ING Direct, fresh off its purchase by Bank of Nova Scotia in November, informed mortgage brokers Wednesday it will no longer do business with them — a move that is rankling some people in the industry, who fear the consumer is losing a major advocate.
In a memo obtained by the Financial Post, ING Direct indicates to brokers that it had studied the two financial institutions’ products and found “considerable overlap.”
Investor's Business Daily - A mortgage broker who secretly recorded 2 friends charged with trying to cover up an insider trading case pleaded guilty to involvement in the $32 mil scheme. Kenneth Robinson admitted to being a middleman funneling information about pending mergers between trader Garrett Bauer and lawyer Matthew Kluger, who allegedly stole the details from law firms where he worked. Kluger and Bauer have not yet entered pleas.
The world of investment funds, closed end funds and mortgage investment entities has been an area of considerable interest for securities regulators for almost two and a half years.
And given what’s in the pipeline, the so-called modernization proposals, it seems the regulators — and the issuers — will be busy for another two and a half years.
TORONTO — CIBC says it had $852 million of net income in the fourth quarter, an increase of nearly $100 million from the same time last year.
The Toronto-based bank says the profit amounted to $2.02 per share of earnings, before adjustments.
On an adjusted basis, CIBC’s fourth-quarter profit amounted to $2.04 per share.