Part 2: The Merchant Loyalty Industrial Complex Collapse  

www.fsim.ca/docs/Credit_cards_Part_2v4.pdf

Mark Sibthorpe

Since November 2, 2021, Loyalty Ventures Inc.'s (Airmiles) market cap has decreased from $861.42M to $2.11M, a decrease of -99.75%. This compares closely to 2018, when Aimia sold Aeroplan back to Air Canada and partners TD and CIBC for $238 million. For reference, in 2005 Aeroplan launched an IPO valuing it at $2 billion. Related to Aimia’s downfall, it had also previously sold the UK Nectar program to Sainsburys for $120 million, $580 million lower than it paid for Nectar in 2007.

This report digs under the surface and uncovers why loyalty is going the way of the dodo.

Merchants should not waste time fighting card networks  

www.fsim.ca/docs/Card_fees_ongoing.pdf

Mark Sibthorpe

This is part one of a two part assessment of merchant frustration due to high credit card fees. The second part of this report will outline an alternative approach that merchants can consider. An approach that is a win for them and also for the card networks.

The full story of SVB March 12th, 2023  

www.fsim.ca/docs/SVB_special_report2.pdf

Mark Sibthorpe

Aggregated news and research related to SVB. Apart from SVB, included in this report is related news with respect to other banks and non-traditional companies looking to add financial services that also appear risky.

March 2023 bank earnings summary  

www.fsim.ca/docs/bankearningsfriday.pdf

Mark Sibthorpe

This report provides a snapshot into recent bank earnings and related news as published in fsim.ca reports.

Real estate report: October 30th, 2020  

www.fsim.ca/docs/Oct30rereportv1.pdf

Mark Sibthorpe

The big buzz in real estate recently is Mark Carney being scooped up by Brookfield. This means more juice for riskier borrowers. Brookfield, a huge player in real estate, both residential and commercial, recently bought its remaining shares from Sagen (Genworth MI Canada), which values the company at $3.8 bn.

VersaBank’s New High-Security VPN Proving Especially Valuable During COVID-19 Pandemic  

www.fsim.ca/docs/TailscaleReleaseMarch30FINAL.pdf

Press Release

2014 FSIM when Bernanke visited Montreal  

www.fsim.ca/docs/MockBernanke.pdf

Mark Sibthorpe

Considering Bernanke is hated by the Republicans and hated even more by the Democrats, and is currently under scrutiny for saving AIG but not Lehman, (in hindsight) with respect to issues over solvency vs liquidity, the Montreal lovefest attended by 1,100 people yesterday must have been a welcome respite. Click the link to read the entire 2014 report.

Eisman's big Canadian bank short  

www.fsim.ca/docs/eisman2.pdf

Mark Sibthorpe

I have been reporting on Steve Eisman's short position for quite some time.  As the analyst reaction to Eisman shows (link below), Eisman has taken a lot of heat for shorting Canadian banks. Instead of capitulating, in September 2019 he publicly disclosed the fact that he added Canadian Tire to his position, He explains the rationale for this in a BNN interview late 2019. Essentially, his big concern with respect to banks was non-performing loans in Alberta. He feels Canadian bank CEOs are not prepared for a credit cycle. He specifically referenced ATB (a private bank) in discussing his concerns. Looking at the numbers today, my guess is that he has made off like a bandit.

VersaBank Beta-Testing Its New, High Volume Mortgage Finance App   

www.fsim.ca/docs/VBCortelMortFinanceAppFeb62020.pdf

Press Release

VersaBank announces it is initiating beta-testing on its newly developed high-volume mortgage software app with the Cortel Group, one of Canada’s largest home and condominium builders. The app, named “Direct Connect”, was designed to facilitate and significantly reduce the lengthy finance approval process typically experienced by home buyers when visiting home and condo pre-construction sales offices.

How and why you need to defend your brand against disruptors  

Mark Sibthorpe

Technology, and being open to opportunities, has preempted transformation in banking. At the top of change are Mint, PayPal and ApplePay; three examples of transformative solutions that are now ubiquitous. On the horizon: Uber and Google, both having recently announced partner based banking services. Further down in the plumbing is Duca Impact Labs, Versabank, and Revolut. This report shows how cost conscious FIs can, not only stay relevant in the face of adversity, but punch well above their weight. All thanks to creative thinking and the ongoing commoditization of technology.

Kick the can(nomics)  

www.fsim.ca/docs/Kick.pdf

Mark Sibthorpe

Canada has used consumer debt to provide life support to the economy. This strategy which basically pushed the day of reckoning to the next government was old back in 2014, and now is well past its sell-by-date. Recognizing this, and desperate to keep the economy out of a recession, Trudeau is spending more money now than any government in Canadian history. This report disusses a possible alternative.

ScoreCard Bill Morneau, Canada's Minister of Finance  

www.fsim.ca/docs/ScoreCardMorneau.pdf

Mark Sibthorpe

This report is a scorecard I designed in order to rank the performance of the current Minister of Finance, Bill Morneau. I do regular rankings because, otherwise, I cannot measure the performance in a meaningful way. The scoring is based on a variety of metrics as detailed on the ‘score-table’ on page 3. Examples of the criteria and weighting include:

Observations and overview of 2018 NB flood support from government and insurance companies.  

www.fsim.ca/docs/Observations and overview of 2018 NB flood support from government and insurance companies..pdf

Mark Sibthorpe

Flood aftermath is linked to post traumatic stress. Here are some findings from a study conducted by Queensland University following a flood:

"The findings showed that aftermath stress contributed to poor mental health outcomes over and above the flood itself, prior mental health issues and demographic factors," Ms Dixon said.

"Aftermath stress was the strongest predictor of post-traumatic stress symptoms with 75 per cent of people saying the most difficult aspect was the aftermath and dealing with insurance companies," she said.

With this in mind, I felt it was important to understand how New Brunswick flood victims were treated.

Update Argentina: a sign of the times  

www.fsim.ca/docs/Update Argentina_ a sign of the times.pdf

Mark Sibthorpe

Argentina is in the news daily because the situation is dire, and may be an indication of further contagion. The most dramatic story that speaks of the a leading cause of its troubles was the recent arrest of the public works secretary, Jose Lopez. June 15th he was caught hiding millions in cash in a monastery. No this is not a plot for a comedy.

Summary of Canada's flood news, 2017 to present  

www.fsim.ca/docs/Summary-of-flood-news-2017-present.pdf

Mark Sibthorpe

This report covers flood news in Canada from 2017 to present and highlights the relevent issues for home-owners and the insurance industry.

Banking on Pot  

www.fsim.ca/docs/c10191_banking-on-pot.pdf

SBS

As states across the US legalize marijuana for both medicinal and recreational purposes, it has fueled a growing industry of marijuana related businesses (MRBs).

Canadian banking industry overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

Introduction
Small banks
Small medium sized banks
Medium sized banks
Medium large banks

2014 Mobile payments the Apple pay way  

www.fsim.ca/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

With Walmart Pay about to userp Apple Pay, I thought I would share my 2014 book on mobile payments and loyalty. The guilde was written for Merchants that want to understand loyalty, credit, mobile payments and Apple Pay, but anyone involved with credit and loyalty might find it useful.
The book is a prelude to Walmart leaving MCX, and chronicles the evolution that led to Walmart Pay. There is an extensive case study of Walmart that looks into its efforts to become an ILC and to avoid paying credit card transaction fees ('merchant discount').
It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and industry facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives. 

Death to bitcoin, long live the blockchain   (See full report)

Mark Sibthorpe

Jamie Dimon calls bitcoin a fraud used by criminals, yet he has jumped into the blockchain with both feet.

TD bank industry conduct  

www.fsim.ca/docs/tdind2.pdf

Mark Sibthorpe

TD’s share price recently collapsed by $7 bn in one day due to CBC’s allegations of aggressive selling tactics. A huge fall from a bank that was trading at a premium as recently as January. This was even before the most recent allegation of TD attempting to avoid paying taxes on advertising.
This report chronicles the events leading up to the collapse, shows TD's performance, analyses other related issues.

Book review: Back from the Brink  

www.fsim.ca/docs/backbrink.pdf

Mark Sibthorpe

This is a book review of the book Back from the Brink by Paul Halpern, Caroline Cakebread, Christopher C. Nicholls and Poonam Puri.

Footnote 151  

www.fsim.ca/docs/footnote151.pdf

Mark Sibthorpe

Footnote 151 implies an important regulatory change related to derivative contracts. It means that US Banks will not be required to hold as much capital against commodities. If you want to understand the implications of this regulatory change in more detail, see the enclosed related article detailing the changes. For contextual purposes, I have also included two Rolling Stones Magazines reports from 2010 and 2014 that chronicle the role large US banks have played in manipulating commodities. You might question the credibility of these sources, but rest assured, these reports are based on United States Senate hearings which outline the issues in a 396 page report related to the implied risks. 

