office in the West Wing. Treasury staff hustle to get Yellen on CBS News' "Face the Nation" program on Sunday, in an attempt to reassure markets. White House officials draft news releases with various scenarios, uncertain until shortly before 6 p.m. if an acquisition can still happen. As he leaves Delaware to return to the White House, Biden tells reporters he will make a statement on Monday. Treasury and White House officials reach out to members of Congress and their staffs throughout the evening to explain the plan, with discussions continuing into Monday.

TORONTO, March 13 (Reuters) - Last week's sudden collapse of Silicon Valley Bank (SVB) could choke funding for Canada's technology start-ups and place them in the hands of domestic lenders who may be more selective in financing new ventures, financiers told Reuters. Companies including Shopify Inc (SHOP.TO) were examples of Canada's tech success story, which helped pull more investments into the sector. Benjamin Bergen, president at Council of Canadian Innovators, a lobby group for Canadian technology companies, agreed. "Before SVB went down, accessing capital was increasingly becoming tighter and tighter for Canadians for startups for scale ups," he said. Aside from the banks, the federal government also has a Venture Capital Catalyst Initiative program that invests in promising Canadian technology companies.

☆ JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank - Axios
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - JPMorgan Chase & Co (JPM.N) and PNC Financial Service Group Inc (PNC.N) are among those in talks about acquiring SVB Financial Group (SIVB.O) in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources. Apollo Management (APO.N) and Morgan Stanley (MS.N) are also part of the discussions, Axios reported, adding Apollo was interested in financing a deal or acquiring some of the business. Reuters reported on Sunday that Silicon Valley Bank had received interest from PNC and Royal Bank of Canada (RY.TO) but that had cooled on Sunday as U.S. regulators invited bids for the failed lender. The U.S. Federal Deposit Insurance Corporation (FDIC) had given a Sunday afternoon deadline for bids for the failed Silicon Valley Bank, Reuters reported. Reporting by Lavanya Ahire in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ JPMorgan among suitors for SVB Financial in deal excluding SVB Bank- Axios
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - JPMorgan Chase & Co (JPM.N) is in talks to acquire SVB Financial Group (SIVB.O) in a deal that would exclude commercial banking unit Silicon Valley Bank, which is currently under U.S. control, Axios reported on Monday, citing sources. PNC Financial Services Group Inc (PNC.N), Apollo Management (APO.N) and Morgan Stanley (MS.N) are also in talks with the defunct lender, Axios reported, adding Apollo was interested in financing a deal or acquiring some of the business. A PNC spokesperson told Reuters that it was "not in talks to acquire SVB Financial or Silicon Valley Bank," while the other companies did not respond to requests for comment. Reuters reported on Sunday that Silicon Valley Bank had received interest from PNC and Royal Bank of Canada (RY.TO) but that had cooled on Sunday as U.S. regulators invited bids for the failed lender. The U.S. Federal Deposit Insurance Corporation (FDIC) had given a Sunday afternoon deadline for bids for the failed Silicon Valley Bank, Reuters reported.

☆ Exclusive: PNC, RBC interest in SVB cools as regulators seek rescue bids
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +2 min

[1/3] A man puts a sign on the door of the Silicon Valley Bank as an onlooker watches at the bank’s headquarters in Santa Clara, California, U.S. March 10, 2023. The Federal Deposit Insurance Corporation (FDIC) had given a Sunday afternoon deadline for bids for the failed bank, one of the sources said. PNC, one of the 10 largest U.S. banks by assets, wanted to pursue a bid for the entirety of Silicon Valley Bank, one of the sources added, but then studied a bid for parts of Silicon Valley Bank. RBC also explored a takeover of Silicon Valley Bank but it was unlikely to pursue it, three sources said. U.S. Treasury Secretary Janet Yellen on Sunday ruled out a government bailout of Silicon Valley Bank and said she was working with regulators to find a solution.

☆ Royal Bank of Canada's quarterly profit falls on higher provisions
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Royal Bank of Canada (RY.TO) on Wednesday posted a decline in first-quarter profit, as the lender set aside higher provisions to brace for potential loan defaults amid a challenging macro environment. The bank reported adjusted earnings of C$3.05 per share, up from C$2.87 a year earlier. Provisions for bad loans came in at C$532 million for the quarter, up from C$105 million a year ago, mainly reflecting higher provisions in Personal & Commercial Banking. Earnings from Royal Bank's personal and commercial banking unit rose 8% and wealth management profit was up 3% from a year ago, driven by higher interest rates. RBC's rivals – CIBC <CM.TO> and Bank of Montreal (BMO.TO) – have reported a decline in quarterly profits as they build buffer for loss provisions amid challenging economic conditions.

☆ 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.

Jan 12 (Reuters) - City National Bank, a unit of Royal Bank of Canada (RY.TO), agreed to commit more than $31 million to boost lending to Black and Hispanic home buyers in the Los Angeles area, in the U.S. Department of Justice's largest settlement over illegal redlining. The Justice Department accused City National of violating the federal Fair Housing Act by having "avoided" serving majority-Black and majority-Hispanic neighborhoods in the Los Angeles area between 2017 and 2020. The bank will also improve training, spend at least $1.75 million on advertising, community programs and financial education, and set up a fair lending oversight committee. Garland said the Justice Department is trying to vigorously enforce fair lending laws and ensure that lenders "provide equal opportunity for every American to obtain credit. City National, with $95.3 billion of assets, denied wrongdoing, but said it settled to avoid prolonged litigation.

Companies Royal Bank of Canada FollowJan 12 (Reuters) - The United States on Thursday filed a lawsuit against City National Bank, a unit of Royal Bank of Canada (RY.TO), under the federal Fair Housing Act. The lawsuit was filed with the federal court in Los Angeles, online court records show. RBC and City National had no immediate comment. A spokesman for the U.S. attorney's office in Los Angeles did not immediately respond to a request for comment. Reporting by Jonathan Stempel in New YorkOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Eva Plevier/File PhotoWINNIPEG, Manitoba, Jan 11 (Reuters) - Netherlands-based Rabobank NA (RABOVR.UL) is aiming to grab 10-15% of the Canadian farm lending market within 15 years, as it aims to shake up a sector dominated by government and domestic banks, its new Canadian agricultural head told Reuters on Wednesday. It took Rabobank a decade before deciding to expand into Canadian farm lending, taking a methodical approach, Lieverse said. Rabobank expects Canadian farm lending to be profitable from the start and plans to announce hiring plans shortly, she said. Rabobank did not release its estimate of the value of the Canadian farm lending market, but government agency Statistics Canada pegged 2021 farm debt at a record-high C$129 billion ($96.1 billion), with chartered banks accounting for 37%. Farm Credit Canada, owned by the Canadian government, is the biggest agricultural lender, controlling a market share of about one-third, Lieverse said.

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