Citigroup’s Jane Fraser to be first woman to lead a big Wall Street bank: Wall Street’s longest-enduring glass ceiling is about to be broken. Citigroup Inc., the country’s third-largest bank with US$1.96-trillion in assets, said Thursday that Jane Fraser will become its chief executive in February. Ms. Fraser, the bank’s president and head of its global consumer banking business, will succeed Michael Corbat, who has served as chief executive since 2012. (New York Times)
What enticed some hedge funds into investing in Cogeco? Its owners might need some cash: A handful of hedge fund managers are judging Louis Audet by what he’s done, not by what he says, and investing in Cogeco Inc. in expectation of a takeover. Back in January, months before Altice and Rogers came calling, Gestion Audem sold 288,183 shares in Cogeco through a private placement, a block worth approximately $27-million. That sale is now seen as a sign that members of the Audet family need cash, and would be open to parting with the two companies. (Andrew Willis)
Fortress to pay $250,000 to settle with Ontario mortgage regulator: Fortress Real Developments Inc. has agreed to pay $250,000 for violating Ontario mortgage rules in the first direct penalty against the troubled construction finance company. (Mark Rendell)
Tiffany & Co. falls victim to pandemic forces that have killed takeover deals worth billions: In the latest instance of a deal coming apart amid the COVID-19 pandemic, luxury goods purveyor LVMH said it has pulled its US$16.2-billion takeover bid for Tiffany, citing mismanagement by its target and an unusual request for a delay from the French government. (Jeffrey Jones)
Mortgage delinquencies expected to jump in latter part of the year, Canada’s housing regulator says: Canada’s housing agency said there could be a “significant increase” in mortgage delinquencies later this year as banks' loan deferrals during the COVID-19 pandemic end and alternative lenders deal with more troubled borrowers. (Rachelle Younglai)
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