Wasn’t Expecting This: CIBC offloads American Century stake

December 22, 2015December 22, 2015 The Security Whisperer Commentary, Mergers and Aquisitions American Century Investments, CIBC, JP Morgan, Nomura, Nomura Holdings, wealth management target

Canada’s CIBC today announced it was selling its stake in wealth manager American Century Investments to Japan’s Nomura Holdings for about USD$1B after acquiring the 41% stake for about USD$848M from financial behemoth JPMorgan Chase in 2011. The bank indicated the reason for the sale was the unlikelihood of it acquiring majority control of the wealth manager…I guess Nomura is content with a minority stake or believes the status quo could possibly change. CIBC is expecting a gain of about USD$170M net of taxes from the sale.

Thankfully, the sale does not appear to signal a shift in strategy away from expanding the Bank’s private banking and wealth management presence, but does mean there will be some drag on earnings going forward until cash from this disposal is deployed (redeployment may take a while since demand for wealth management businesses had led to increased prices).

Canadian Imperial Bank of Commerce Q3 Results

September 1, 2015September 2, 2015 The Security Whisperer Analysis, Commentary 3rd Quarter, banking, business, Canada, Canada Bank Earnings, CIBC, finance, investing, news

Canadian Imperial Bank of Commerce – commonly known as CIBC – released its Q3 numbers on Thursday August 27th. Let take a look at how it did shall we?

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And They’re Off! BMO First Out Of The Gate With Q3 Numbers!

August 26, 2015August 26, 2015 The Security Whisperer Analysis, Commentary 3rd Quarter, Bank of Montreal, banking, BMO, Canada Bank Earnings, CIBC, finance, news, Q3 Earnings, Scotiabank

This is going to be a busy week for Bay Street analysts and investors alike as each of the major Canadian banks (Bank of Montreal, CIBC, Royal Bank, TD Bank, National Bank of Canada, and Scotiabank) report their Q3 numbers.

BMO (Bank of Montreal) was the first out of the gate when it reported earnings Tuesday. I will first take a brief look at the overall numbers (top line and bottom line) and then do the same for the individual reporting segments.

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