Bank earnings: Analyst picks top bank for the quarter

Scotiabank and the Bank of Montreal are set to report earnings for the third quarter on Tuesday. National Bank of Canada’s results are expected Wednesday, while CIBC is due to report on Thursday.

Last Thursday, TD reported earnings had dragged for its quarter ending on July 31, as it set aside more money to prepare for troubled loans. The bank’s deal to purchase Tennessee-based First Horizon Corp. collapsed back in May after it failed to receive the regulatory approvals in time. concerning its compliance with anti-money laundering rulesRegan said the investigation may put the bank in the “penalty box” for about a year when it comes to looking at U.S.

“I still think the banks that we may have sold off and switched into – Royal Bank – they’ll still do fine in the next two to three years.”

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With more bank earnings to come, this analyst says TD is his top pickWith Canada’s big six banks in the midst of reporting their latest quarterly results, one analyst suggests the top bank has already reported.
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National Australia Bank Set to Cut 10% of Market-Unit Jobs: AFRNational Australia Bank plans to cut about 10% of jobs at its markets division as early as this week, the Australian Financial Review’s Street Talk reported, citing unidentified people.
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