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Big Bank Earnings Wrap: What RBC and CIBC Reveal About Your Mortgage

  Royal Bank and CIBC reported record or near-record profits before the market opened Thursday, closing out a jam-packed bank earnings week that also included BMO, Scotiabank and National Bank. Beyond the headline numbers, though, the details tucked into these reports say a lot about where mortgage rates, lending standards and household credit stress are actually heading — and it's a more reassuring picture than a lot of the tariff-and-tension headlines this month might suggest. RBC: Record Profit, Credit Quality Barely Budged Royal Bank of Canada posted net income of $6.0 billion for the quarter ended July 31, up 11% from a year earlier and a record for the bank. Diluted earnings per share came in at $4.23, up 13% year-over-year, while return on equity climbed to 17.9%. The number worth watching for anyone with a mortgage isn't the profit line — it's the provision for credit losses (PCL), the money banks set aside for loans that might go bad. RBC's total PCL was $1.0 b...
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Controversy Surrounds Kamala Harris’ VP Frontrunner Amid Harassment Cover-up Allegations

 

In a recent development, Pennsylvania Governor Josh Shapiro, a leading contender to be Vice President Kamala Harris’ running mate, has been accused of covering up a sexual harassment scandal. The allegations were brought to light by Erin McClelland, a Democrat running for Pennsylvania’s state treasurer. McClelland claimed that Shapiro is unfit to be Harris’ vice-presidential pick, citing his alleged insecurity about being “second under a woman” and his involvement in a harassment cover-up.

McClelland’s accusations focus on Shapiro’s handling of a harassment case involving his top legislative liaison, Mike Vereb. Shapiro’s office reportedly paid $295,000 in a settlement to a woman who accused Vereb of harassment, but Vereb did not resign until months later. McClelland expressed her concerns on social media, suggesting that Harris should consider other candidates who are more secure in their roles and supportive of female leadership.

This controversy has sparked a debate about the qualities needed in a vice-presidential candidate and the importance of addressing harassment allegations transparently. As the Democratic Party prepares for the upcoming election, these allegations could impact Shapiro’s chances of being selected as Harris’ running mate.


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