Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
CIBC hikes dividend, posts 2 per cent profit gain as period of slower growth continues: A modest 2-per-cent bump in the Canadian Imperial Bank of Commerce’s third-quarter profit came as a pleasant surprise to investors, underscoring the dim expectations placed on the country’s fifth-largest bank. Toronto-based CIBC benefited from better margins in Canadian retail banking and impressive growth in U.S. commercial loans and deposits. Story (James Bradshaw)
Leather wallets, loose change pose problems for new Apple Card: Apple tried to make the new Apple-branded credit card attractive, copying the heft and sleekness of higher-end cards like the Chase Sapphire. But cardholders are discovering that with such a design, they’ll have to give it special care. Story (Associated Press)
BNP Paribas to cut 500 jobs at securities services arm in France: BNP Paribas plans to cut around 500 jobs at its securities services arm in France, a union representative said on Thursday, as the bank seeks to reduce costs and retain competitiveness. Story (Reuters)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Hasbro to acquire Entertainment One for $4-billion: Hasbro, Inc. is purchasing Toronto-based Entertainment One Ltd. in a US$4-billion deal that comes with long-running children’s series Peppa Pig. Story (Stefanie Marotta and Megan Devlin)
Chinook Therapeutics raises US$65-million in Versant-led financing: A new Vancouver drug development company developing treatments for rare kidney disorders has raised US$65-million from a trio of American venture capital funds. Story (Sean Silcoff)
Saputo raising $599-million from bought deal, private placement: Saputo Inc. is raising a total of $599-million from a bought deal and private placement in a move that could allow the Montreal-based dairy giant to keep expanding. BMO Nesbitt Burns Inc. and National Bank Financial Inc. together bought 10.1 million shares from Saputo for $39.60 each, or about $400-million. Story (Megan Devlin)
IN CASE YOU MISSED IT
'We did it the right way’: Doug McGregor retires after guiding RBC Capital Markets to global leadership: On Doug McGregor’s 11-year watch as chief executive, RBC Capital Markets grew from a regional player into a leading global investment bank, navigating storms that swept away far larger institutions. As the 63-year-old announced plans on Wednesday to retire in January, Mr. McGregor predicted his successors will continue to expand Royal Bank of Canada’s capital-markets franchise, due to a combination of the firm’s strong culture and its ability to overcome the structural issues that continue to bedevil many international rivals. Derek Neldner, aged 46 and currently global head of investment banking, will take over as CEO of RBC Capital Markets in the new year. Story (Andrew Willis)
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