Canada's largest bank RBC and TD Bank kicked off big bank earnings Thursday - both setting aside more money for loans that could go sour.
beat analysts’ estimates for third-quarter profit on Thursday, helped by cost cutting and higher interest rates and warned of more layoffs ahead as it tackles elevated expenses.CEO Dave McKay had said in May the bank would slow hiring after it overshot by thousands of people.
“The bank did a commendable job in managing expenses, with an improvement in its overall efficiency ratio,” Barclays analyst John Aiken said. That helped boost earnings at RBC’s retail business by five per cent. At TD, however, income from its Canadian personal and commercial banking segment fell 1% and fell 9% at its U.S retail unit.
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