Canadian banks Desjardins, Scotiabank and TD Securities have suffered setbacks in their first and second quarter earnings of 2020 due to severe market volatility, a consequence of the Covid-19 outbreak.

Desjardins and Scotiabank saw their issuance of structured products reduced by 15% on average with Desjardins taking the biggest blow following a 17% decrease year-on-year ( 87 products in 2019 / 72 products in 2020 ), followed by Scotiabank with a 13% fall (151 products in 2020/130 products in 2020). TD Securities, with a 58% increase in issuance (132 products in 2019/209 in 2020), seemed to have capitalised on what its group president and chief executive officer Bharat Masrani described as &ls

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