In the next part of our 5-part series, we are going to take a look at the Finance sector…
FINANCIALS
For the first time since the financial crisis, there might be some cause to fear for Canada’s steadfast banks, writes Tim Kildaze of the Globe and Mail.
On the heals of the Toronto-Dominion Bank chief executive officer using language that foreshadows job cuts and restructuring, the Bank of Nova Scotia restated their plans to reduce jobs world-wide. Hopefully, these are simply the moves of new CEOs cleaning house from there predecessors, rather than an indication of things to come.
In a more positive light, with the U.S. economy bouncing back, American consumers are spending again, despite the concerns in the Europe, Russia and China. According to RBC, this will certainly have a positive effect on Canadian banks. The U.S. is Canada’s strongest trading partner and if they flourish south of the border, we are bound to experience growth in our economy.
Another positive indicator is that the banks have remained calm over the slump in oil prices because the companies they lend to are expected to endure the volatility.
Next up… ENERGY.
