A CEO's Sudden Death Stuns a Canadian Bank on the Rise
Welcome to Bay Street Edition, our weekly newsletter devoted to what's happening in Canadian finance, covering strategy, deals, people moves and economics.
I'm Christine Dobby, Bloomberg's Toronto-based banking reporter, and you'll find me in your inbox almost every Friday. This week, we're talking about Equitable Bank in the wake of the sad loss of its CEO, a new head of corporate banking at Scotiabank, and Brookfield's Peruvian headache (and it's not from pisco). Plus: the most heated corporate culture debate of the summer — shorts in the office.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Axios
12 minutes ago
- Axios
Trump says U.S. will cease trade negotiations with Canada
President Trump said on Friday that the U.S. would terminate trade discussions with Canada and assign a tariff rate on Canadian goods within the next week. Why it matters: It is a fresh blow to the U.S.-Canadian economic relationship, which has come under historic strain since Trump took office.
Axios
18 minutes ago
- Axios
Prolific cybercriminal group now targeting aviation, transportation companies
The notorious Scattered Spider hacking gang is now actively targeting the aviation and transportation sectors, cybersecurity firms warned on Friday. Why it matters: The group of mostly Western, English-speaking hackers has been on a months-long spree that's prompted operational disruptions at grocery suppliers, major retail storefronts and insurance companies in the U.S. and U.K. Driving the news: Hawaiian Airlines said Thursday it's addressing a "cybersecurity incident" that affected some of its IT systems. Canadian airline WestJet faced a similar incident last week that caused outages for some of its systems and mobile app. A source familiar with the incidents told Axios that Scattered Spider was likely behind the WestJet incident. Josh Yeats, a WestJet spokesperson, told Axios that the company has made "significant progress" to resolve the incident, but did not answer questions about Scattered Spider's possible involvement. What they're saying: Charles Carmakal, the chief technology officer at Google's Mandiant Consulting, said in an emailed statement that the company is "aware of multiple incidents in the airline and transportation sector which resemble the operations of UNC3944 or Scattered Spider." "We are still working on attribution and analysis, but given the habit of this actor to focus on a single sector we suggest that the industry take steps immediately to harden systems," Carmakal said. Palo Alto Networks also said they saw evidence of these hackers targeting the aviation sector. "Organizations should be on high alert for sophisticated and targeted social engineering attacks and suspicious MFA reset requests," Sam Rubin, senior vice president of consulting and threat intelligence at Palo Alto Networks' Unit 42, said on LinkedIn.
Bloomberg
18 minutes ago
- Bloomberg
Dollar's Next Risk Is Canadian Pension Fund Hedging, TD Says
The US dollar is poised to tumble further as Canadian investors — among the largest holders of American stocks — face pressure to raise their currency hedges against the greenback, according to TD Securities. 'The loss of the dollar's safety appeal since the start of the year has increased the need for these funds to hedge their long US asset exposure,' a TD Securities team including Jayati Bharadwaj, Mark McCormick and Linda Cheng wrote in a Friday report. More losses for the US currency 'will give Canadian investors a greater push to adapt their hedging policies which can create further downward pressure on the cross.'
