Canada's biggest banks eye organic growth instead of U.S. acquisitions [Financial Post (Toronto, Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. The heads of some of Canada's biggest banks say they're focusing on organic growth instead of heavily relying on acquisitions in the United States amidst the ongoing economic uncertainty. Rising credit losses in the U.S. prevented some of Canada's biggest lenders from meeting analysts' expectations in their quarterly results that were released last week. Banks that comfortably beat their targets did so because of their focus on Canadian operations, some analysts said. “Getting bigger for the sake of bigger is not the objective,” Dave McKay , Royal Bank of Canada's chief executive, said during a fireside chat at the annual Scotiabank Financials Summit on Wednesday. “It's making greater returns for the shareholder.” McKay said that some of the first questions he thinks about before an acquisition are “why are they selling” and what problems the bank will be inheriting. “There's a big
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News
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- Canadian Imperial Bank of Commerce (NYSE: CM) was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating.MarketBeat
CM
Earnings
- 8/29/24 - Beat
CM
Sec Filings
- 11/5/24 - Form 424B2
- 11/5/24 - Form 424B2
- 11/5/24 - Form 6-K
- CM's page on the SEC website