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☆ Stocks are reversing course as inflation looks sticky with more retail earnings on deck
▼ + stars: | 2023-02-24 | by ( Jesse Pound | ) www.cnbc.com time to read: +5 min

The optimism about inflation and the U.S. economy is quickly waning on Wall Street, and the early 2023 rally for stocks is fading. The market was under pressure again on Friday after a hotter-than-expected reading for personal consumption expenditures, sending rates higher and stocks lower. Economic updates Next week brings a new round of economic indicators to see how the sticky inflation is affecting consumers and business. Other looks at the economy will come through key earnings reports. Speech by Fed Governor Christopher Waller Friday: 9:45 a.m. Markit Services PMI 10:00 a.m. ISM Services PMI 3:00 p.m.

This would help its investment bankers in their pitches to clients, especially for IPOs, one of the sources added. Klein is selling his business to Credit Suisse for $175 million, the two said earlier this month. Credit Suisse will focus on managing money for the wealthy after the carve-out. A spokesman for Credit Suisse declined to comment, as did a representative for Klein. Credit Suisse reported its biggest annual loss last year since the financial crisis and cut its bonus pool by 50% for 2022.

☆ 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.

☆ Harvey Schwartz has his work cut out for him at Carlyle. Here's why.
▼ + stars: | 2023-02-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But first, a Wall Street firm finally finds its CEO. Harvey Schwartz Goldman Sachs1. In many ways, Carlyle and Harvey Schwartz are perfectly imperfect for each other. Might as well call it "Carefree Carlyle," because that's the vibes I'm getting under the soon-to-be Schwartz era. Click here to read more about what'll be expected of Harvey Schwartz as CEO of Carlyle.

☆ Ojo, a home-listings site aiming to rival Zillow, sells its Canadian operations to Royal Bank of Canada and raises funds from Vista Equity Partners in combined deal of nearly $200 million
▼ + stars: | 2023-02-07 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +3 min

Home-listings company Ojo Labs sold its Canadian operations to the Royal Bank of Canada. The transactions, totaling nearly $200 million, will help Ojo navigate a bumpy housing market. "We put the company in an extremely healthy cash position, while others are having to retrench," Berkowitz told Insider. These services can differentiate Ojo from Zillow and Realtor.com, which are most intently focused on the home transaction. CoStar, the real estate data giant that's reached a dominant position in commercial real estate data, has recently trained its eye on residential listing platforms.

Some hedge funds, wealth managers, and asset managers are still hiring. Recruiters told us what roles are in demand and what skills can help you land them. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. … if you're in or interested in wealth managementDespite the market downturn, wealth managers are in high demand.

☆ Bank of Canada set for one more rate hike in historic tightening campaign
▼ + stars: | 2023-01-25 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

[1/2] A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015. This week's meeting will be significant as the BoC will offer minutes from the policy-setting session for the first time. Money markets see a roughly 70% chance of a 25-basis-point move and expect the policy rate to peak at 4.50%. Economists expect the BoC to leave the door open to further tightening should upcoming data show price pressures persisting and push back against market expectations for interest rate cuts in the second half of the year. Better to err on the side of too much tightening with a 25-basis-point hike."

Some hedge funds, wealth managers, and asset managers are still hiring. Layoffs across industries have been dominating headlines in January, and Wall Street has been no exception. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. Emily Landon, the CEO of the Chicago-based headhunting firm The Crypto Recruiter, pointed to the job board Crypto Careers, which has over 2,400 openings.

☆ Is Canadian inflation on a sustainable path to 2%? Essentials offer clues
▼ + stars: | 2023-01-15 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

Canada's consumer price index report for December, due on Tuesday, is expected to show headline inflation cooling to 6.3%, its lowest annual rate since last February, from 6.8% in November. If inflation expectations rise, it could push up wage demands, particularly in a tight labor market, leading to further price pressures. "One eye is on wage growth, which is strong but not too bad at the moment, but then this other idea (which is) on the price inflation for essentials that could keep wage demands high, as it affects inflation expectations." "If inflation slows and wage growth doesn't, then wages become more of a tailwind for inflation going forward. "What we really need to see in December is weaker price growth across the board."

