FP Street

Laurentian Bank aims to refine operations amid CEO search and improving profit

Article content continued One of the reasons for the increased-yet-still-decreased earnings was that Laurentian set aside $22.3 million for sour loans during the third quarter. This was down from the $54.9 million in provision for credit losses the bank set aside in the second quarter, but it was up from $12.1 million a year ago …

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When greed and fear collide: Wall Street is already calling traders back to the office

On April 2, the day that coronavirus infections around the globe hit 1 million, managers inside JPMorgan Chase & Co. were emailing their latest plans for staffing New York-area trading floors amid the deadly pandemic. One worker on the sales team noticed a colleague wasn’t on the list and asked where he’d be. “Corona Town, …

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Mortgage stress test relief could boost what’s expected to be tepid growth for Canada’s banks

TORONTO — Canadian banks are set to post muted quarterly profit growth, driven by higher credit provisions, when they begin reporting earnings on Friday, but a change to a mortgage stress test could brighten prospects for the year, investors and analysts said. Canada’s biggest lender, Royal Bank of Canada, will kick off banks’ first-quarter earnings …

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Citi suspends one of its most high-profile bond traders over allegedly stealing from the company cafeteria

Citigroup Inc. suspended its head of high-yield credit trading for Europe, the Middle East and Africa after he stole from the company’s cafeteria, according to a person familiar with the matter. Paras Shah, one of the bank’s highest-profile traders, left Citigroup last month over the issue, the person said, asking not to be named because …

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Boaz Manor, business partner indicted on fraud charges in U.S. over blockchain venture

Boaz Manor, a former Canadian hedge fund manager who served jail time following the collapse of Portus Alternative Asset Management Inc. in 2005, was indicted Friday on fresh criminal charges in the United States in connection with an alleged securities fraud scheme at an entirely different venture: a New York-based blockchain technology startup. As the …

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