Several banks announced their profits sank
Wells Fargo also saw profits plunge in Q1 due to the coronavirus pandemic
O'Neill joined the bank's board in 2008 and was chairman between 2014 and 2019
Regulatory relief has positive and negative consequences
Nine banks accessing BoC's new liquidity option, CBA says
Banks followed the Bank of Canada, which cut its overnight rate again on Friday
Regulator unveils measures to give banks, insurers and pensions operational flexibility
Regulators agree to push back implementation of certain provisions for a year
The relief comes as small business confidence falls to an all-time low
The pandemic's impact surpasses the rating agency's previous expectations