Peter Routledge News
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Industrial Alliance Insurance and Financial Services Inc. is poised to continue outperforming Canadian insurance peers as it shores up capital to guard against a decline in stocks.
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Chief Executive Officer Gerald McCaughey’s mission to reduce risk at Canadian Imperial Bank of Commerce is rewarding shareholders with a less-volatile stock.
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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.
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Canadian banks are underperforming global counterparts by the most in a year as record consumer debt and a housing market that’s vulnerable to a correction weakens their earnings prospects and risks a credit downgrade.
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Royal Bank of Canada, the nation’s biggest lender by assets, is in advanced talks to sell its U.S. retail banking unit to PNC Financial Services Group Inc., people with knowledge of the matter said.
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Sun Life Financial Inc. rose to the highest since October on speculation Federal Reserve easing measures will boost global equities, bolstering Canada’s third- largest insurer’s earnings.
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Royal Bank of Canada and Toronto- Dominion Bank announced purchases today of almost $20 billion in combined assets from U.S. companies to bolster profit ahead of a slowdown in domestic consumer lending.
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For Canadian banks, ranked the world’s soundest, it may not get any better than this.
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Sun Life Financial Inc. rallied 40 percent last year as investors rewarded decisions to shed riskier assets and emphasize insurance and wealth management. Chief Executive Officer Dean Connor says the narrower focus can still boost earnings in 2013.
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Canadian lenders including Royal Bank of Canada and Bank of Montreal may report lower revenue from investment banking in the fourth quarter as capital markets activity slows amid the European debt crisis.
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