Trust lessons in banking from CIBC’s letter to clients about GIC changes

The Bank of Canada has done nothing recently to warn anyone of their health status, but their customers will still be watching them with high vigilance due to recent events in the global banking industry. Routine correspondence will be read more carefully, meaning banks may not want to repeat CIBC’s mistakes CM-T Made it recently. … Read more

The Fallout of Silicon Valley Banks, a Real Estate Market Correction, and Tax Filing Tips: Must-Read Business and Investing Stories

The closure of Silicon Valley Bank sent shockwaves through global markets and triggered a reassessment of future interest rate paths by central banks, including the Bank of Canada.View RUVIC/Reuters Caught up for a week away? Here’s your weekly digest of the world’s most important business and investing stories, featuring insights and analysis from the pros, … Read more

Opinion: No one is replacing Silicon Valley Bank, and that’s a big deal for tech

A Silicon Valley Bank security guard watches a line of people outside the office in Santa Clara, Calif., March 13, 2023.justin sullivan Mark McQueen is the former CEO of venture debt lender Wellington Financial LP and was most recently President of CIBC Innovation Banking. Silicon Valley may be a long way from Saskatoon or Saint-Laurent, … Read more

Flair Airlines seizes four planes after failing to pay leasing companies, leading to several flight cancellations

The Flair Airlines flight arrived in Edmonton on April 23, 2022.Megan Alb/The Globe and Mail An aircraft lessor seized four unpaid planes operated by Flair Airlines on Saturday, leading to the cancellation of several flights on the discount carrier at the start of the busy March holiday travel season. Dublin-based Airborne Capital Ltd. worked with … Read more

Canadian dollar rises on stronger-than-expected domestic jobs data

Canadian dollar CAD USD The greenback strengthened against the greenback on Friday after data showed the Canadian economy added more jobs than expected in February, while investors also weighed U.S. employment data and signs of stress in the banking sector. The Canadian dollar rose 0.4 percent to 1.3770, or 72.62 cents US, after touching a … Read more

Bank of Canada rate hike bets dashed: How money markets, economists react to today’s jobs data

canadian economy A net gain of 21,800 jobs in Februarybeating analysts’ forecast for a gain of 10,000 jobs, while the unemployment rate also unexpectedly held steady at 5.0%, Statistics Canada data showed Friday. However, the stronger-than-expected report did not convince most economists that the Bank of Canada will need to raise rates again to cool … Read more

Opinion: Too much asking about mortgages is triggering these two Canadian banks

One morning this week, a colleague was commuting to work on the bus and overheard two young men talking about a struggling friend whose bank had dramatically increased his mortgage payments as Canadian interest rates soared. Everyone is talking about this stuff. Some of Canada’s largest banks may be an exception. They say their exposure … Read more

Maintaining moratorium could be ‘mission impossible’ for Bank of Canada: Scotiabank economist

Daily research and analysis roundup from Globe and Mail market strategist Scott Barlow CIBC analyst Dean Wilkinson released his monthly update on the REIT industry, “Occupancy rates (with the exception of the office subsector) continue to trend upward as strong demand and limited supply continue to drive growth. In addition, the race against inflation (and … Read more

Dominique Barker leaves CIBC to become Chief Financial Officer of Lithium Royalty Corp.

Head of Sustainability, Canadian Imperial Bank of Commerce CM-T The capital markets division has resigned from its senior role in the mining division. Dominique Barker, formerly managing director and head of sustainability consulting at CIBC Capital Markets, has accepted the chief financial officer job at Toronto-based Lithium Royalty Corp., according to people familiar with the … Read more

CIBC profit falls, but trading gain beats forecasts, loan loss provisions lower

Canadian Imperial Bank of Commerce CM-T Suggesting an economic downturn could dampen growth in 2023, after a build-up in loan-loss provisions weighed on first-quarter profits, even though it topped analysts’ expectations. CIBC kicked off the bank earnings season on Friday, offering a glimpse into trends the other big six banks may face when they report … Read more