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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
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- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Moody's Cuts Ratings on Big 6 Canadian Banks
[Photo: Toronto at Dusk, grammagroup.com]
Toronto-Dominion Bank (TD), Bank of Montreal (BMO), Bank of Nova Scotia (Scotia), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada (NBC) and Royal Bank of Canada (RBC) had their long-term debt and deposit ratings lowered one level by Moody’s Investment Service on concerns that over-indebted consumers and high housing prices have left lenders vulnerable to potential losses on assets. Moody's also cut its counterparty risk assessment for the firms, excluding TD Bank.
Moody’s cited ballooning private-sector debt that amounted to 185% of Canada’s GDP at the end of 2016, while house prices have climbed despite efforts by policy makers to cool the market. In particular, prices in Toronto and Vancouver have soared on the backs of strong economies, limited supply and foreign demand.