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Banking

Canada banks’ quarterly profits seen hit by rising provisions

A sign for the Bank of Montreal in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsTORONTO, Nov 27 (Reuters) - Canada's big banks are likely to wrap up a challenging financial year with another quarter of declining profits and rising bad debt provisions amid a slowing economy.The big six banks have axed thousands of jobs this year as investment banking fees lagged and business south of the border weakened due to the U.S. regional banking crisis.While high interest rates have boosted the banks' lending margins, residential...
Finance

Binance’s Zhao to admit guilt, step down to settle US illicit finance probe

Zhao Changpeng, founder and chief executive officer of Binance speaks during an event in Athens, Greece, November 25, 2022. REUTERS/Costas Baltas/File photo Acquire Licensing RightsNEW YORK, Nov 21 (Reuters) - Binance chief executive Changpeng Zhao will admit violating U.S. laws as part of a $4 billion settlement resolving a years-long probe into illicit finance breaches at the world's largest crypto exchange, said two sources familiar with the matter.He will also step down and plead guilty to violating criminal U.S. anti-money laundering requirements in a Seattle federal court on Tuesday, the...
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