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Dec 5, 2013

Royal Bank of Canada CEO to step down after 13 years

TORONTO (Reuters) – Royal Bank of Canada Chief Executive Gordon Nixon will step down next summer after 13 years at the helm of Canada’s largest bank, handing the reins to the RBC’s retail banking head, Dave McKay, the bank said on Thursday.

Nixon is the longest-serving of Canada’s current crop of bank CEOs, but at 56, by no means the oldest. McKay, 50, had been widely expected to be Nixon’s heir apparent, though not quite so soon.

Dec 5, 2013

RBC CEO to step down; Canada bank profits mixed

TORONTO, Dec 5 (Reuters) – Royal Bank of Canada
Chief Executive Gordon Nixon will step down next summer after 13
years at the helm of Canada’s largest bank, RBC said on Thursday
as it announced a stronger-than-expected quarterly profit.

Nixon is the longest-serving of Canada’s current crop of
bank CEOs, but, at 56, by no means the oldest. He will hand off
to RBC’s retail banking head, Dave McKay, in a move that
analysts said was expected, just not so soon.

Dec 5, 2013

Toronto Mayor Ford may have tried to buy crack video -police documents

TORONTO (Reuters) – Toronto Mayor Rob Ford may have offered cash and a car to buy a video allegedly showing him using crack cocaine, according to notes from police wiretaps.

Details of the alleged offer were included in a 450-page police document released on Wednesday by an Ontario Superior Court judge after a petition by media lawyers.

Dec 3, 2013

Bank of Montreal shares fall on disappointing U.S. profit

TORONTO, Dec 3 (Reuters) – Quarterly earnings at Bank of
Montreal rose 1 percent due to stronger wealth
management profit, and Canada’s No. 4 bank raised its dividend,
but its shares fell on Tuesday on the back of a sluggish
performance at its U.S. Harris Bank unit.

Shares of BMO, the first Canadian bank to report fiscal
fourth-quarter results, were down 3.7 percent at mid-morning,
making BMO the weakest performer among financial stocks on the
Toronto Stock Exchange’s benchmark index.

Nov 22, 2013

Toronto’s scandal-hit mayor still has 42 percent approval

TORONTO (Reuters) – More than 40 percent of Toronto voters still approve of the job Mayor Rob Ford has done, even after he admitted smoking crack cocaine and city council stripped him of much of his authority.

A Forum Research survey of 1,049 Toronto voters released on Friday showed that 42 percent of respondents approve of the job Ford has been doing as mayor of Canada’s largest city.

Nov 19, 2013

Toronto mayor vows to go clean while city hall changes the locks

TORONTO (Reuters) – Toronto Mayor Rob Ford vowed on Tuesday he would stay away from drugs, alcohol and “bad company” as he tries to rebound from a drug scandal that prompted city council to strip away much of his power.

Ford, who insists he is neither an alcoholic nor a drug addict, said he had not had a drink in three weeks. Asked on Toronto news channel CP24 if he had stopped drinking completely, he said: “Guaranteed. 100 percent.”

Nov 19, 2013

Toronto council curbs Mayor Ford’s powers after chaotic debate

TORONTO (Reuters) – Toronto’s City Council voted overwhelmingly at a raucous meeting on Monday to strip embattled Mayor Rob Ford of more of his authority in a move Ford denounced as a coup d’etat while promising political foes election battle next year to rival the Gulf War.

Ford, who has been under fire for his drug use and drinking, as well as the way he has handled the accusations, vowed in an interview to give up alcohol and lose weight.

Nov 16, 2013

‘Ford Nation’ still supports Toronto’s scandal-plagued mayor

TORONTO (Reuters) – At the Cloverdale Mall, just off an eight-lane highway in Toronto’s western suburb of Etobicoke, Diane Gorscak took a drag on her cigarette and explained how Mayor Rob Ford’s use of crack cocaine would not stop her from voting for him again.

“He did what he said he was going to do, and I don’t care what he does in his spare time,” the 45-year-old hairstylist said, squinting in the late-afternoon sun on an uncommonly mild November day.

Nov 14, 2013

Toronto mayor says ‘I’m sorry’ again, to get help for alcohol problem

TORONTO (Reuters) – Embattled Toronto Mayor Rob Ford, under huge pressure to quit after he admitted smoking crack cocaine, said on Thursday he was getting help for a drinking problem, but offered no indication that he might step down.

Ford also expressed remorse for an obscene outburst he made earlier in the day when denying an allegation he had made sexual overtures to a female member of his staff.

Nov 13, 2013

Toronto mayor admits he bought illegal drugs

TORONTO, Nov 13 (Reuters) – Toronto’s embattled mayor, Rob
Ford, insisted on Wednesday he has zero tolerance for drugs and
gangs, but also admitted he has bought illegal drugs in the past
two years.

Speaking at a City Council meeting during which members
almost unanimously urged him to take a break from his job, Ford
said he cannot change his past actions, which include
acknowledged use of crack cocaine. But he asserted his intention
to continue to work as mayor so he can carry out his promise to
save money for Toronto taxpayers.