Here are the top reads on deals and financial services over the last 24 hours,
BMO restructures capital markets leadership, makes multiple cuts: Bank of Montreal has revamped its capital markets leadership team, making changes across its trading and investment banking units. Story (Tim Kiladze and James Bradshaw, for subscribers)
Shareholder groups support proposal to abolish Bombardier’s dual-class share structure: Two proxy advisory firms are backing a proposal to abolish Bombardier Inc.'s dual-class share structure in a move that could reignite investor opposition to the founding family’s control over the Canadian plane and train maker. Story (Nicolas Van Praet, for subscribers)
MORE FINANCIAL SERVICES NEWS
U.S. bank executives face grilling from congressional panel: Chief executives of some of the largest U.S. banks appeared before Congress on Wednesday, giving lawmakers their first opportunity to grill the lenders since the 2007-09 financial crisis. Story
MORE DEALS NEWS
Uber aiming to sell around US$10-billion of stock in IPO: sources: Uber Technologies Inc. has decided it will seek to sell around US$10-billion worth of stock in its initial public offering, and will make public the registration of the offering on Thursday, people familiar with the matter said on Tuesday. Story (for subscribers)
Western banks help Saudis raise US$12-billion in bonds: Saudi Arabian state-controlled oil company Aramco – the most profitable in the world – has raised US$12-billion in a bond issue that shows Western investors are keen to do business with the kingdom despite global outrage over last year’s killing of a dissident journalist. Story (for subscribers)
IN CASE YOU MISSED IT: TO SHORT OR NOT TO SHORT
Why shorting the Canadian banks on housing makes no sense: When Steve Eisman warns about a downturn, investors listen – so his recent bet against Canadian banks is getting a lot of attention. Famous for his prescient call against the United States housing market before the 2008 global financial crisis, one of the fantastically profitable wagers profiled in The Big Short, Mr. Eisman, a fund manager, is now predicting trouble for Canada’s largest lenders. Story (Tim Kiladze and James Bradshaw, for subscribers)
Top links: Canadian banks ‘ill-prepared’ for turn in credit cycle, says short seller: “'Canada has not had a credit cycle in a few decades,' Eisman, portfolio manager at Neuberger Berman told BNN Bloomberg in a Tuesday interview. ‘I don’t think there’s a Canadian bank CEO that knows what a credit cycle really looks like.” “I just think, psychologically, they’re extremely ill-prepared. And, given how low the risk weights on their balance sheets are. I think they’re unprepared for how much their capital ratios could go down if there’s just a simple normalization of credit, not a calamity, just a simple normalization of credit.’” Story (Scott Barlow, for subscribers)
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