The Federal Reserve announced an enforcement action against Bank of Montreal, Canada’s fourth- largest lender by assets, for “deficiencies” in compliance with anti-money laundering and Bank Secrecy Act rules and regulations.
Russia’s economy grew at the weakest pace since 2009 in the first quarter as the euro area’s longest recession hurt demand for commodity exports and investment at companies including OAO Gazprom cooled.
Russia’s economy probably grew at the weakest pace since 2009 in the first quarter as investment at companies including OAO Gazprom cooled and the euro area’s longest recession hurt demand for commodity exports.
Royal Bank of Canada, Bank of Nova Scotia and six other large Canadian lenders are trading at the lowest premium to U.S. bank stocks in more than two years, as their American counterparts regain the confidence of investors.
Bharat Masrani, who helped oversee Toronto-Dominion Bank’s $25 billion U.S. expansion, is likely to add to that business when he takes over next year as chief executive officer of Canada’s second-biggest bank.
Bank of Montreal reported first- quarter profit that beat analysts’ estimates as higher earnings from investment banking and the U.S. offset a slowdown in consumer lending in Canada. The bank raised its dividend 2.8 percent.