Save the Canadian economy now  

www.fsim.ca/docs/helecopter-money.pdf

Mark Sibthorpe

Consumer debt spending appears to have insulated Canada from the worst of the credit crisis, but now the alarming magnitude of consumer debt ($1.92-trillion) could exacerbate a day of reckoning.
This report assesses the issues at hand and recommends the solution to get Canada's economy on track.

Reasons financial service companies should consider gamification  

www.fsim.ca/docs/GamingEventProposal-printsample--en-final.pdf

Mark Sibthorpe

Gamification of business processes resulted on Mint.com growing to 10 million users within 4 years. This report explains how.

National Bank Special Report  

www.fsim.ca/docs/NatBSpec.pdf

Mark Sibthorpe

According to Bloomberg, National Bank of Canada will take a C$64 million ($48 million) restructuring charge in the fourth quarter and said its investment in Maple Financial Group Inc., which is being probed by German regulators, may be at risk of a “substantial loss.”

Will Canadian banks charge companies for deposits?  

www.fsim.ca/docs/depgrowthimpact2.pdf

Mark Sibthorpe

In light of today’s possible rate cut, this report discusses how a bank rate cut and capital ratio pressure could precipitate negative corporate deposit interest rates in Canada.

Canadian Tire's (CTC) - Canadian Tire Financial Services (CTFS) Scotia deal overview and risk assess  

www.fsim.ca/docs/ctfsfinal.pdf

Mark Sibthorpe

Review of the Canadian Tire Financial Services deal with Scotiabank, risks, opportunity and benefits.

Finance minisiter scorecard August 26, 2015  

www.fsim.ca/docs/Scorejo-August-2015.pdf

Mark Sibthorpe

This report looks at Joe Oliver, minister of finance’s progress to date, and assigns a grade to his government’s performance to date.

Xtreme Branch  

www.fsim.ca/docs/xbranch.pdf

Mark Sibthorpe

Branches are evolving to meet the digital age. This documents tracks the evolution with real-world examples.

Canadian Nudge  

www.fsim.ca/docs/nudge.pdf

Mark Sibthorpe

CWB cause for concern  

www.fsim.ca/docs/cwbupdate.pdf

Mark Sibthorpe

BNTV Overview  

www.fsim.ca/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

• Analytics
• Financial services industry monitor (FSIM) industry briefings and developments reports
• Research

Challenger banks not a threat to big banks  

www.fsim.ca/docs/challenger.pdf

Mark Sibthorpe

This report looks at Canadian challenger banks (apart from merchant led banks) and explains why they have not threatened larger institutions. It also looks at ways in which these upstarts have achieved success.

Gamification of financial data project  

www.fsim.ca/docs/GamingEventProposal-printsample--en-final_original.pdf

Mark Sibthorpe

This document contains details on how BankNews.TV is helping kids learn programming via gamification of financial data.

The impact a rate rise will have for Canadian banks  

www.fsim.ca/docs/irr-f.pdf

Mark Sibthorpe

Canadian banks have made money throughout the credit crisis, but this trend may be about to reverse. The rational supporting this prediction is that revenue has grown despite a declining net interest margin (NIM). It has grown in spite of this fact because Canadian debt (loan lease volume) has risen significantly, as shown in chart 2.

FIFA: the new goldenballs  

www.fsim.ca/docs/goldenballs.pdf

Mark Sibthorpe

Yesterday, the Attorney General of Switzerland (OAG) opened criminal proceedings related to the FIFA scandal. This report outlines some of the events related to the criminal investigation, with a particular focus on banking.

Scorecard Minister of Finance: JIm Flaherty  

www.fsim.ca/docs/Scorecard Min Fin Flaherty April 8 2014.pdf

Mark Sibthorpe

March 18, Finance Minister Jim Flaherty resigned from cabinet after having endured a difficult year due to health issues. This report looks at his legacy and attempts to grade his government’s performance to date.

Sample RFP for a Loyalty Program  

www.fsim.ca/docs/sample RFP for a loyalty program.pdf

Mark Sibthorpe

Merchants extend financial services  

www.fsim.ca/docs/merchantfs.pdf

Mark Sibthorpe

Merchant led financial services are growing in importance once again. This is exemplified in the ongoing UK rivalry between ASDA, Sainsbury and Tesco. Together these merchant/financial service companies provide the backstop for three different approaches for merchants looking to extend their financial services.

Hot Money: real-estate  

www.fsim.ca/docs/hotmoney.pdf

Mark Sibthorpe

Currency Cheat Sheet: a guide for the rest of us  

www.fsim.ca/docs/currencycheatsheet.pdf

Mark Sibthorpe

Riches to Rags? Summary of possible risks for Genworth MI CANADA, INC.  

www.fsim.ca/docs/gq4risk.pdf

Mark Sibthorpe

Genworth had its Q4 2014 earnings call. Genworth own about 30% of the mortgage default insurance in Canada. Not surprisingly, the earnings call became focussed on Alberta; and for good reason, with 20% of its outstanding insured mortgage balance in Alberta, sensitivity to the oil shock and how Genworth plan to manage related risks were discussed in detail.

Canadian Western Bank Competitive Forecast  

www.fsim.ca/docs/cwbf.pdf

Mark Sibthorpe

Based on historical financial data (see detailed charts pages 5-8), the oil based recession in Alberta, and comparison against two of its peers, this document outlines my observation with respect to CWB’s future performances.

Liquid Canada: the tipping point  

www.fsim.ca/docs/Liquid.pdf

Mark Sibthorpe

This report examines liquidity issues in the Canadian financial service industry.

Bank Fees  

www.fsim.ca/docs/Bank fees.pdf

Mark Sibthorpe

Recently the CBC and The Globe and Mail both reported on what has been referred to as a consumer “bank fee outcry”. CBC compares banks to cable and phone companies, standing accused of trying to gouge customers with service fees. The backlash appears to have originated in conjunction with the NDP and the Consumers Council of Canada which argues that there is anxiety ‘among consumers about banking fees’.

Cheap Oil Report  

www.fsim.ca/docs/co2.pdf

Canada's Economy, a strategic solution  

www.fsim.ca/docs/ces.pdf

Mobile Payments Blueprint: guide to credit and loyalty transformation for merchants  

www.fsim.ca/docs/booksample.pdf

Guide to system selection  

www.fsim.ca/docs/gssnow.pdf

Read sample report: Guide to system selection. This sample would normally cost $99 but is available free as a sample. Click here view sample report.

SCOTIABANK SAYS TECHNICAL GLITCH THAT DISRUPTED DIRECT DEPOSIT, CHEQUE PAYMENTS HAS BEEN RESOLVED

G&M (2026-01-28)

“We are deeply sorry for the inconvenience the earlier technical issue has had on our clients, and sincerely appreciate their patience as we worked through this,” Ms.

WEALTHSIMPLE CREDIT CARD LAUNCH DRAWS LONG WAIT-LIST, FRUSTRATION

G&M - Meera Raman (2025-10-31)

When fintech Wealthsimple Technologies Inc.

GLOBAL CENTRAL BANKS CONVERGE TOWARDS RATE CUT CAUTION

Yahoo Finance (2025-10-31)

This article provides an overview of central banks policies from some of the key markets around the world.

BANKS AND RETAILERS RUN SHORT ON PENNIES AS THE US MINT STOPS MAKING THEM

Yahoo Finance (2025-10-31)

President Donald Trump’s decision to stop producing the penny earlier this year is starting to have real implications for the nation’s commerce.

