{
}
Canada’s six largest banks are set to increase variable compensation for employees in 2024, with an average bonus pool rise of 12.2% compared to the previous year. Notably, Royal Bank of Canada, Canadian Imperial Bank of Commerce, and National Bank of Canada are leading the increases, despite a challenging environment for dealmaking and capital markets.
Royal Bank of Canada exceeded analyst expectations with Q4 adjusted earnings per share of $3.07 and revenue of $15.1 billion. In South Korea, President Yoon Suk Yeol rescinded his martial law declaration amid political turmoil, facing potential impeachment. Seven & i Holdings Co. plans a $60 billion buyout that includes an IPO for its North American assets, while Dollarama aims to expand in Western Canada with a new logistics hub. Foot Locker shares fell 19% after missing earnings expectations and announcing store closures.
Stocks reached record highs as Federal Reserve Chair Jerome Powell expressed optimism about the U.S. economy, with the S&P 500 and Nasdaq 100 both climbing. Despite a strong market, concerns about potential corrections linger, as geopolitical tensions and a slower Fed rate-cutting cycle could impact future performance. Investors are hopeful for a December rally, but caution is advised given the recent gains and market dynamics.
The National Bank of Canada reported a strong fourth-quarter earnings growth, driven by a 17% increase in its wealth management division's adjusted net income, reaching C$219 million. This performance aligns with the broader banking sector's trend, as lower interest rates stimulate loan growth and enhance profitability. Looking ahead, the bank aims to expand its wealth management services to capitalize on the favorable economic environment.
Despite a drop in bond yields, major Canadian banks, including CIBC, Royal Bank, and TD, have raised fixed mortgage rates by 15-35 basis points. Experts suggest this counterintuitive move reflects lenders' responses to previous yield increases and a shift in borrower preferences towards variable rates, potentially leading to future rate wars if bond yields stabilize. Seasonal trends also play a role, as banks typically increase rates in December after ending marketing campaigns.
Royal Bank of Canada has appointed Sian Hurrell to lead its capital markets business in Europe, succeeding Dave Thomas, who is retiring after over 30 years with the bank. The announcement was made in an internal memo by Derek Neldner, head of the bank's overall capital markets division.
The Canadian economy saw a modest 0.1% growth in October, following a similar increase in September. This comes after a weaker-than-expected third quarter, which recorded an annualized growth of just 1%, prompting the Bank of Canada to consider further rate cuts.
Australia's recent legislation to split the Reserve Bank's board into two entities introduces uncertainty regarding future interest rate paths. Economists highlight the importance of the new monetary policy board's composition, noting that it will take time for markets to gauge the members' stances on monetary policy.
Asian stocks faced pressure as concerns grew over potential tariffs from incoming U.S. President Donald Trump, particularly targeting Canada, Mexico, and China. The yuan weakened to 7.2650 per dollar, nearing a four-month low, while the Australian dollar also approached its recent lows. In contrast, the New Zealand dollar rebounded after a smaller-than-expected interest rate cut by its central bank.
A Bank of Canada official emphasized the importance of maintaining inflation near the 2% target, rejecting the notion of pursuing deflation. Deputy Governor Rhys Mendes indicated that while further interest rate cuts may be anticipated, their timing and pace will depend on forthcoming economic data.
Royal Bank of Canada
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Canada's Major Banks Boost Bonus Pools by 12 Percent for 2024
Canadian Dollar
Canadian Imperial Bank of Commerce
Royal Bank of Canada
National Bank of Canada
CAN
Show more
20:59 05.12.2024
Big Bank Earnings Rise as South Korea Stabilizes Amid Political Turmoil
South Korean Won
United States Dollar
Canadian Dollar
Seven & i Holdings Co., Ltd.
Alimentation Couche-Tard Inc.
Royal Bank of Canada
Foot Locker, Inc.
Dollarama Inc.
KOR
JPN
CAN
John Aiken
Yoon Suk Yeol
Show more
23:01 04.12.2024
US Markets Rally Continues Amid Strong Consumer Sentiment and Economic Outlook
United States Dollar
Euro
British Pound Sterling
Japanese Yen
UnitedHealth Group Inc
JetBlue Airways Corp
Dollar Tree Inc
Royal Bank of Canada
General Motors Co
Foot Locker Inc
Eli Lilly & Co
Nippon Steel Corp
USA
Jerome Powell
Marine Le Pen
Calli Cox
Brian Thompson
Andrew Adams
Callum Thomas
Mark Hackett
Show more
22:09 04.12.2024
National Bank of Canada reports strong earnings growth driven by asset management
15:47 04.12.2024
Big Banks Raise Fixed Mortgage Rates Despite Declining Bond Yields
sian hurrell appointed to lead royal bank of canada capital markets in europe
18:51 02.12.2024
canadian economy shows slight growth as bank of canada considers rate cuts
14:30 29.11.2024
RBA reforms create uncertainty over future interest rate decisions
02:15 29.11.2024
Asian markets decline as tariff concerns weigh on currencies
United States Dollar
New Zealand Dollar
Chinese Yuan
Australian Dollar
Apple Inc.
Bank of Mexico
Royal Bank of Canada
CHN
Show more
04:34 27.11.2024
bank of canada defends inflation target amid affordability concerns
14:05 26.11.2024
Trending
Subcategory
Corporate News
Industry Trends
Stock Market Updates
Industry Mergers & Acquisitions
Workplace Trends
Global Financial Events
Retail and Consumer Goods
Banking Regulations
Finance Mergers & Acquisitions
CEO Changes
Market Analysis and Predictions
Government Policies
Startups & Entrepreneurship
Central Bank Actions
Global Trade Developments
Domestic Politics
Financial Scams and Security
Private Equity Deals
Government Economic Policies
Corporate Social Responsibility
Countries:
Companies:
JPMorgan Chase & Co.
Tesla, Inc.
Barclays PLC
Credit Suisse Lux Digital Healt
Bank of America Corporation
UBS Group AG
Deutsche Bank Money Market PP
Apple Inc.
BNP Paribas SA
The Goldman Sachs Group, Inc.
Wells Fargo & Company
Commerzbank AG
Banco Santander, S.A.
SpaceXCoin USD
UniCredit S.p.A.
Amazon.com, Inc.
Morgan Stanley
Danske Bank A/S
NVIDIA Corporation
Google Inc.
Currencies:
United States Dollar
Euro
British Pound Sterling
Chinese Yuan
Swiss Franc
Indian Rupee
Japanese Yen
Hong Kong Dollar
Danish Krone
South Korean Won
Australian Dollar
Singapore Dollar
Russian Ruble
Offshore Chinese Yuan
Canadian Dollar
Mexican Peso
Indonesian Rupiah
Turkish Lira
Chilean Peso
United Arab Emirates Dirham
People: