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'Star Trek Finance': Canadian Banks Report Massive Profit Declines

  • 📰 HuffPostCanada
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Some of Canada's banks have vowed no layoffs this year, but next year all bets are off

The buildings of the Toronto-Dominion Centre in Toronto's financial district are seen in this undated stock photo.

The Big Six have collectively allocated about $10.9 billion in provisions for credit losses ― money set aside to account for so-called bad loans. Royal Bank of Canada said earlier this week that its credit-loss provisions amounted to $2.83 billion, up 564 per cent from $426 million in the same quarter last year.

“We’re cautious here. This is not a one-quarter or two-quarter event. The banking sector will be picking up broken eggshells for a number of quarters here.”

 

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No sympathy. Banks have been making massive profits off our backs forever. And are surely now hiring experts to figure out how to make sure we pay to cover these losses despite their incredible earnings.

Credit card rates are still at 28%

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Toronto Star parent company Torstar sold to NordStar Capital in $52M dealNordStar Capital LP, a private firm owned by businessmen Paul Rivett and Jordan Bitove, plans to take Torstar private hope the windows cant open..... actually 52 mill. is probably a steal! Overpaid for a propaganda rag.
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