GOLD PLUNGES BELOW $4,000 AS US-CHINA TRUCE ERODES HAVEN DEMAND

Bloomberg - Yvonne Yue Li (2025-10-31)

Gold slid below $4,000 an ounce, extending losses from the worst rout in over a decade as progress on a US-China trade deal sapped haven demand. Spot

FOLLOWING EPSTEIN’S MONEY

Bloomberg - Leopold, Jeff Kao, Max Abelson, Harry Wilson, Ava Benny-Morrison and Surya Mattu (2025-10-31)

Federal prosecutors opened a financial-crimes investigation into Jeffrey Epstein in 2007 amid their larger sex-trafficking probe. The financier and his legal team waged a war against them, his emails show. Federal prosecutors expanded their probe into Jeffrey Epstein’s sex crimes in 2007 to include potential charges of money laundering, an effort that included an outreach to one of his most important clients, according to documents and emails from Epstein’s personal Yahoo account. The lead prosecutor requested that a grand jury issue subpoenas for “every financial transaction conducted by Epstein and his six businesses” dating to 2003, the emails show. Prosecutors also subpoenaed major banks for records about Epstein’s accounts and financial activity, according to two people familiar with the matter, who asked not to be identified to discuss a sensitive investigation. Marie Villafaña, who was an assistant US attorney for the Southern District of Florida at the time, even contacted Epstein’s longtime wealth-management client, Les Wexner, the billionaire businessman behind the brands Victoria’s Secret and Bath & Body Works, about the investigation, according to the documents and emails. Epstein grew furious when he learned that prosecutors had broadened their investigation’s scope, the emails show. His high-powered team of lawyers, including Gerald Lefcourt, Harvard Law School professor Alan Dershowitz, former Bush administration official Jay Lefkowitz and former Independent Counsel Kenneth Starr, argued that Villafaña was pursuing baseless claims to pressure their client into a plea deal. They launched an aggressive campaign to discredit her attempts to follow the money and pressured her higher-ups to remove her and others from the case—or scuttle the case entirely. Ultimately, efforts to prosecute Epstein for sex crimes and financial crimes ended after senior officials in the US attorney’s office directed prosecutors to begin plea negotiations with Epstein. Those talks led to a federal non-prosecution agreement as Epstein pleaded guilty to two state-level sex charges—an outcome that’s been widely derided as far too lenient. More than a decade would pass before Epstein’s finances came under scrutiny again. Villafaña, who left the federal prosecutor’s office in 2023, declined to comment for this story. These previously unreported details of the financial-crimes probe were contained in a trove of 18,000 emails from Epstein’s private Yahoo email account obtained by Bloomberg. The relevant correspondence began about a year before Epstein reported to a Palm Beach County jail in June 2008. It includes his communications with his attorneys, correspondence pertaining to the grand jury’s inquiry and draft complaints that some of his lawyers prepared alleging prosecutorial misconduct. It also includes Epstein’s aggrieved, typo-laden missives about the investigation to friends and business associates, including the former chief executive officer of investment bank Bear Stearns. ➞ Read more about how Bloomberg News vetted Epstein’s emails Listen to The Big Take podcast on Epstein’s Emails The money laundering probe adds a new layer to the narrative about how the government conducted its investigation into the notorious sex abuser. It also raises questions about what evidence prosecutors may have gathered as they followed Epstein’s money, long before the public began demanding a full accounting of his case. If that investigation had continued, prosecutors may have been able to identify other individuals and institutions that facilitated his sex-trafficking operation, said Stefan Cassella, the former deputy chief of the Department of Justice’s Asset Forfeiture and Money Laundering Section. They might also have recovered more restitution for his victims, Casella said. The documents and emails obtained by Bloomberg do not reveal important aspects of the money laundering investigation—including, most prominently, what it found. Nor do they detail the transactions that the government sought to examine, the six businesses that were targeted by subpoenas, the specific dollar amounts involved nor the manner in which Epstein was suspected of laundering funds. One former law enforcement official familiar with the matter, who spoke to Bloomberg on the condition of anonymity because of the sensitivities surrounding the case, said the probe lasted 18 months and turned up at least tens of millions of dollars in questionable financial transactions. The revelation that the investigation had a financial aspect also puts a spotlight on Alex Acosta, the former US Attorney for the Southern District of Florida, who signed off on Epstein’s plea deal. Then-US Attorney Alex Acosta at a press conference, Aug. 7, 2007. Source: Scott Fisher/Sun-Sentinel/Zuma Press/Alamy Last month, Acosta told the House Committee on Oversight and Government Reform that he didn’t recall any discussion of “potential financial crimes” as part of his office’s Epstein investigation. Yet the emails and documents from Epstein’s Yahoo account show that prosecutors in his office discussed the financial-crimes component of the investigation with Acosta and copied him on correspondence about it. Records obtained as part of the money laundering probe were stored at the US Attorney’s Office in a folder titled, “Money Laundering,” which contains “attorney research and handwritten notes,” according to a partial list of the government’s evidence that was filed in a related court proceeding. That list also mentions folders containing subpoenas, correspondence and responsive documents for JPMorgan Chase & Co. as well as for Bear Stearns and Washington Mutual. (In 2008, JPMorgan acquired Bear and took over the banking operations of WaMu.) A spokesperson for the bank said it’s “unable to find any such subpoena in the Epstein matter.” The JPMorgan spokesperson added that it “cannot identify anything” on Washington Mutual but confirmed that Bear Stearns responded to a subpoena. Two people familiar with the investigation told Bloomberg that JPMorgan received a subpoena in 2007 in connection with the money laundering probe. Epstein’s case has garnered enormous interest since President Donald Trump took office this year after promising to release the so-called Epstein files, which the government has said encompass more than 300 gigabytes of investigative material. However, in July, the Trump administration backtracked, saying that “no further disclosure would be appropriate or warranted.” Since then, lawmakers on two congressional committees have intensified their scrutiny over a notorious case that has only become more controversial in the six years since Epstein was found dead in his New York City jail cell. Among the unanswered questions are how a college dropout-turned-financial adviser amassed his fortune and how he grew to hold such influence among the world’s elite, including politicians, celebrities and bankers. In July, Democratic Senator Ron Wyden, the ranking member of the Senate Finance Committee, said the panel reviewed records compiled by the Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, that revealed major banks facilitated more than $1.5 billion in payments that Epstein used to traffic women or “engage in dubious transactions indicative of money laundering.” This month, House Democrats on the Judiciary Committee sent letters to four major banks requesting records related to Epstein: JPMorgan, Deutsche Bank, Bank of America, and Bank of New York Mellon. Wyden said in a statement to Bloomberg that “money laundering charges surely would have been a centerpiece of any serious prosecution aimed at bringing [Epstein] down for good.” He added that the decision to drop the federal money laundering case as part of the government’s non-prosecution agreement was a “staggering miscarriage of justice.” “These new details only raise additional questions about Acosta’s truthfulness,” Wyden said. “The best-case scenario according to his story is that it was by incompetence rather than by choice that he allowed Epstein to go on trafficking women and girls for another decade.” Democratic Representative Robert Garcia, the ranking member on the House Oversight Committee, said in an interview that he was appalled that he’s only now learning of a money laundering investigation. “This information makes it incredibly clear that there is a massive cover-up happening right now,” he said. “It appears that DOJ is likely sitting on evidence that Epstein’s crimes were perhaps even bigger than have been publicly reported. I think this calls into question Acosta’s entire testimony.” An attorney for Acosta, Jeffrey Neiman, told Bloomberg that the existence of a financial probe would not be “inconsistent” with Acosta’s statements to the committee. “Back in 2006, the Southern District employed over two hundred attorneys and, at any given moment, conducted countless investigations. Although Mr. Acosta approved the terms of the Epstein matter, he did not direct that investigation—or any investigation, for that matter,” he said. “If evidence of financial wrongdoing existed, no agreement prevented the Department of Justice from pursuing it in the many years following Epstein’s sex-crimes prosecution.” Large amounts of cash Federal prosecutors began investigating Epstein in 2006, about a year after the Palm Beach Police Department opened a criminal investigation into a local man that teenage girls referred to simply as Jeff. In November of that year, prosecutors issued a subpoena for Epstein’s personal income-tax returns for the previous two years, documents in Epstein’s inbox show. Then, in February 2007, the money-laundering probe was opened, according to the former law enforcement official. At around the same time, prosecutors focused on a pattern of transactions in which Epstein directed some of his employees to withdraw large amounts of cash to disburse to women around the world he was suspected of having victimized—the basis for a potential charge of operating an unlicensed money-transmitting business, according to the former law enforcement official. Three months later, in May 2007, Villafaña drafted a 53-page indictment and an 82-page prosecution memo, according to a 2020 Justice Department report that examined the integrity of the federal investigation. That report described Villafaña urging her superiors to move swiftly because she believed Epstein was continuing to sexually abuse girls. Instead, the report concluded, she was stonewalled by senior officials at the office who saw her as too aggressive. (The 2020 report does not mention any financial-crime element of the probe.) The evidence Villafaña collected was serious enough that she wrote in the prosecution memo that Epstein should be charged with money-laundering and operating an unlicensed money transmitting business, according to the former law enforcement official. The indictment, a copy of which hasn’t been publicly released, was never filed and remains shrouded in secrecy. Instead, in July 2007, Villafaña and her colleague Jeffrey Sloman, the second in command at the US Attorney’s office, were directed to enter into negotiations with Epstein’s legal team on a non-prosecution agreement. Sloman didn’t respond to requests for comment. Initially, the emails and documents show, Epstein rejected prosecutors’ proposals that he plead guilty to sex crimes with a minor, register as a sex offender, pay damages to an undisclosed list of victims and spend two years in prison. A month in, the negotiations stalled. Then on Aug. 16, 2007, Villafaña requested that a grand jury issue subpoenas for Epstein’s financial records dating back to 2003. On the same day, Villafaña also sent a letter informing Epstein’s defense attorneys that she would continue investigating his finances as long as the NPA remained unsigned. That letter was detailed in a 22-page document prepared by Epstein and his lawyers that was titled “In re: Grand Jury Investigation of Jeffrey Epstein.” (Track changes in a draft of the document show Epstein made numerous edits under the initials “JEE.”) (“In other words, if the sex offense case is resolved, the Office would close its investigation into other areas as well. The matter has not been, and it does not appear that it will be, resolved so the money laundering investigation continues, and Request Number 6 [seeking records of every financial transaction conducted by Epstein and his six businesses from “January 1, 2003 to the present”] will not be withdrawn.”) Attachment: Sloman Misconduct jeffrey.doc Two weeks later, Epstein continued to reject the government’s offer and sought a meeting with Acosta, according to the