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.

☆ Exxon plans to raise spending in 2023, boost share buybacks
▼ + stars: | 2022-12-08 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Dec 8 (Reuters) - Exxon Mobil Corp (XOM.N) on Thursday said it will lift capital spending next year by about 10%, to between $23 billion and $25 billion, and boost share buybacks. Exxon is distributing more cash to shareholders than it is investing in new production - $30 billion between share buybacks and dividends this year. Exxon aims to raise oil and gas production to a record 4.2 million barrels of oil equivalent per day (boepd) by end-2027. Most of the 500,000 boepd increase is expected to come from Guyana, the United States and Brazil. This year's target is down from the 3.8 million boepd Exxon set a year ago.

By contrast, the median forecast for a similar poll on the U.S. Federal Reserve is exactly where futures currently price the Fed's terminal rate next year - 5.0%. Any reversion of terminal rate pricing to consensus or below could see the pound wobble again. "That said, we have been stressing downside risks to our terminal rate projection, given the constant dovish messaging from the MPC. BoE poll question on Terminal Rate Risks? Central Bank Rate Hike CampaignSterling volatilityThe opinions expressed here are those of the author, a columnist for Reuters.

☆ Dealmakers face pressure to clinch M&A quickly in volatile markets
▼ + stars: | 2022-12-06 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

HSBC wrapped up the deal in just eights weeks after saying it was considering selling its Canadian business in early October. From its first contact, RBC, Canada's biggest lender, told HSBC it could close the deal quickly if selected, a person familiar with the matter told Reuters. After the final bids went in around mid-November, RBC said it could turn everything around in a week, the person added. In the United States, deal timelines fell by almost 30% to 66 days this year from last year, where transactions took more than one day to close, the data shows. Deal announcements are one thing but getting all the regulatory approvals to close a deal are another matter altogether.

☆ I quit a stressful 6-figure job as a VP in finance to start a fitness business. It was scary but worth the career change.
▼ + stars: | 2022-12-04 | by ( Jenna Gyimesi | ) www.businessinsider.com time to read: +5 min

She began teaching fitness classes on the side and eventually gave up finance altogether. I started coaching fitness classes on the sideI did both finance and fitness for two years before quitting my banking job. I coached fitness classes a couple of nights a week and on the weekends in two different studios. Having this time to focus on fitness without fully leaving finance yet allowed me to transition in the most risk-averse way possible. This actually felt really easy to me because I was spending less naturally.

☆ 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.

The global job cuts at the London-headquartered bank will fall across several business units and geographical locations and result in the loss of at least 200 positions, mostly with the title of Chief Operating Officer (COO), the sources said. HSBC, which used to position itself as the world's local bank, employs many COOs because country and business lines have their own separate COO, the sources said. The lender has been shrinking its sprawling global business for several years, downsizing in many regions and exiting some countries entirely as it tries to improve shareholder returns. The initiative, codenamed Project Banyan, follows HSBC's last major redundancy plan in 2020, which targeted up to 35,000 job cuts globally across all staffing levels. Three separate sources confirmed job cuts were underway, as HSBC joins a chorus of other western banks axing staff as a bleak global economic outlook weighs on business, consumer and investment banking revenues.

☆ C$ dips against greenback; falls harder vs other G10 currencies
▼ + stars: | 2022-12-01 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

It was the only G10 currency to lose ground against the U.S. dollar . The greenback fell 1.1% against a basket of major currencies. "In a weak U.S. dollar environment, the Canadian dollar often lags," said Marc Chandler, chief market strategist at Bannockburn Global Forex LLC. Chances that the BoC would hike by 50 basis points rather than 25 basis points at a policy decision next Wednesday have fallen to roughly 10% from 30% since Powell's comments, money market data showed. The Canadian 10-year yield fell 9.3 basis points to 2.842%, its lowest level since Aug. 18.

