
Scotiabank Calls Its Head-Office Staff Back in Four Days a Week
Bank of Nova Scotia plans to call head-office employees back to the office four or more days per week starting in September, citing a push for more collaboration as it follows recent moves by other big lenders including Royal Bank of Canada and JPMorgan Chase & Co.
Toronto-based Scotiabank said it will require teams with 'real estate capacity' to increase their days spent working in the office to '4+ days per week,' according to an internal memo sent to Canadian banking employees in the Greater Toronto Area last week. The memo, reviewed by Bloomberg News, wasn't sent to branch workers, who are already working onsite full time.
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Yahoo
2 hours ago
- Yahoo
Canada to hit NATO spending target this year as it shifts defense focus toward EU
Canada will reach NATO's defense spending target of 2% of GDP this year, five years ahead of schedule, Prime Minister Mark Carney announced on June 9. Speaking at the University of Toronto, Carney said the move is part of a strategic pivot away from reliance on the U.S. and toward deeper cooperation with the European Union, citing growing security threats from Russia, China, and other adversaries. Carney said Canada's current military capabilities are inadequate, noting that only one of four submarines is operational and much of the maritime and land fleet is outdated. To reverse this trend, his government is launching a $6.8 (9.3 billion Canadian dollars) boost to the defense budget for 2025-26. The investment will be tabled in Parliament through supplementary estimates and directed toward rebuilding the Canadian Armed Forces, upgrading equipment, and expanding domestic production capabilities. The new defense posture includes reassessing major procurement decisions, such as the planned purchase of U.S.-made F-35 jets, and prioritizing partnerships with European firms for equipment acquisitions. Carney emphasized that three-quarters of Canada's defense capital spending has gone to the U.S., a pattern he said must end. "We're doing this for us," Carney was quoted as saying. "Relatedly we're doing it as a strong NATO partner, we're a firm believer in NATO, and we're standing shoulder to shoulder with our NATO allies, we'll continue to do so. ." Carney's announcement comes just ahead of the NATO leaders' summit in late June, where member states are expected to commit to higher defense spending thresholds of up to 5%. The prime minister said Canada would support a new NATO defense industrial pledge and participate in the EU's ReArm Europe initiative. He added that future cooperation with the EU will be a major theme of the upcoming Canada-EU summit. Read also: Ukraine war latest: Ukraine shoots down nearly 500 drones, missiles in Russian record strike, Air Force says We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.


New York Times
2 hours ago
- New York Times
Canada Commits Billions in Military Spending to Meet NATO Target
Declaring that Canada is too dependent on the United States for its defense, Prime Minister Mark Carney on Monday committed to having his country meet NATO's spending target this year, seven years ahead of schedule. President Trump and leaders of other allied nations have long criticized Canada for consistently falling well short of NATO's goal of a military budget equal to 2 percent of each member's gross domestic product. Canada's previous government, under Prime Minister Justin Trudeau, planned to raise Canada's spending, which is at 1.37 percent, to meet the military alliance's target by 2032. Mr. Carney, speaking in Toronto, said that new geopolitical threats, advances in technology and the fraying of Canada's alliance with the United States demanded an accelerated spending schedule. 'We stood shoulder to shoulder with the Americans throughout the Cold War and in the decades that followed, as the United States played a dominant role on the world stage,' he said. 'Today, that dominance is a thing of the past.' 'It is time for Canada to chart its own path,' he added, 'and to assert itself on the international stage.' Want all of The Times? Subscribe.
Yahoo
3 hours ago
- Yahoo
JPMorgan opens fintech accelerator program in UK
JPMorganChase is accepting applications for a new fintech accelerator program for startup founders in the U.K. The Fintech Forward accelerator, developed by JPMorganChase and U.K.-based consulting firm EY, is a 12-week in-person and virtual program for founders applying technology to create scalable solutions within financial services. Applications for the accelerator opened May 26 and will close on June 27. The program will run from September to November of 2025. Successful applicants receive access to mentorship from bank executives, a two-day offsite at JPMorganChase's technology center in Glasgow and opportunities to showcase their business to potential investors and commercial partners. The accelerator is targeting U.K. fintech candidates with a "live product demonstrating market traction" and annual revenues not exceeding £1 million, according to the program's website. "At JPMorgan Payments, our north star is to improve the payments ecosystem and transform the movement of information, money, and assets," said Veronique Steiner, head of EMEA innovation economy at JPMorgan Payments. "We're actively encouraging applications from founders or business leaders who are overcoming obstacles to growing a business, including a lack of proximity to funding and networks, and are addressing the needs of underserved consumers, businesses or communities."A research report published by EY on Monday said that the U.K. "continues to be Europe's most attractive destination for foreign direct investment into financial services, despite a drop in the number of projects across the region." The U.K. financial services sector "continues to capture global investor confidence, particularly as they navigate challenging market conditions," said Martina Keane, EY's managing partner for the U.K. and Ireland. Future success rests on factors such as growing the attractiveness of the U.K.'s financial services sector on the global stage, Keane said. "To do this, we must build on our inherent strengths and prioritize progressive regulation, innovation and the continued establishment of key international trade relationships," she said. The office of the Lord Mayor of London has also highlighted the need for funding and support for U.K. fintech startups. "The U.K. is the third most attractive destination for investing in AI and tech in the world after the U.S. and China, specifically as a home for startups," Jason Esi, internal communications officer for the City of London Corporation, told American Banker in a previous interview. "When startups scale up in the U.K., what has happened is that when they need money, they tend to move to the U.S. to get that funding." Lord Mayor Alastair King expressed similar sentiments about the need for fintech startup funding in the U.K. "We must start funding our own fintechs," King told American Banker. "We have some startup businesses that are well-financed because angels are investing, but we're really bad at giving scale-up capital. Far too many really good, innovative British businesses in fintech are having to go off to America to get the funding they need. Therefore, we're using my official residence, the Mansion House, to bring good U.K.-based fintech businesses in front of U.K.-based investors." Sign in to access your portfolio