documents in Epstein’s inbox. Villafaña then issued target letters to three of Epstein’s assistants informing them that their boss was now under investigation for money laundering and other financial crimes. She also dispatched agents from the Federal Bureau of Investigation to the homes of two of his secretaries. Finally, on Sept. 24, 2007, one day before Villafaña said she was prepared to indict him, Epstein signed the non-prosecution agreement. ‘this is how crazy’ The federal investigation and the money laundering probe didn’t end there. Villafaña kept both open as she worked with Epstein’s attorneys to reach an agreement on certain terms of the plea deal. Epstein was incensed. He and his attorneys took steps to back out of the agreement he’d signed. On Oct. 15, 2007, Epstein sent himself an email and attached a word document he wrote titled, “Did you know that.” The document contained 29 complaints about the federal investigation. It portrayed his victims as unreliable witnesses and drug abusers vying for his money. It cast the investigators and prosecutors as biased, inept and unethical. “She does not follow procedure to get the necessary approvals. Before subpoenaing a lawyer,” he wrote about Villafaña. He also argued that he was being unfairly targeted by the financial investigation: 20. She begins a money laundering investigation, without the necessary requirement of specified illegal funds, 21 She says she is contemplating charging a violation of a money transmitting statute, though Epstein has no such business, Attachment: did you know that 2.docx And he took note of one particular move Villafaña made: “She calls Les Wexner to inform him of the investigation.” The former law enforcement official said Villafaña contacted Wexner in an effort to get him to cooperate and provide information about Epstein, his business, his travels and his enterprise. Shortly after that conversation, Wexner took steps to end Epstein’s role as his wealth manager, the emails show. The first signs of a break-up appeared in the emails in October 2007. That’s when Epstein’s lawyer, Darren Indyke, sent him a message discussing the transfer of interests in Wexner’s Aspen ranch from one of Epstein’s entities to another controlled by Abigail Wexner, Wexner’s wife. Page from a 2003 book celebrating Epstein’s 50th birthday, released by the House Oversight Committee. It shows Les Wexner, center, with his arm around Epstein, left, and a person whose face has been redacted. Source: House Oversight Committee Over the following months, a flurry of emails shows the steps the Wexners took to reassert control over tens of millions of dollars of their assets. (In 2019, after federal prosecutors in New York charged Epstein with sex trafficking, Wexner sent a letter to his charitable foundation stating that he’d largely cut ties with Epstein around 2007 and “discovered that he had misappropriated vast sums of money from me and my family.”) As Epstein reflected on his case, his emails about it became more frantic. On Nov. 16, 2007, he sent one to Jimmy Cayne, the former chief executive of Bear Stearns, and his friend the psychiatrist Henry Jarecki to run an “initial pitch” past them that he planned to send to his attorneys. Under the subject line, “this is how crazy,” it contained a litany of grievances toward the prosecutors. From: jeffrey epstein To: jcayne@[REDACTED], henry jarecki <[REDACTED]> Date: Fri, Nov 16 2007 9:08 AM Subject: this is how crazy 1.my team consists of professionals with over 250 years of criminal experience. In an abundance of care , we have also consulted with outside ethics experts,and former justice dept officials .The clear and unanimous consensus is they find the conduct outrageous and frankly not one of them , has been able to recall seeing anything like this before.. .2 . After the state had conducted its own investigation and returned a grand jury indictment.,the federal gov't , while adamantly refusing to coordinate with the duly elected district attorney, and his sex prosecutor of 13 years, ,, engaged in a virtual extortion , to force the defendant and his counsel to go the state ,and in a wholly unprecedented step, demand , himself that he be charged with a crime greater than the state and grand jury thought appropriate. They then further demanded he obtain, from the state a sentence much greater than the state and its officials wanted., including having to register as a sex offender, a position that the state adamantly opposed. They then compounded their outrageous behavior by then demanding that Epstein pay an unnamed list of people ""alleged victims"", a minimum of 150 thousand dollars each. No matter what their actual damages. They then refused the defendant, even the right to contact these adults.or conduct his own investigation. This was demanded in exchange for the gov't not prosecuting him for crimes, that they , the feds admittedly could only make the most tenuous connection to. The ausa then suggested the defendant be required to hire one of her friends as a continency lawyer, to be paid for by the defendant to actually sue the defendant himself on behalf of a list of adults that she would only make avaliable after sentencing.. They threatened to use the sex tourism statute 2423 ( with a min mandatory sentence of 10 years) , and apply it to a man going to his home in Florida, a state where he has had a home for twenty years. They also threatened , to bring a case based on the Internet luring statute,2422 that would have to be tortured and stretched beyond all recognition to apply.( in fact there was no internet use at all). They demanded a jail sentence for someone , who had no criminal history,, no violence , drugs, no position of authority, then when they were confronted with an extensive brief as to why these statutes did not apply, they threatened to bring a money crime based on a illegal money transmitting business, even though no such business ever actually existed.. After subpoenaing his tax returns , and medical records, they then suggested a money laundering charge or a host of others including the mann act, obstruction etc. , even though they were unable to even postulate the minimum prerequisitie of a specified unlawful activity. Jarecki didn’t respond to requests for comment. Cayne died in 2021. A week later, Epstein sent himself another email with another document attached titled, “Acosta challenge.” It was intended for his attorneys to send to Acosta after they met with him. The letter criticized Villafaña, particularly her pursuit of his alleged financial crimes. Thank you for your time on wed. It was very informative. I was quite surprised to learn that both you and your office are committed to a level playing field. The horizontal equity, policy to which you referred has clearly not been exercised in this case. The policy clearly implies that a man of wealth of should be treated no differently than any of those less fortunate . That has certainly not happened here .Though many cases of a similar and even more serious nature have been resolved with a sentence of house arrest,(even the madam in the recent Kuton case) we were told that it was not available to my client, because it would be considered “mansion” arrest . My client, under investigation for a sex offense, has been asked for his income tax returns, all bank accounts, his medical records , threatened with a money laundering charge, though the minimum pre-requisite of a specified unlawful activity could not be described. , and even a money transmitting business violation , where in fact no business even existed. In addition , Marie called his largest business client directly. With no justification . Attachment: Acosta challenge.docx ‘Always be careful’ On Dec. 13, 2007, after additional attacks reflected in the emails, Villafaña responded to the accusations in a five-page letter to Lefkowitz that addressed his numerous criticisms about the government’s case. Both Acosta and Sloman were copied on the letter, which was made public in a 2016 lawsuit filed by Epstein’s victims. “Dear Jay, I am writing not to respond to your asserted ‘policy concerns’ regarding Mr. Epstein's Non Prosecution Agreement, which will be addressed by the United States Attorney,” wrote Villafaña. “But the time has come for me to respond to the ever-increasing attacks on my role in the investigation and negotiations.” In a footnote, she called out Lefkowitz for what she said were “unfounded allegations in your letter about document demands, the money laundering investigation, contacting potential witnesses, speaking with the press, and the like.” Villafaña wrote that she prepared an analysis of Epstein’s alleged money laundering and ran it by the duty attorney (a specialist prosecutor who provides authorization or legal guidance on urgent matters) at DOJ’s Asset Forfeiture and Money Laundering Section before she launched the investigation. “You also accuse me of ‘broaden[ing] the scope of the investigation without any foundation for doing so by adding charges of money laundering and violations of a money transmitting business to the investigation,’” she wrote. “Again, I consulted with the Justice Department’s Money Laundering Section about my analysis before expanding that scope. The duty attorney agreed with my analysis.” Lefkowitz didn’t respond to requests for comment. Lefcourt, another one of Epstein’s attorneys, declined to comment. In response to questions about the letters and the financial crimes investigation, Dershowitz told Bloomberg that he does not recall “any involvement” in the discussions related to allegations of money laundering. Starr died in 2022. Through the first half of 2008, members of Epstein’s legal team continued to challenge the non-prosecution agreement and question the motives and ethics of Villafaña and her colleagues. One 10-page letter, shared among Epstein and his attorneys in March 2008, was composed in the manner of a formal complaint and was addressed to H. Marshall Jarrett, the head of DOJ’s Office of Professional Responsibility. The letter closed with “Very truly yours” alongside the names of Starr and Dershowitz. (It’s unclear whether this version of the letter was sent.) In the draft obtained by Bloomberg, Epstein’s lawyers complained that Villafaña and Sloman deployed “unduly invasive” and “heavy handed” tactics, including the threat of financial-crimes charges, to pressure Epstein into making a deal. They also accused the prosecutors of trying to “harass and terrorize” Epstein by “requesting documents whose subject matter have no relation whatsoever to the allegations against Mr. Epstein including his personal tax returns, a significant number of bank records, and an array of email and computer records that would jeopardize the privacy of many of his friends and business clients.” The letter then accused Villafaña of inappropriately using information in those documents to pursue criminal charges relating to Epstein’s finances. Ms. Villafana then inexplicably broadened the scope of the investigation without any foundation for doing so. In what can only be seen as an attempt to intimidate Mr. Epstein, Ms. Villafana then added money-laundering and unlicensed wire-transmittal to the list of violations under investigation even though there was no evidence against Mr. Epstein concerning these charges. Attachment: opr draft 1.doc The letter also said prosecutors behaved contrary to professional norms by using the grand jury to “discover irrelevant financial information about Epstein” and improperly “called Mr. Epstein’s largest and most valued business client without any basis to inform him of the investigation in an effort to poison Mr. Epstein’s reputation in the business community.” (The letters do not cite Wexner by name. Epstein wrote in an email and a separate document that the call was made to Wexner.) On May 31, 2008, Epstein sent his attorneys an email, asking them to mention the money laundering probe among other items in a letter they were drafting for then-Deputy Attorney General Mark Filip to demand a high-level review of the case. The 2020 DOJ report says Filip delegated another senior DOJ official to deal with the letter. (That official concluded that there was no cause to intervene, according to a document made public in 2017.) Epstein’s relentlessness paid off. Prosecutors made several concessions during settlement talks following months of tense negotiations. On June 30, 2008, Epstein pleaded guilty to two sex charges in state court. It was nine months after he’d signed the non-prosecution agreement that allowed him to escape federal charges, serve a reduced jail sentence and shield his co-conspirators from prosecution. The deal also brought the government’s investigation into Epstein's finances to a halt. According to the former law enforcement official, the money-laundering probe remained open until the day of Epstein’s guilty plea. Four days before he reported to prison, Epstein received an email from Wexner, whose wife had updated him about Epstein’s situation.

