U.S. banks benefit from postelection trading surge
Robust gains in fixed income trading revenue at JPMorgan Chase & Co. and Bank of America Corp. are an early sign that a surge in activity after the U.S. election was felt across bond markets. And those strong fourth-quarter results are buttressing expectations that Canadian banks also benefited from that trend.
U.S. banks were expected to handle more trading orders during the three months that ended Dec. 31, as their clients adjusted their portfolios after Donald Trump's surprise presidential election victory in November triggered a selloff of U.S. government bonds. Story
Scotiabank energy banker launches oil and gas PE fund
Over the past few years, energy company executives have been telling Adam Waterous that despite the negative headlines, there has never been a better time to be exploring for oil and gas.
The global head of investment banking at Bank of Nova Scotia heard this advice so many times that he decided to act on it: Mr. Waterous plans to leave the bank next month to launch a Calgary-based $400-million private equity fund that will invest in up-and-coming North American oil and gas plays. Story
A Trump-induced euphoria for banks? Not so fast
Less than two weeks left of this tyranny. Then we'll be free from the socialists, the overreaching regulators, the long arm of government.
That's the subtext to the euphoria on Wall Street and in the American banking sector since Donald Trump was elected president. The KBW Regional Bank Index, which tracks 50 U.S. banks, is up an astonishing 27 per cent since Nov. 8. With the inauguration approaching, investors are assuming a Republican-led Congress will free banks from the shackles imposed by U.S. President Barack Obama and other policy makers after the 2008 financial crisis. Story
MEG boosts stock deal to $450-million
MEG Energy Corp.'s chief executive officer says the company has turned a corner with a deal to refinance its hefty debt load and plans to restart growth in the oil sands using proceeds from an upsized share sale.
The Calgary-based company issued $450-million in stock on Thursday, selling 58.1 million subscription receipts at $7.75 apiece. The syndicate is co-led by BMO Nesbitt Burns Inc., Barclays PLC and RBC Dominion Securities Inc. Story