$RY

Royal Bank of Canada (RBC) appointed Kamran Azim as head of wealth management in Asia and CEO of the RBC Singapore branch, effective 1 November. He succeeds Rod Ireland, who will retire 31 December after more than 25 years. RBC said Azim has held roles including private banking head and wealth management COO for Asia.

Canada’s banks say they face hurdles financing defence firms because many SMEs lack prior procurement contracts and compliance track records. The government plans to expand defence spending, including a $6-billion BDC defence financing program and a defence industrial strategy to triple revenue. Banks cite regulatory and risk constraints, while procurement cycles can take about seven years.

North American and European banks reported strong Q2 results and signaled better 2H outlooks, citing higher-for-longer inflation, robust trading volumes, and a steepening Treasury yield curve that supports loan and securities spreads. JPMorgan net income rose 41%, Goldman 84%, Morgan Stanley 57.7%, Bank of America 27%, Citigroup 45%, Wells Fargo 16.6%, RBC 25%, and UBS 134%. Several raised or reaffirmed 2026 profit guidance.

Canada’s Financial Consumer Agency (FCAC) said controls at Canada’s Big Six banks to prevent misrepresented or unsuitable sales are “insufficient” and “underdeveloped,” though it found no widespread mis-selling. The FCAC reviewed RBC, TD, Scotiabank, BMO, CIBC and National Bank, will investigate possible conduct-rule breaches, and plans a modernized supervision framework. Complaints rose 28% at an industry ombudsman.

The article says Canada’s Big Six banks have rallied about 30% in 2026, with Bank of Montreal up about 40%, outpacing the S&P/TSX Composite. It cites Jefferies analyst John Aiken saying bank stocks trade at 15.3x estimated earnings, about 50% above the historical average. It discusses buybacks, including RBC’s 35 million shares in 2025 and up to 45 million in 2026.

Banks, Bausch Rate Attention Equities in Canada’s largest market jumped Thursday, as oil prices retreated once again, and as health-care issues competed with resource stocks as top gainers. The TSX forged ahead 172.06 points to end Thursday at 35,505.84. The Canadian dollar added 0.17 cents at 71.41 cents U.S. Vermilion Energy and Kinross Gold posted higher second-quarter profits amid a flurry of earnings releases from energy and mining companies late Wednesday.

Lightspeed, Thomson in Spotlight Canada's main stock index edged lower in choppy trading on Thursday, as gains in mining and heavyweight financial stocks were countered by losses in technology and industrials shares. The TSX headed south 37.04 points to reach noon EDT Thursday at 35,296.74. The Canadian dollar added 0.13 at 71.38 cents U.S. Vermilion Energy and Kinross Gold posted higher second-quarter profits amid a flurry of earnings releases from energy and mining companies late Wednesday.

Swift says it has launched a new cross-border consumer payments initiative to improve inbound international transfers to Canada, including full amounts received, faster delivery, and upfront visibility of fees and exchange rates. RBC and TD are live initially for transfers from Australia and Belgium, with more markets planned. Swift says 60+ banks in 25 countries back it.

Canadian stocks fell as investors stayed cautious amid renewed U.S.-Iran escalation and the U.S. Fed’s rate decision. The S&P/TSX Composite ended at 35,333.78, down 415.92 points (1.16%). Energy led gains on crude oil up more than 6%. The Fed held rates at 3.50% to 3.75%. Trump said he would not revisit CUSMA and threatened tariffs; Allied Gold and Zijin Gold deal changed.

RBC and TD Bank Group said they are among the first Canadian institutions to go live with Swift’s new consumer international money transfer initiative. The program aims to deliver full amounts, faster arrivals (often minutes), and upfront visibility of fees and exchange rates. Initial markets include Australia and Belgium, with more planned as additional banks join.