TORONTO ONLY SAW 53 NEW CONDO SALES BUT PRICES CLIMBED—HERE’S WHY

Better Dwelling (2025-10-31)

The Greater Toronto new home benchmark is based on developer asking prices, not the sold price.

OSFI EASES BANKS’ CRYPTO LIMITS

Investment Executive (2025-10-31)

Under the revised guidelines, the regulator said financial institutions’ gross exposure to so-called “group 2” crypto assets — this refers to assets such as bitcoin, ether and other cryptocurrencies, and coins that aren’t backed by underlying assets — will now be limited to 5% of tier 1 capital, up from

CROSS-BORDER BANK CREDIT GREW IN Q2: BIS

Investment Executive (2025-10-31)

Cross-border credit to the financial sector was concentrated among borrowers in a few locations, the BIS said — with borrowers in the Cayman Islands, the U.S.,

SIGNS OF STRESS IN HOUSEHOLD CREDIT, BUT NO CRISIS: CIBC

Investment Executive (2025-10-31)

“That pace of growth is less due to increased number of borrowers and more due to an increase in the average loan size,” the report said, adding that while there’s strong growth among Gen Z borrowers, credit demand by Baby Boomers is contracting.

EVEN WITH BOC’S RATE CUT, CANADIAN HOMEBUYERS EXPECTED TO REMAIN ON SIDELINES

G&M - SALMAAN FAROOQUI (2025-10-30)

The Bank of Canada’s rate cut Wednesday is expected to have a muted impact on some of Canada’s largest real estate markets, as high prices and a glum economic outlook continue to hold back potential buyers. The

BCE CHAIR GORD NIXON STEPPING DOWN, JOINING U.S. FINTECH FISERV

G&M (2025-10-30)

Former banking executive Gordon Nixon is leaving his longtime role as chairman of telecom BCE Inc.

CANADA’S FENTANYL CZAR ADMITS UNDERESTIMATING SCALE OF OPIOID CRISIS

G&M (2025-10-30)

Kevin Brosseau says he didn’t fully appreciate the scale and scope of the synthetic-opioid crisis before becoming Canada’s fentanyl czar. The

NATIONAL BANK SHUFFLES EXECUTIVE RANKS WITH NEW HEAD OF PERSONAL BANKING

Yahoo Finance (2025-10-30)

The bank says Julie Lévesque, executive vice-president of information technology and operations, will become executive vice-president of personal banking.

TRUMP SHAVES CHINA TARIFFS AFTER 'AMAZING' XI MEETING

Reuters (2025-10-30)

Xi will work "very hard to stop the flow" of fentanyl, a deadly synthetic opioid that is the leading cause of American overdose deaths, Trump said.

CANADA IN A ‘STRUCTURAL PRODUCTIVITY CRISIS’: ECONOMISTS REACT TO SECOND BOC RATE CUT

BNN (2025-10-30)

“I think we’re lowering interest rates because the economy is under immense strain.”

BANK OF CANADA GOVERNOR SAYS AI COULD BE BOTH GOOD AND BAD FOR CANADA’S ECONOMY

BNN (2025-10-30)

Macklem says AI could have the sort of impact the introduction of computers and the internet did on global commerce and standards of living.

NO SURPRISES HERE WITH VISA EARNINGS: SVENSSON

BNN (2025-10-30)

Nate Svensson, senior equity research analyst at Deutsche Bank, joins BNN Bloomberg to discuss Visa earnings as they beat Q4 expectations.

BANK OF CANADA CUTS RATES, PRIORITIZING SURVIVAL OVER INFLATION CONTROL

Better Dwelling (2025-10-30)

The BoC’s justification here is they expect the drivers of inflation to be tempered by collapsing economic activity.

TEXT OF THE BANK OF CANADA’S LATEST INTEREST RATE DECISION

Investment Executive (2025-10-30)

With the effects of U.S.

FRANCE’S CREDIT AGRICOLE PROFIT RISES ON CUSTOMER ACTIVITY

WSJ (2025-10-30)

Credit Agricole S.A.

FINANCIAL CRIME WATCHDOG ISSUES RECORD NUMBER OF FINES FOR LATEST FISCAL YEAR

G&M (2025-10-30)

Canada’s financial crime watchdog has levied the largest number of penalties in its history against companies that failed to comply with anti-money-laundering laws, with the fines for its most recent fiscal year totalling $25-million. The

VARIABLE-RATE MORTGAGES ARE MAKING A COMEBACK, BUT SOME ECONOMISTS ARE ALREADY PREDICTING RATE HIKES

G&M - SALMAAN FAROOQUI (2025-10-30)

For months now, the conversation around interest rates has focused on how low they will go and when we’ll get there. On

BANK OF CANADA SET TO ANNOUNCE KEY RATE DECISION, PUBLISH NEW FORECASTS

Yahoo Finance (2025-10-29)

The Bank of Canada will make its rate decision without a full picture of federal government finances as Ottawa intends to table its fall budget next week.

TRUMP AGAIN TARGETS FED'S POWELL ON INTEREST RATE CUTS

Yahoo Finance (2025-10-29)

"We're not going to have a Fed that’s going to raise interest rates because they’re worried about inflation in three years from now," Trump added, possibly conceding that inflation could accelerate eventually.

UK MORTGAGE APPROVALS JUMP TO HIGHEST SINCE 2024, BOE SAYS

Bloomberg (2025-10-29)

Britain’s high-street lenders green-lighted the largest number of home loans since the end of 2024, a sign that housing demand is stabilizing despite worries of potential tax rises in Labour’s upcoming budget. The

CAD: BOC TO CUT 25BP TODAY – ING

BOC (2025-10-29)

"Markets are largely pricing in a cut, but it will be hard for the BoC to shut the door to more easing given the worsening trade picture.

TD BANK SPONSORED THE BLUE JAYS FOR 20 TUMULTUOUS YEARS. THE WORLD SERIES CHANGED EVERYTHING

G&M (2025-10-28)

Toronto-Dominion Bank’s TD-T patience is paying off.

