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Banks Bet on Wealth to Counter Weary Consumers: Corporate Canada

Canada’s largest lenders, whose shares soared to record highs last month, are banking on wealth management to help counter a capital markets slump and weaker consumer borrowing.

Wealth management will be a significant part of earnings growth for the country’s banks in the fiscal fourth quarter, which kicks off tomorrow when Bank of Montreal reports results, said John Aiken, a Barclays Plc analyst in Toronto. The six largest lenders will average per-share profit growth of 11 percent after excluding some items for the period ended Oct. 31, Aiken estimates.