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Manulife Financial Corp. pulled leverage for an insurance product targeting wealthy Hong Kong clients after the offering drew scrutiny from regulators and competitors, according to people familiar with the matter. The product pitched by the Canadian insurer allowed wealthy individuals to buy a policy worth US$80 million in nominal value with almost four times leverage …
The optimism surrounding artificial intelligence may not last, increasing the risks for a global economy already vulnerable due to energy supply shocks and strained public finances, the Bank for International Settlements (BIS) said in its annual economic report, released Sunday. Up until early 2026, the global economy remained resilient due to AI-related investments and “surprisingly …
The head of Royal Bank of Canada says he spends an hour every morning reading a report generated by a customized artificial intelligence tool that provides him with key insights and helps him be more efficient with his team. It’s a part of Dave McKay ’s newly designed office that includes a suite of AI …
Koho Financial Inc. is now “late in the final stages” of obtaining a federal banking licence, says its chief executive, after the Toronto-based company announced it had raised $130 million, valuing it at $1.3 billion. “It provides us all the capital we need to put on the balance sheet, which was kind of one of …
A Nova Scotia judge on Friday approved a court-supervised sales process that will allow John Risley ‘s CFFI Ventures Inc. to begin marketing its assets as part of a restructuring involving roughly $1.4 billion in debt, including about $1 billion owed to HPS Investment Partners. Justice John Keith authorized the proposed sale and investment solicitation …
Bank of Nova Scotia says artificial intelligence is boosting its employees’ productivity and strengthening key programs, including its anti-money laundering (AML) detection system. “AI capabilities … are enhancing employee productivity in practical, responsible ways across our organization,” Tim Clark, the bank’s chief information officer, said in an email. He also said AI is also allowing …
Canada’s biggest banks comfortably beat analysts’ second-quarter earnings expectations , but their results didn’t do much for their share prices , and two of the Big Six posted notable declines. Canadian Imperial Bank of Commerce and National Bank of Canada declined by 5.3 per cent and four per cent, respectively, on earnings day, while shares …
California-based financial services company Robinhood Markets Inc. completed its purchase of Toronto-based cryptocurrency trading platform WonderFi Technologies Inc. for $250 million this week, but that doesn’t mean Canadians will be able to trade stocks on its popular platform anytime soon. The deal was initially announced almost a year ago and is a relatively small one, …
Canadian Imperial Bank of Commerce is selling its Caribbean division for US$1.6-billion in a move that will allow it to “reallocate significant capital” toward growing its North American business, the bank’s chief executive said Thursday. The Bank of N.T. Butterfield & Son Ltd. will buy CIBC’s 92 per cent interest in CIBC Caribbean for US$1 …
The head of Royal Bank of Canada doesn’t expect the lender’s dominance to be tested by fintechs looking to scale up their presence in the banking sector using artificial intelligence because he’s confident the bank can match “any of the tools out there.” RBC chief executive Dave McKay said the bank has enormous scale to …