Financial Bank Reports

Article dated December 11, 2007 and not published.
The financial report for the C.I.B.C. and Scotia banks make for very interesting reading as follows;C.I.B.C's net income for 2007 $3.296 billion vs $2.646 billion for 2006
Scotia bank's net income for 2007 $4.05 billion vs $3.55 billion for 2006
A few of these increases are the result of diverse service charges that seem rather small to a bank but in fact amount to a great deal of money over the period of one year and than relate these seeming small service charges to the very, very minute interest rate on a savings account.
Recently the TD bank announced their intentions of increasing their visa card interest rate from 18.9% to 19.75% which is a stretch of 14.65% over the bank rate. No doubt the two banks mentioned above will follow suit.
Were you holders of fixed term mortgages that are tied to five year government of Canada Bonds with a spread of 2.44% aware the spread has grown to over 3.5%? one is now paying 1% more than one should be when one has a locked in mortgage?
Having documented how well off these two banks seem to be lets' glance the employee's state of affairs. According to most current news releases the employees are filing class action suits against both banks for not paying overtime.C.I.B.C. was faced with a class action suit in June 2007. Scotia bank has just been slapped with a class action suit this week. There are rumors employees of the other remaining banks are considering doing the same.The effects of these class action suits will be closely watched especially if the banks lose.
Please note for the most part this information was obtained from the bank's financial reports and business articles in most of the national newspapers over the past days and few weeks.