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Here are the top reads on deals and financial services over the few days,


Laurentian hires new head of capital markets: Laurentian Bank of Canada has hired Kelsey Gunderson to lead its capital-markets business, snapping up an experienced banker who became a free agent earlier this year after an executive shuffle at BMO Nesbitt Burns Inc. Story (James Bradshaw)

Deutsche Bank waited years before it flagged suspected Estonian money laundering, report says: Deutsche Bank did not disclose more than one million suspect money transfers with Danske Bank until February, a person with direct knowledge of the matter said, about five years after a whistleblower flagged suspicious transactions at Danske. Story (Reuters)

Goldman Sachs misses profit estimates as bank takes $80-million loss on WeWork investment: Goldman Sachs Group Inc missed Wall Street estimates for quarterly profit on Tuesday as it took heavy losses from high-profile investments in WeWork and Uber Technologies and faced up to a weakening global economy. Story (Reuters)

Wells Fargo quarterly profit slumps 26 per cent on legal costs: Wells Fargo & Co. reported a 26 per cent fall in quarterly profit on Tuesday, as the lender braced for additional legal expenses tied to a sales practices scandal that erupted more than three years ago. Story (Reuters)

JPMorgan profit boosted by bond trading, strong underwriting: JPMorgan Chase & Co beat Wall Street estimates for quarterly profit by a wide margin on Tuesday, underpinned by strength in bond trading and underwriting. Revenue at three of the bank’s four main businesses rose, allaying concerns about the impact of an escalating U.S.-China trade war, slowing global growth and low interest rates. Story (Reuters)

Citigroup profit rises 6 per cent on investment banking strength: Citigroup Inc reported a 6 per cent rise in third-quarter profit on Tuesday, driven by growth in its investment banking business and a smaller tax bill. Net income applicable to the bank rose to $4.91 billion, or $2.07 per share, from $4.62 billion, or $1.73 per share, a year earlier. Story (Reuters)

Morguard CEO signals what he will acquire when recession strikes: Most investors dread the prospect of a recession. Morguard Corp. chief executive Rai Sahi, on the other hand, is setting up his company to take advantage of an inevitable downturn in real estate markets. Opinion (Andrew Willis)


Canada’s IPO market dries up as young companies look to private capital: When Toronto-based software company Docebo Inc. started trading on the Toronto Stock Exchange last week, it marked the end of a drought that saw zero IPOs on the senior exchange for seven straight months. That’s the longest dry spell since 2016, when there were just three new issues over the entire year. Story (Tim Shufelt)

Toronto-based Docebo on promising trajectory after going public early: Canada’s newest public company, Docebo Inc., is “unusual in many ways,” CEO Claudio Erba admits. For starters, the employee-training software provider, which debuted on the Toronto Stock Exchange last Tuesday – the exchange’s first IPO in seven months – has more than half its 300 employees, including its chief executive officer and chief operating officer, based near Milan. Story (Sean Silcoff)

Intel buys software business from Canada’s Pivot Technology in 5G push: California chipmaker Intel Corp. has agreed to purchase a software business from Toronto-based information technology firm Pivot Technology Solutions Inc , Intel said on Tuesday. Intel said it would purchase Smart Edge, a software business that is designed to help split up data and store it closer to users to make computing devices respond faster. Story (Reuters)

Canada’s CPPIB to join KKR in building Axel Springer stake: Canada Pension Plan Investment Board (CPPIB) said on Tuesday it will invest at least €500-million ($551.95-million) in a KKR & Co. Inc.-owned holding firm conducting a public tender offer for the shares of German publisher Axel Springer. Story (The Canadian Press)

Hudson’s Bay pursues deal with Barneys New York bidder: A licensing deal by Hudson’s Bay Co. may help a bid to rescue the bankrupt luxury retailer Barneys New York Inc. HBC’s Saks Fifth Avenue chain is in talks to license the Barneys name, as part of a bid by Authentic Brands Group LLC to take over the struggling retailer, according to a person familiar with the matter. Story (David Milstead and Susan Krashinsky Robertson)


Supreme Court to hear Mr. Sub case that may extend product liability limits: Canada’s top court is set to hear an appeal Tuesday in a class-action lawsuit by Mr. Sub franchisees seeking compensation from Maple Leaf Foods Inc. for loss of sales and reputational damage during the 2008 listeriosis crisis, a case lawyers say could significantly increase financial liability for manufacturers of almost any product. Story (Christine Dobby)

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