Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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The best high-interest savings accounts in Canada for 2024 + MORE Aug 12th
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The best high-interest savings accounts in Canada for 2024
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Can I have some more yield, please? Oct 2nd
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Income investors looking for satisfactory yields from bonds are feeling like the rich relatives of Oliver Twist these days. They just want a little more, please. They can get it–and u.... More »
How Do Negative Interest Rates Work? + MORE Dec 22nd
Bank of Canada Governor Stephen Poloz has made a bit of a name for himself as a loose cannon – from “spaghetti sauce” metaphors to branding the economy’s prospects as “atrocious”, his comments tend to make headlines. His most recent comment is no exception, as he.... More »
The Bank of Canada keeps urging caution as markets show signs of life Mar 2nd
Bank of Canada governor Stephen Poloz. (Adrian Wyld/CP)
On January 17, National Bank’s Stéfane Marion, one of the better Bay Street economists, wondered if Bank of Canada Governor Stephen Poloz might adopt explicit forward guidance to weaken the value of the dollar. Marion observed that the centr.... More »
O’Malley pushes financial regulation as a campaign issue, criticizes ‘triangulation’ politics Mar 1st
MYRTLE BEACH, S.C. – Former Maryland Gov. Martin O’Malley, who is considering entering the Democratic presidential race, said Saturday that financial regulation needs to be at the forefront of the 2016 campaign and suggested big banks need to be broken up if they might harm the nation.
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Business Highlights
– canadianbusiness.com
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JPMorgan Chase reaches $4.5 billion settlement
JPMorgan Chase & Co. said Friday it has reached a $4.5 billion settlement with investors over mortgage-backed securities.
The settlement covers 21 major institutional investors. The mortgage-backed securities were issued by JPMorgan and Bear Stearns between 2005 and 2008. New York-based JPMorgan acquired the failing investment bank Bear Stearns in March 2008.
The deal is the latest in a series of legal settlements over JPMorgan’s sales of mortgage-backed securities in the years preceding the financial crisis. As the housing market collapsed between 2006 and 2008, millions of homeowners defaulted on high-risk mortgages. That led to billions of dollars in losses for investors who bought securities created from bundles of mortgages. Those securities were sold by JPMorgan and other big Wall Street banks.
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Retailers take on Silicon Valley
SAN FRANCISCO (AP) — Software engineers wearing jeans and flip flops test the latest smartphone apps…
JPMorgan Chase reaches $4.5 billion settlement
JPMorgan Chase & Co. said Friday it has reached a $4.5 billion settlement with investors over mortgage-backed securities.
The settlement covers 21 major institutional investors. The mortgage-backed securities were issued by JPMorgan and Bear Stearns between 2005 and 2008. New York-based JPMorgan acquired the failing investment bank Bear Stearns in March 2008.
The deal is the latest in a series of legal settlements over JPMorgan’s sales of mortgage-backed securities in the years preceding the financial crisis. As the housing market collapsed between 2006 and 2008, millions of homeowners defaulted on high-risk mortgages. That led to billions of dollars in losses for investors who bought securities created from bundles of mortgages. Those securities were sold by JPMorgan and other big Wall Street banks.
___
Retailers take on Silicon Valley
SAN FRANCISCO (AP) — Software engineers wearing jeans and flip flops test the latest smartphone apps…
Ratings agency Moody’s downgrades several ratings for CIBC Mellon Trust
– canadianbusiness.com
TORONTO – Moody’s Investors Service has downgraded its ratings for CIBC Mellon Trust, a Toronto-based trust company jointly owned by the Canadian Imperial Bank of Commerce (TSX:CM) and the Bank of New York Mellon.
Moody’s said Friday that it has reduced CMT’s stand-alone bank-level baseline credit assessment to a2 from a1 and its bank financial strength rating to C+ from B-.
As well, CMT’s issuer and long-term deposit ratings were downgraded to A1 from Aa3, while its short-term Prime-1 deposit ratings were affirmed.
Moody’s said the change conclude a review for possible downgrade that was initiated in July and that subsequent to the downgrade the ratings outlook is stable.
Moody’s said the downgrade of the stand-alone BCA reflects structural profitability pressures that CMT faces along with its affiliate, CIBC Mellon Global Security Services.
“While CIBC Mellon’s position in the Canadian custody market remains very strong, it faces similar profitability pressures as other custodian banks in the current low interest rate environment,” Moody’s analyst William Burn said in a release…
Moody’s said Friday that it has reduced CMT’s stand-alone bank-level baseline credit assessment to a2 from a1 and its bank financial strength rating to C+ from B-.
As well, CMT’s issuer and long-term deposit ratings were downgraded to A1 from Aa3, while its short-term Prime-1 deposit ratings were affirmed.
Moody’s said the change conclude a review for possible downgrade that was initiated in July and that subsequent to the downgrade the ratings outlook is stable.
Moody’s said the downgrade of the stand-alone BCA reflects structural profitability pressures that CMT faces along with its affiliate, CIBC Mellon Global Security Services.
“While CIBC Mellon’s position in the Canadian custody market remains very strong, it faces similar profitability pressures as other custodian banks in the current low interest rate environment,” Moody’s analyst William Burn said in a release…
JPMorgan reaches $4.5 billion settlement with investors over mortgage-backed securities
– canadianbusiness.com
JPMorgan Chase & Co. has reached a $4.5 billion settlement with investors over mortgage-backed securities.
The settlement, announced Friday, covers 21 major institutional investors, including competitor Goldman Sachs, BlackRock Financial Management, and Metropolitan Life Insurance Co. The mortgage-backed securities were sold by JPMorgan — the biggest U.S. bank — and Bear Stearns between 2005 and 2008.
The deal is the latest in a series of legal settlements over JPMorgan’s sales of mortgage-backed securities in the years preceding the financial crisis. As the housing market collapsed between 2006 and 2008, millions of homeowners defaulted on high-risk mortgages. That led to billions of dollars in losses for investors who bought securities created from bundles of mortgages. Those securities were sold by JPMorgan and other big Wall Street banks.
New York-based JPMorgan has said that most of its mortgage-backed securities came from investment bank Bear Stearns and savings and loan Washington Mutual, troubled companies that JPMorgan acquired in 2008…
The settlement, announced Friday, covers 21 major institutional investors, including competitor Goldman Sachs, BlackRock Financial Management, and Metropolitan Life Insurance Co. The mortgage-backed securities were sold by JPMorgan — the biggest U.S. bank — and Bear Stearns between 2005 and 2008.
The deal is the latest in a series of legal settlements over JPMorgan’s sales of mortgage-backed securities in the years preceding the financial crisis. As the housing market collapsed between 2006 and 2008, millions of homeowners defaulted on high-risk mortgages. That led to billions of dollars in losses for investors who bought securities created from bundles of mortgages. Those securities were sold by JPMorgan and other big Wall Street banks.
New York-based JPMorgan has said that most of its mortgage-backed securities came from investment bank Bear Stearns and savings and loan Washington Mutual, troubled companies that JPMorgan acquired in 2008…
