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.”
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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