AMAZON PLANNING TO CUT UP TO 30,000 CORPORATE JOBS, SOURCES SAY

G&M - Greg Bensinger (2025-10-28)

is planning to cut as many as 30,000 corporate jobs beginning on Tuesday, as the company pares expenses and compensates for overhiring during the peak demand of the pandemic, according to three people familiar with the matter. The

MICHAEL, 34, SAYS SOLDIERS FIND IT HARD TO BUY HOMES

G&M - SAIRA PEESKER (2025-10-28)

Annual income: $78,000 from salary, $16,800 from location bonus Debt: $0 Savings: $6,000 in savings account, $100,000 in tax-free savings account (TFSA), $65,000 in registered retirement savings plan What he does: Canadian Armed Forces desk job Where he lives: Ottawa Top financial concern: “How expensive everything has gotten.

JPMORGAN PLOTS EXPANSION INTO BANKING FOR CANADIAN TECH FIRMS

G&M - Sean Silcoff (2025-10-28)

U.S.

TD LAYS OFF STAFF, STAGGERS RETURN-TO-OFFICE DATES FOR SOME WORKERS

G&M - Stefanie Marotta (2025-10-28)

Toronto-Dominion Bank TD-T is laying off staff and staggering its four-day return-to-office mandate as the lender continues to cut costs to address remediation efforts stemming from its anti-money-laundering failings. In

VERSABANK UNVEILS BRANDING FOR PROPREITARY DIGITAL DEPOSIT RECEIPTS: VERSABANK REAL BANK DEPOSIT TOKENS™ REFLECTS CRITICAL ADVANTAGE OF ISSUANCE BY A FEDERALLY LICENSED BANK

VersaBank (2025-10-28)

VersaBank Real Bank Deposit Tokens™ were developed in conjunction with law enforcement as a trusted alternative to stablecoins for mainstream financial applications, including efficient payments, addressing the rapidly growing propensity of consumers and businesses to hold assets in e-wallets and engage in financial transactions digitally.

BANK OF CANADA EXPECTED TO CUT RATES AGAIN AS TRADE TURBULENCE PERSISTS

G&M (2025-10-27)

The Bank of Canada is widely expected to cut interest rates again this week, with the fragile business climate and a new bout of trade uncertainty predicted to outweigh concerns about an uptick in inflation. After

TRUMP SAYS IT WILL BE ‘A LONG TIME’ BEFORE HE MEETS CARNEY

G&M (2025-10-27)

Donald Trump says he won’t be meeting Prime Minister Mark Carney for some time after a falling-out between the two countries over an Ontario government TV ad that criticized the U.S.

TARGET TO ELIMINATE 1,800 CORPORATE JOBS AS IT PUSHES TO REBUILD CUSTOMER BASE

G&M (2025-10-27)

Target said Thursday that it is eliminating about 1,800 corporate positions in an effort to streamline decision-making and accelerate initiatives to rebuild the flagging discount retailer’s customer base. About

A GOLD CRASH EVERYONE SAW COMING LURES BARGAIN HUNTERS WORLDWIDE

Yahoo Finance (2025-10-27)

Gold prices plunged by as much as 6.3%

SEPTEMBER CPI: INFLATION COMES IN LOWER THAN EXPECTED BUT HOLDS FIRM NEAR 3%

Yahoo Finance (2025-10-27)

Friday's report was delayed by the ongoing government shutdown, now the second-longest shutdown in US history, with no end in sight.

US-CHINA AGREE ON FRAMEWORK FOR TRADE DEAL

Yahoo Finance (2025-10-27)

The US and China have agreed the framework of a potential trade deal that will be discussed when Presidents Trump and Xi meet on Thursday.

ARGENTINA INVESTORS POISED FOR RALLY AFTER MILEI LANDSLIDE WIN

Yahoo Finance (2025-10-27)

“The scale of Milei’s victory ranks at the most optimistic end of pre-election expectations,” Alejo Czerwonko, chief investment officer for EM Americas at UBS Global Wealth Management.

TRUMP ANNOUNCES ADDITIONAL 10-PER-CENT TARIFF ON CANADA OVER ONTARIO AD

BNN (2025-10-27)

A New York Times analysis of the ad and the original speech, published on Saturday, concluded while the ad reordered some of the parts of the 1987 speech, it did not misrepresent or alter what Reagan said.

BANKS ROCKED BY ‘EXTREME’ CAR LOAN COSTS GEAR UP FOR FCA FIGHT

Bloomberg (2025-10-27)

The UK’s biggest banks are gearing up for yet another fight with regulators over how they’ll compensate consumers who were missold car loans — even after they set aside an additional £1.5

STABLECOINS VERSUS CBDCS: THE SHOWDOWN OVER THE FUTURE OF MONE

Bloomberg (2025-10-27)

With more consumers abandoning physical cash and the US under President Donald Trump throwing its weight behind cryptocurrencies, monetary authorities are under pressure to evolve.

GLOBAL BANKS BOLSTER CAPITAL POSITIONS

Investment Executive (2025-10-27)

“Currently, the Tier 1 capital ratios are higher in Europe than in the Americas and the rest of the world,” the report said — however, most of the improvement in the second half came from banks in the Americas, which reported greater profit growth.

JPMORGAN ACCUSES CHARLIE JAVICE OF MORE FRAUD. THIS TIME OVER HER LEGAL BILLS.

WSJ (2025-10-27)

On Friday, the biggest bank in America asked a Delaware judge to reverse an order requiring it to front the legal bills for Javice, the entrepreneur who was convicted of defrauding the bank in March.

HSBC BOOKS $1.1 BILLION PROVISION RELATED TO MADOFF CASE

WSJ (2025-10-27)

HSBC HSBA -0.87%decrease;

ECONOMISTS DIVIDED ON IMPACT OF YUAN INTERNATIONALISATION EFFORTS

Central Banking (2025-10-27)

September was a busy month for renminbi internationalisation efforts, as the monetary authorities of mainland China and Hong Kong made several announcements that referenced boosting the Chinese currency globally as among their core aims.

BIG BANKS CASH IN ON WELL-HEELED BORROWERS

WSJ (2025-10-27)

Wealthier consumers are pulling the economy forward right now.

THE BNPL STORY EVERYONE’S GETTING WRONG

Pymnts (2025-10-27)

Now it’s 2025, and the media has simply found a new villain: Buy now, pay later.

OSFI 2025 ANNUAL UPDATE LETTER

OSFI (2025-10-27)

2025 annual update letter, templates and instructions for Deposit-taking Institutions (DTIs) have now been posted on OSFI’s website.

WHAT A SWELLING FEDERAL DEFICIT COULD MEAN FOR CANADA'S AAA CREDIT RATING

Yahoo Finance (2025-10-27)

The country’s debt-to-GDP ratio is also expected to increase rather than slow as previously pledged in the fiscal economic statement released last December during the final days of Justin Trudeau’s tenure.

WEALTHSIMPLE ANNOUNCES ITS RAISING UP TO $750M IN NEW CAPITAL TO ACCELERATE GROWTH

Yahoo Finance (2025-10-27)

The equity raise will bring its valuation to $10 billion upon completion.

EXONERATED TRADER TOM HAYES SUES UBS FOR $400 MILLION OVER LIBOR ACCUSATIONS

Yahoo Finance (2025-10-27)

Tom Hayes, the former trader who was a face of the global Libor-rigging scandal before his conviction was overturned in July, sued his former employer UBS for more than $400 million, saying the Swiss bank cast him as the "evil mastermind" of the scandal to shield itself.

CANADA’S EXPORTS DROP AS TARIFFS WEIGH HEAVY ON ECONOMY: STATISTICS CANADA

BNN (2025-10-27)

Exports dropped 7.5

CANADA PENSION FUND SUED BY YOUNG PEOPLE OVER CLIMATE RISKS

Bloomberg - Olivia Raimonde and Layan Odeh (2025-10-27)

The Canada Pension Plan Investment Board was sued by a group of young people who claim the pension fund is putting their benefits in jeopardy by mismanaging climate-related financial risks. Aliya

CANADIAN IMMIGRATION DIDN’T TANK (OR HELP) THE ECONOMY: CIBC

Better Dwelling (2025-10-27)

“Challenges to growth and investment spending [were] more tied to a post-pandemic hangover, monetary policy tightening and low commodity prices,” says Jaffery.

U.S. BANK SECTOR THRIVED IN Q3: FITCH

Investment Executive (2025-10-27)

Aggregate net interest income was up by 5.1%

JPMORGAN TO ALLOW BITCOIN AND ETHER AS COLLATERAL IN CRYPTO PUSH

Yahoo Finance - Emily Nicolle (2025-10-24)

The program, offered globally, will rely on a third-party custodian to safeguard the pledged tokens, according to people familiar with the matter.

TRUMP TERMINATES CANADA TRADE TALKS

Yahoo Finance (2025-10-24)

President Trump said he would immediately stop all trade negotiations with Canada due to a Canadian advertisement against his signature tariffs plan which features the voice of former President Ronald Reagan.

