Here are the top reads on deals and financial services over the last week
FINANCIAL SERVICES NEWS
Former financier paid for sports car, kids’ tuition with investor money, court told: The founder of what was once one of Canada’s largest financial planning companies used investor funds for personal expenses such as private school tuition for his children and a sports car, and to pay back investors in "prior schemes,” the Ontario Court of Justice heard on Monday. (Greg McArthur)
TD lowers executive pay as bank fails to meet internal profit goals: Pay for most of Toronto-Dominion Bank’s top executives fell in the last fiscal year as the bank failed to meet its internal profit goals, it said in a shareholder disclosure Monday. (David Milstead and James Bradshaw)
RBC hires OMERS Ventures managing partner Sid Paquette to lead new technology, innovation banking group: Royal Bank of Canada is expanding its efforts to finance Canada’s rapidly growing technology sector, hiring former senior Ontario Municipal Employees Retirement Systems venture-capital investor Sid Paquette to lead a new technology and innovation banking group. (Sean Silcoff and James Bradshaw)
Former Gluskin Sheff executive named co-CEO of Grayhawk as company plans national expansion: Former Gluskin Sheff executive Peter Mann has joined Grayhawk Investment Strategies as co-chief executive officer as the Calgary-based independent brokerage firm unveils plans to expand across Canada. (Clare O’Hara)
Rate cuts are another headwind for Canadian banks: One thing is certain about the impact of lower interest rates on Canadian banks: Rate cuts aren’t good for profit growth at a time when banks are already struggling to impress investors. The U.S. Federal Reserve slashed its key interest rate by half a percentage point on Tuesday and the Bank of Canada followed with the same size cut to its key rate on Wednesday. (David Berman)
Banks, regulators stepping up contingency plans as coronavirus threat looms: Canada’s banks are in increasingly close contact with governments and regulators about contingency plans to prepare the financial sector to withstand potential outbreaks of COVID-19. (James Bradshaw)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Market turmoil over coronavirus epidemic slows corporate deal flow: Market gyrations triggered by fears over the coronavirus and COVID-19 epidemic are threatening to disrupt corporate merger and acquisition activity, with danger to deals increasing the longer the crisis drags on. (Jeffrey Jones and Mark Rendell)
GFL prices IPO below target range: GFL Environmental Inc. has priced shares in its initial public offering below its target range following last week’s meltdown in global financial markets, but it still one of Canada’s largest equity financings at a total of $2.95-billion. (Jeffrey Jones and Tim Kiladze)
IN CASE YOU MISSED IT
Canadian companies add coronavirus risks to earnings disclosures: Dozens of Canadian businesses have included new disclosures in their financial reports that outline the impact coronavirus could have on their operations, offering early insights into the growing risks that could affect profits if the outbreak worsens. Lawyers who advise businesses on corporate governance say publicly traded companies are seeking advice on how to disclose risks related to the global outbreak of COVID-19, the disease the coronavirus causes. Fears have intensified in recent weeks, just as many companies report their financial results for the fourth quarter of the 2019 calendar year. (Christine Dobby)
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