Here are the top reads on deals and financial services over the last 24 hours,
Frank Stronach’s ventures lost $800-million, daughter Belinda alleges in court filing: Industrialist Frank Stronach is alleged to have lost $800-million on several misguided investments, a track record that daughter Belinda Stronach says should prevent the 86-year-old from taking back control of the businesses he built over a lifetime. Story (Andrew Willis, for subscribers)
CIBC Wood Gundy changes compensation structure for advisers: Canadian Imperial Bank of Commerce’s brokerage arm has changed its compensation scheme after employees complained it influenced some advisers to push clients into accounts with fixed annual fees. CIBC Wood Gundy is reinstating restricted share options for transactional advisers who charge clients commissions for every trade. Until recently, the bonus shares were paid only to advisers on the so-called fee-based model, in which their clients pay an annual fee, usually about 1 per cent of assets. Story (Clare O’Hara, for subscribers)
Barrick leaves door open to sale of its biggest copper mine as Zambia tax hikes loom: Barrick Gold Corp is leaving the door open to a sale of its biggest copper mine as it faces potential tax hikes in Africa. In a press release, Barrick said the Zambian government had proposed tax changes for its Lumwana property that would “imperil the mine’s ability to sustain returns to all stakeholders.” Story (Niall McGree, for subscribers)
This week’s Santander moment changes nothing in the world of outrageous bankers' pay: The Santander moment might have you believe the banking world has changed, that outrageous pay for bankers with the mental makeup of a Las Vegas card shark is finally becoming a relic of the decadent past. Populism has hit the pay world – thank you Bernie Sanders, Alexandria Ocasio-Cortez, Jeremy Corbyn and the other headline-grabbing socialists who equate overpaid bankers with broken, late-stage capitalism and the greediest bankers with the end of civilization, Rome in the fourth century. If only it were that simple and uplifting. Sadly, it’s not. Opinion (Eric Reguly, for subscribers)
Financial services innovation is leaving too many Canadians behind: We see tremendous potential in financial services innovation, but we are not convinced that it has taken all Canadians forward. As academics and practitioners, we have spent time trying to understand the financial services ecosystem and its evolution. Opinion
MORE FINANCIAL SERVICES NEWS
Layoffs: Turmoil on financial markets is expected to deepen layoffs and accelerate acquisitions in the fund management industry. BlackRock, the world’s largest money manager, and industry No. 3 State Street announced job cuts this month after the worst year for many stock indexes since the financial crisis and losses across most other financial assets. Hedge funds AQR Capital and Balyasny Capital took similar steps. Story (for subscribers)
IN CASE YOU MISSED IT
Broken blue chips: Manulife and Power Financial fight to shake off the effects of a crisis: Manulife Financial Corp. and Power Financial Corp. have more than a few things in common. But here’s the big one: These former stock-market superstars have done poorly since the eruption of the credit crisis, underperforming other Canadian financial companies by a wide margin and leaving long-term investors exasperated. Story (David Berman, for subscribers)
The Streetwise newsletter is Tuesday to Saturday. If you’re reading this on the web, or if someone forwarded this e-mail to you, you can sign up for Streetwise and all Globe newsletters on our signup page.