BANK OF ENGLAND CHIEF TOPS 2026 POWERLIST AS UK'S MOST INFLUENTIAL BLACK PERSON

BBC - Adina Campbell (2025-10-24)

The BoE executive director topped the 2026 Powerlist, which recognises the most powerful people of African, African Caribbean, and African American heritage in the UK.

BLACKSTONE SAYS ERA OF BUMPER PRIVATE-CREDIT RETURNS HAS ENDED

FT (2025-10-24)

Blackstone has said the era of excess returns in private credit has ended, with a golden age of mid-teens returns on private lending having given way to more muted investment results. The

LLOYDS PROFITS PLUNGE 40% ON CAR FINANCE SCANDAL

FT (2025-10-24)

Lloyds Banking Group’s profits tumbled almost 40 per cent to £1.2bn

WHAT CREDIT-CARD TRENDS TELL US ABOUT THE U.S. CONSUMER, IN CHARTS

WSJ - Imani Moise Follow and Ben Glickman (2025-10-24)

Americans may feel worse about the economy, but they are still wielding their credit cards with confidence. An

LLOYDS BANKING GROUP BEATS VIEWS DESPITE CAR-LOAN PROVISION HIT

WSJ (2025-10-24)

Lloyds Banking Group LLOY 1.16%increase;

MUTUAL FUND ASSETS NEARED $2.5T, ETF SALES SURPASSED 2024 RECORD IN SEPTEMBER: SIMA

Investment Executive (2025-10-23)

Equity ETFs took in $5.7

CARNEY VOWS BUDGET WILL SPUR ‘UNPRECEDENTED’ INVESTMENT, BUT WARNS OF ‘SACRIFICES’

Investment Executive (2025-10-23)

“Now is not the time to be cautious because fortune favours the bold,” Carney said in a speech at the University of Ottawa Wednesday evening, designed to set the stage for his first fiscal plan, due to be released Nov.

DESJARDINS ESTIMATES FEDERAL DEFICIT WILL BE THE HIGHEST IN 30 YEARS

Yahoo Finance (2025-10-23)

For the 2025-2026 fiscal year, Desjardins is projecting a $70-billion deficit, although the report acknowledges some estimates from other sources have been as high as $100 billion.

COMPLEX FINANCIAL RULES PRICE OUT PEOPLE WHO NEED ADVICE MOST

Yahoo Finance - Gary Edwards (2025-10-23)

That good news is tempered by the finding that: “Nearly half (49 per cent) of investors with portfolios under $50,000 reported no education from their adviser on financial concepts, and 40 per cent reported no advice on planning for financial goals.”

GOLD EDGES HIGHER AFTER TWO DAYS OF HEAVY LOSSES

Yahoo Finance (2025-10-23)

“After an overstretched rally, gold is behaving like an elastic band that’s been pulled too far and is now snapping back hard,” said Hebe Chen, an analyst at brokerage Vantage Global Prime Pty Ltd.

THE BAIT TO CRYPTO? CREDIT CARDS ENTICE USERS WITH BITCOIN REWARDS

WSJ (2025-10-23)

Crypto companies are turning to a tried-and-true trick from the banking world to entice new users, but with a major curveball. Coinbase

BMO ISSUES NORTH AMERICA’S FIRST BOND AIMED AT RAISING FUNDS FOR INDIGENOUS BUSINESSES

G&M - Jameson Berkow (2025-10-23)

Bank of Montreal is offering a new way to finance Indigenous companies and communities. Late

CITIBANK PLANS CANADIAN EXPANSION, NEW HIRING AS IT SEEKS TO CAPITALIZE ON SHIFTING GLOBAL TRADE

G&M (2025-10-23)

Citibank’s C-N Canadian unit is expanding its business in the country by hiring staff and onboarding more clients, as the U.S.

FIXED MORTGAGE RATES ARE DROPPING AFTER MONTHS OF STAGNANCY

G&M (2025-10-23)

When it comes to savvy mortgage rate strategy, variable-rate pricing – and whether the Bank of Canada will cause rates to rise or fall – tends to hog the spotlight. Borrowers

TRUMP PARDONS BINANCE FOUNDER CHANGPENG ZHAO

G&M - WILL WEISSERT (2025-10-23)

U.S.

SEB’S LENDING PROFIT BEATS ESTIMATES ON LOWER FUNDING COSTS

Bloomberg - Evelina Youcefi (2025-10-23)

Swedish lender SEB AB’s profit from lending slightly exceeded estimates in the third quarter, helped by lower funding costs, growth in volumes and currency effects. Net

EQB CUTTING ABOUT 8% OF WORKFORCE IN RESTRUCTURING PLAN

Investment Executive (2025-10-23)

EQB said it will also take impairment charges of about $65 million as part of its streamlining of operations and in writing down the value of its equipment financing business due to market conditions.

GENERAL MOTORS TO STOP BRIGHTDROP VAN PRODUCTION IN ONTARIO

G&M (2025-10-22)

General Motors Co.

HOW TUESDAY’S INFLATION REPORT HAS SHIFTED MARKET AND ECONOMIST PREDICTIONS FOR BOC RATE CUTS

G&M (2025-10-22)

Money market traders have modestly pared bets that the Bank of Canada will cut interest rates later this month following slightly hotter-than-expected inflation data Tuesday morning, the last major report before its Oct.

CONCORDIA UNIVERSITY INVESTS $25-MILLION IN SOCIAL IMPACT FUND

G&M - Jeffrey Jones (2025-10-22)

Montreal’s Concordia University is investing $25-million in a social impact fund, marking what they say is the largest investment by a Canadian postsecondary institution in a vehicle that prioritizes social and environmental gains alongside financial returns. Concordia

BARCLAYS UPBEAT ON OUTLOOK AS BANK MOVES TO QUARTERLY BUYBACKS

WSJ (2025-10-22)

Barclays raised its guidance for the year thanks to a stable income outlook and quicker savings despite topping up its provision for a car-loan probe redress, and also announced a buyback program as it reported third-quarter results. The

MAKING SENSE OF WHAT AML LOOKS LIKE ACROSS THE CRYPTO LANDSCAPE

Pymnts (2025-10-22)

Industry responses to a request for comment (RFC) by the U.S.

AMEX SEES ‘TREMENDOUS GROWTH’ IN VIRTUAL CARDS FOR B2B PAYMENTS

Pymnts (2025-10-22)

Virtual cards, issued as digital tokens tied to existing credit or charge cards, provide an added layer of security by avoiding the exposure of full card details during transactions.

EXPECT BOC TO CUT DESPITE INFLATION UPSIDE: BOEHMER

BNN (2025-10-22)

Konstantin Boehmer, head of fixed income and portfolio manager at Mackenzie Investments, joins BNN Bloomberg to discuss Canadia's CPI numbers and fixed income.

ANTI-MONEY-LAUNDERING WATCHDOG HITS CRYPTO EXCHANGE WITH HIGHEST-EVER FINE

G&M - ALEXANDRA POSADZKI (2025-10-22)

Canada’s anti-money-laundering watchdog has levied its largest-ever penalty – more than $176-million – against cryptocurrency exchange Cryptomus for failing to flag transactions allegedly linked to serious crimes such as the trafficking of child-abuse material. The

WEALTHSIMPLE HITS $100-BILLION IN ASSETS AS INVESTORS PLOW MONEY INTO DISCOUNT BROKERAGE ACCOUNTS

G&M (2025-10-22)

Online financial services provider Wealthsimple Technologies Inc.

TD ECONOMIST RISHI SONDHI ON WHAT’S NEXT FOR THE CANADIAN HOUSING MARKET

G&M (2025-10-22)

The Canadian housing market has significant regional disparities, with pockets of strength and weakness.

CONSUMERS ARE CASHING IN REWARDS POINTS AND TURNING TO CASH BACK CREDIT CARDS

G&M (2025-10-22)

With some loyalty programs allowing members to use their rewards on everyday purchases at the same or similar value as travel redemptions, more consumers are choosing to cash in. Air

WHY BEYOND MEAT STOCK IS UP ABOUT 600% IN 3 DAYS

Yahoo Finance (2025-10-22)

First: On Tuesday, Beyond Meat said its "Beyond Burger 6-pack" and Beyond Chicken Pieces" will be available at 2,000 Walmart (WMT) stores across the US.

GOLD STEADIES, BITCOIN PLUNGES AS DEBASEMENT TRADE RALLY COMES TO A HALT

Yahoo Finance (2025-10-22)

The world's largest cryptocurrency declined about 3% on Wednesday to hover near $108,000 per token, reversing a three-day recovery.

CANADIAN MORTGAGES BACKED BY INFLATED HOME VALUES, ZERO EQUITY

Better Dwelling (2025-10-22)

No need to alert Canada’s bank regulator—they’ve already acknowledged the issue, mostly to dismiss it.

