Revenues were down slightly in Q4, while expenses and loan provisions were up
The two dominant themes emerge ahead of an uncertain 2024
The bank expects synergies of US$800 million — up 20% from a previous estimate
CIBC, RBC, Scotiabank and TD have all cut staff this year
Deal is good for Canada, CEO says
Some cuts have already been made, while remainder will happen next year
Outlook shifts to neutral as banks adapt to higher rate environment
The Liberals are moving ahead with a measure for financial institutions proposed in the 2023 budget
Employee numbers were down about 1,500 from the previous quarter, about halfway to the bank's 3% reduction target
Deposits continue to feel the strain since U.S. bank failures in the spring, Moody's says