TD, RBC, CIBC exceed second-quarter profit expectations
Neither a jittery Canadian housing market nor a suddenly wary U.S. business climate could dampen second-quarter performance at three of Canada's largest banks, but both issues will continue to be key concerns in the coming months. Story (James Bradshaw, Christina Pellegrini and Niall McGee)
A tale of two results at Royal Bank
Record-breaking fees from underwriting and advising on deals powered a sharp bump in profit at RBC Dominion Securities Inc. during the second quarter, offsetting lacklustre results in trading that have been widespread in the sector. Story (Christina Pellegrini and Niall McGee)
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With CEO's departure, Manulife must go on offence
Like any leader, the chief executive officer at Canada's largest insurer took the top job with a desire to move his company forward. And after eight years at the helm and 36 years at Manulife, Donald Guloien has a growth strategy in place focused on expanding in China. But the job of building the business is being handed over to Mr. Guloien's successor, Roy Gori. Story (Andrew Willis)
DAILY DEALS
Tembec Inc. has agreed to a takeover offer from Rayonier Advanced Materials in an $807-million (U.S.) friendly deal that further thins out the ranks of Canada's publicly-traded forest products companies. Story (Nicolas Van Praet)
Saudi Arabia is hoping to launch what would be the world's largest IPO, but first it has to decide whether oil giant Aramco will continue as a de facto arm of the monarchy. Story (WSJ, subscription required)
ELSEWHERE IN FINANCE
Modernizing Canada's aging payments systems will help strengthen the stability and efficiency of the country's financial system and reduce systemic and liquidity risk, a senior official at the Bank of Canada said on Thursday. Story
Wells Fargo & Co. is sweetening its signing bonuses for veteran brokers, a move to capitalize on Morgan Stanley's and Merrill Lynch's retreat from the industry's costly recruiting practice known as "prisoner exchange." Story (WSJ, subscription required)
I confess I went through a teenage "alternative" phase. I wore a lot of black clothing and listened intently to Pink Floyd records. Some young tech companies are going through their own spell of nonconformity. Story (Bloomberg)