BANK OF CANADA FINDS DOWNBEAT BUSINESSES AND CONSUMERS AHEAD OF RATE DECISION

G&M - Mark Rendell (2025-10-21)

Canadian businesses expect soft sales and little hiring while consumers remain worried about the job market, according to a pair of Bank of Canada surveys that may nudge policy makers toward another interest rate cut next week. The

WEALTH MANAGER WELLINGTON-ALTUS SELLS 25% STAKE TO U.S. PRIVATE EQUITY FIRM

G&M - CLARE O’HARA (2025-10-21)

Independent wealth manager Wellington-Altus Financial Inc.

FEDERAL BUDGET TO INCLUDE NEW AGENCY TO TACKLE MONEY LAUNDERING, ONLINE FRAUD

G&M (2025-10-21)

Finance Minister François-Philippe Champagne says a new Financial Crimes Agency will use funding for the RCMP to create a specialized team focused on money laundering and online fraud. The

CANADA RISKS LOSING DIGITAL PAYMENTS GROUND TO U.S. ON STABLECOINS, DESJARDINS WARNS

Yahoo Finance (2025-10-21)

“If Canada continues to fall behind, it will push Canadian users towards foreign-issued stablecoins,” said Mirza Shaheryar Baig, a foreign exchange strategist, in the report.

US BANKS HUNTING FOR COLLATERAL TO BACK $20 BILLION ARGENTINA BAILOUT, WSJ REPORTS

Yahoo Finance (2025-10-21)

The U.S.

AMAZON SAYS AWS CLOUD SERVICE IS BACK TO NORMAL AFTER OUTAGE DISRUPTS BUSINESSES WORLDWIDE

Yahoo Finance (2025-10-21)

Shortly after 3 p.m.

TRUMP ADMINISTRATION WEIGHING FANNIE, FREDDIE OFFERING AS SOON AS END-2025, FHFA DIRECTOR SAYS

Yahoo Finance (2025-10-21)

The FHFA, which regulates Fannie Mae and Freddie Mac, is expected to play a central role in any effort to return the pair, which backs the majority of the nation's residential mortgages, to the private sector.

AVERAGE HOME PRICE MUST FALL IN CANADA TO RESTORE AFFORDABILITY, MINISTER SAYS

BNN (2025-10-21)

Robertson responded that average prices in Canada do need to come down through the construction of more affordable housing at the lower end of the price scale.

DENIS DUBOIS APPOINTED PRESIDENT AND CEO OF DESJARDINS GROUP

BNN (2025-10-21)

Denis Duboios, president and CEO of Desjardins Group, joins BNN Bloomberg to discuss the company's outlook on the financial sector a following being appointed as new CEO.

CANADIAN PROVINCE MOVES TO LIMIT AI POWER USE, BAN CRYPTO MINING

Bloomberg (2025-10-21)

British Columbia proposed legislation to limit how much electricity will be available to artificial intelligence data centers, and moved to permanently ban new cryptocurrency mining projects. The

CANADIAN MORTGAGES NOW A RECORD 8 IN 10 DOLLARS OF HOUSEHOLD DEBT

Better Dwelling (2025-10-21)

Total household debt rose 0.48%

AUDITORS, LAWYERS NOT LIABLE FOR PAYDAY LENDER’S COLLAPSE

Investment Executive (2025-10-21)

The Superior Court of Justice dismissed claims against KPMG LLP and Cassels Brock & Blackwell LLP from the failed company’s estate, alleging that they knew, or should have known, that the company was insolvent by late 2011 — well before it ultimately filed for creditor protection in 2014.

LOAN LOSSES ARE ONE THING, LOSING TRUST ANOTHER

Investment Executive (2025-10-21)

“In our view, asset quality metrics across banks have been deteriorating but have held up better than we expected.

BNP PARIBAS SHARES DROP AFTER U.S. VERDICT OVER ALLEGED ROLE IN SUDAN

WSJ - Elena Vardon (2025-10-21)

They alleged that BNP Paribas facilitated transactions for the Sudanese government between 2002 and 2008, enabling the regime’s campaign of ethnic cleansing, displacement and mass killing, according to their lawyers.

CANADA’S INFLATION RATE QUICKENS TO 2.4% AHEAD OF BOC RATE DECISION

G&M - Matt Lundy (2025-10-21)

Canada’s inflation rate accelerated by more than expected in September, but not enough to deter the Bank of Canada from cutting interest rates again next week, according to several analysts on Bay Street. The

GOLD, SILVER TUMBLE IN BIGGEST DAILY DROP IN YEARS AS STUNNING PRECIOUS METALS RALLY COMES TO A HALT

Yahoo Finance (2025-10-21)

Spot gold dropped as much as 6%, to hover around $4,105 per troy ounce, its largest one-day drop since 2013.

CANADIAN INFLATION SOARS—BUT MORE ALARMING IS WHAT WASN’T MENTIONED

Better Dwelling (2025-10-21)

CPI-common rose 0.2

BIG SIX’S RETAIL-BANKING BUSINESSES GAIN MOMENTUM

Investment Executive (2025-10-21)

For example, a planner in Quebec with National Bank said they appreciated their bank’s collaborative culture and their own “proximity to senior management,” but that their digital tools could at times hold them back.

BUY NOW, PAY LATER HAS GONE MAINSTREAM. HOW ARE CANADIANS USING IT?

G&M - MARIYA POSTELNYAK (2025-10-20)

Fahd Pasha could afford the new iPhone.

BANK STOCKS RECOUEDWARD JONES BETS ON FINANCIAL PLANNINGP SOME LOSSES AS EARNINGS EASE CREDIT FEARS

Investment Executive - Georgie McKay, Julien Ponthus and Subrat Patnaik (2025-10-20)

The firm has been part-brokerage, part-financial planning shop for years — building up a client base of about 190,000 with an emphasis on community-based financial services.

U.S. BANK REGULATORS DROP CLIMATE RISK GUIDANCE

Investment Executive - James Langton (2025-10-20)

Now, in a joint release, the regulators announced that they are retracting the guidance, which applied to banks with over US$100 billion in assets.

BOC TO RESUME ECONOMIC FORECASTING WITH RATE DECISION THIS MONTH

Investment Executive (2025-10-20)

While the Bank of Canada now feels comfortable enough to issue formal forecasts, Macklem said those projections will put a lot of weight on the risks.

SCOTIABANK CUTTING JOBS IN EFFICIENCY PUSH

Investment Executive (2025-10-20)

Separately, Scotiabank said it expects its investment in U.S.

HOW TO MAKE BANKS LESS SAFE

WSJ (2025-10-20)

Bad ideas never die, but they do get worse.

JAMIE DIMON WANTS EVERYONE IN THE OFFICE. IS A $3 BILLION BUILDING THE ANSWER?

WSJ (2025-10-20)

amie Dimon was sitting on the 13th floor of his new headquarters on a Monday morning, sipping a Guinness and looking out at the Manhattan skyline.

BITCOIN FALLS TO LOWEST SINCE JUNE AS VARIOUS FACTORS DRIVE LOSSES

Forbes - Charles Lloyd Bovaird (2025-10-20)

Another factor that has contributed to the recent weakness in the global asset markets, and also bitcoin prices, is uncertainty surrounding the status of certain U.S.

THE OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS PUBLISHED UPDATES TO THE 2026 BASEL CAPITAL ADEQUACY REPORTING (BCAR) XML, XSD, TECHNICAL SPECIFICATIONS AND CHANGE CONTROL LOG DOCUMENTS.

OSFI (2025-10-20)

Click link for details.

DON'T EXPECT A HOUSING BOOM ANYTIME SOON, SAYS RBC

Mortgage Broker News - Liezel Once (2025-10-20)

“For those that are waiting for a freefall, I don’t believe that will happen.

THE WEEKLY BOTTOM LINE

TD (2025-10-20)

Canadian manufacturing sales volumes fell 1.5%

SCOTIABANK SAYS TECHNICAL GLITCH THAT DISRUPTED DIRECT DEPOSIT, CHEQUE PAYMENTS HAS BEEN RESOLVED

G&M (2026-01-28)

“We are deeply sorry for the inconvenience the earlier technical issue has had on our clients, and sincerely appreciate their patience as we worked through this,” Ms.

WEALTHSIMPLE CREDIT CARD LAUNCH DRAWS LONG WAIT-LIST, FRUSTRATION

G&M - Meera Raman (2025-10-31)

When fintech Wealthsimple Technologies Inc.

GLOBAL CENTRAL BANKS CONVERGE TOWARDS RATE CUT CAUTION

Yahoo Finance (2025-10-31)

This article provides an overview of central banks policies from some of the key markets around the world.

BANKS AND RETAILERS RUN SHORT ON PENNIES AS THE US MINT STOPS MAKING THEM

Yahoo Finance (2025-10-31)

President Donald Trump’s decision to stop producing the penny earlier this year is starting to have real implications for the nation’s commerce.