Novick, who has been with the firm since she co-founded it in 1988, is considered one of the most influential women on Wall Street. She will become a senior adviser to the New York-based firm, which has US$7.4 trillion under management. (The Wall Street Journal)
The bank reported a $339-million restructuring charge mainly to pay for severance packages for the 2,200-plus employees it’s laying off, its biggest round in two decades. CIBC still beat analysts’ expectations for its first-quarter financial results: it reported a $1.2-billion quarterly profit, a nine per cent increase in adjusted net income to about $1.5 billion, and 63 per cent year-over-year net income growth in its capital markets business. (Financial Post)
The Caisse de dépôt et placement du Québec is providing subordinated private debt for Ontario-based Meridian Credit Union. (The Logic)
Global Affairs Canada (GAC) said the treaty will also preserve nearly 38,000 jobs. It calculated the effects in comparison to if the U.S. had withdrawn from NAFTA and continued to impose tariffs on steel and aluminium. (The Logic)
Waterfront Toronto’s Digital Strategy and Advisory Panel also raised concerns around the lack of a clearly defined digital-governance framework for the smart-city proposal and questioned the “appropriateness and necessity” of some of the digital infrastructure proposals. They also raised concerns around the partnership, citing the resources and influence of Sidewalk Labs’ parent company, Alphabet, and calling for “clearly defined accountability.” (The Logic)
The facial recognition company told its customers—which include the FBI, the Department of Homeland Security and hundreds of others—that an intruder had “gained unauthorized access” to its list of customers, the number of searches they’d made and how many accounts each customer had set up. The firm, which has a database of three billion photos collected from the internet, said its servers weren’t breached and that the vulnerabilities have since been fixed. “Security is Clearview's top priority," Tor Ekeland, Clearview AI's attorney, said. (Daily Beast)
The New Jersey-based firm will be the 22nd member of the association. The news comes five days after Shopify signed on. (TechCrunch)
The Swedish fintech company lost US$93 million last year, compared to an US$11-million profit in 2018. It had been profitable since its founding in 2005. The firm earns fees from merchants and charges customers interest for late payments. (Financial Times)
According to director Rian Johnson, who makes movies chock-full of bad guys, the Cupertino company forbids the use of real iPhones by make-believe villains. (Engadget)
The Ontario Labour Relations Board (OLRB) has ruled that a fleet of Foodora couriers in Toronto are dependent, rather than independent, contractors, and therefore have the right to join a union. The group held a union vote in August 2019, but the votes have been sealed, pending the outcome of the OLRB case. (The Logic)