☆ TD Bank quarterly profit jumps on higher rates boost
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

Dec 1 (Reuters) - Canada's TD Bank (TD.TO) posted a surge in fourth-quarter profit on Thursday as gains from higher interest rates boosted its personal and commercial business and helped offset weakness in underwriting and capital markets. The lender set aside C$617 million in loan loss provisions, compared to a release of C$123 million a year earlier. TD Bank joined peers Royal Bank of Canada (RY.TO), Bank of Nova Scotia and National Bank of Canada (NA.TO) to mark higher funds this year to prepare for potential loan losses as worries of an economic downturn grow. read moreThe bank's personal and commercial business posted an 11% increase in net income, reflecting higher margins and strong volume growth. Overall net profit was C$6.67 billion, or C$3.62 per share, compared with C$3.78 billion, or C$2.04 per share.

☆ Top Canada banks post fall in profits as deals drought offsets rate boost
▼ + stars: | 2022-11-30 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

(Reuters) -Royal Bank of Canada (RBC) and National Bank of Canada, two of the biggest banks in the country, posted a drop in profits as their market-focused businesses took a hit from the central bank’s hawkish monetary tightening campaign. FILE PHOTO: FILE PHOTO: A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto, January 22, 2015. To cushion the hit from markets, banks have turned to their lending business that got a boost from the central bank’s rate hikes. While National Bank posted an adjusted profit of C$2.08, below analysts’ expectation of C$2.24. RBC reported a modest drop in profit to C$3.88 billion, while National Bank’s earnings dropped 4% to C$738 million.

☆ Top Canada banks RBC, National Bank's profits dip as bad debt provisions mount
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

Profit from personal and commercial banking for RBC and National Bank in the quarter grew 5% and 13%, respectively. RBC earmarked C$381 million in provisions for credit losses (PCL), compared with a C$227 million release last year. National Bank reported C$87 million versus a C$41 million release a year ago. Shares of RBC, which agreed to buy HSBC's (HSBA.L) Canadian business on Tuesday, were down 1.4%, while National Bank fell nearly 4%. National Bank, on the other hand, posted an adjusted profit of C$2.08 per share, below analysts' expectation of C$2.24.

☆ Russian oil is still flowing in huge volumes even as EU sanctions and a price cap are less than a week away.
▼ + stars: | 2022-11-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

European governments still can't agree on a price cap for Russian oil even as the December 5 deadline is less than a week away. Poland, for example, is committed to a $30 price cap. Even with a price cap of, say, $65, it's unclear whether that can really make an impact, given that Russia's flagship crude oil — Urals grade crude — is trading 20% below that level already. Despite the West's repeated condemnation of Russia and President Vladimir Putin, Russia remains Europe's largest single refined oil products supplier. A) The West agrees to a price cap above $40B) The West agrees to a price cap below $40C) The West does not agree to any price capLet me know on Twitter (@philrosenn) or email me (prosen@insider.com).

TORONTO, Nov 29 (Reuters) - Canadian regulators will review the sale of HSBC's (HSBA.L) business in Canada to Royal Bank of Canada (RY.TO) for C$13.5 billion ($10 billion) in cash, the Canadian government's finance ministry said on Tuesday. The Competition Bureau, under the Competition Act, will also review the transaction," the finance ministry said in a statement. RBC's purchase price reflects a 30% premium to the value some analysts had attributed to HSBC's Canada business. Analysts had valued HSBC's Canada business in the range of C$8 billion to C$10 billion. "The Minister of Finance's decision will be informed by all required regulatory review processes," it added.

☆ Royal Bank of Canada Set to Buy HSBC Bank Canada for $10 Billion
▼ + stars: | 2022-11-29 | by ( Adriano Marchese | ) www.wsj.com time to read: 1 min

All of HSBC Canada’s earnings from June 30 of this year through the close will accrue to Royal Bank of Canada. Royal Bank of Canada has agreed to buy the Canadian unit of the British banking and financial-services giant HSBC Holdings PLC for 13.5 billion Canadian dollars, equivalent to US$10 billion. The Canadian financial institution said it has entered into an agreement to acquire all of the common shares of HSBC Bank Canada, which will see C$134 billion in assets and around 130 branches transfer over to Royal Bank.

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