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The Financial Data Exchange (FDX), a non-profit looking to get fintechs and banks to agree on a data-sharing standard, launched in Canada with 31 financial institutions as partners. (The Logic)

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Talking point: An agreed-upon common standard is a key step to allow open banking in Canada. The FDX’s standard is designed to be secure, interoperable and royalty-free. Fintechs and banks have been clashing about the details of an open banking framework for several years. In May, the federal government’s open banking review was delayed until the fall, a move Borrowell CEO Andrew Graham described as “worrying.” Some Canadian fintechs, including Flinks and Koho, have joined the FDX’s consortium. However, it’s executives from RBC and Interac who are joining the board of directors, which also includes U.S. banks. Similarly, TD and Interac execs will co-chair the working group of Canadian members.

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The Japanese technology investment group is using the sale to buy back up to 45 per cent of its outstanding shares, after its stock price plummeted over the past month. News of the buyback sent the stock up 18.61 per cent on Monday. (The Wall Street Journal)

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Talking point: The announcement is a sharp escalation of the firm’s earlier plans to buy back up to seven per cent of its shares. It follows pressure from activist investor Elliott Management for SoftBank to take steps to boost its share price amid the market selloff. It’s already scaled back some investment plans to stabilize its finances, including possibly backing out of the US$3 billion in bailout funding promised to WeWork in the wake of the office-share company’s meltdown late last year. The firm didn’t say which assets it’s considering selling, but analysts told The Wall Street Journal that its massive stakes in companies like Alibaba and in SoftBank Corporation, one of Japan’s largest cellphone carriers, are likely candidates.

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CEO Victor Dodig sent a memo to staff Thursday warning of an undisclosed number of job cuts in the coming months. (The Globe and Mail)

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Talking point: CIBC cited a desire to improve its efficiency ratio, a measure of expenses relative to revenue, for the cuts. The bank had wanted to hit 55 per cent by the start of this year, but fell short, at 55.6 per cent. CIBC is the fourth major Canadian bank to report layoffs recently. Last year, BMO cut five per cent of its workforce and took a $484-million pre-tax restructuring charge. RBC and TD Bank took restructuring charges of US$83 million and $154 million, respectively, in their most recent quarters. Earlier this month, BMO and RBC said they weren’t planning more cuts this year, but CIBC and TD Bank did not rule out further restructuring charges. The Canadian layoffs follow significant cuts at global banks, which exceeded 75,000 staff.