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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,237,563,520
Close 2024-10-31 C$ 71.69
Market Cap C$ 88,720,928,749
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Globe says Scotiabank's Grauman ponders Trump win

2024-11-01 08:16 ET - In the News

The Globe and Mail reports in its Friday edition that a Donald Trump victory could see the Republican usher in less regulatory scrutiny for banks, lower corporate taxes and an inflationary environment that would prop up profits. The Globe's Stefanie Marotta and Clare O'Hara write that in the wake of the failures of Silicon Valley Bank and First Republic Bank, the White House introduced a flurry of regulations aimed at reinforcing the stability of the sector and improving access to financial services. Mr. Trump is campaigning on less regulation; U.S. regulators have already relented on the proposed bank capital hikes, slashing them from 19 per cent to 9 per cent. The pullback from U.S. officials could influence other countries to take similar measures. In July, Canada -- which has backed the Basel III accord for tougher capital reserves -- delayed the implementation of higher capital requirements by one year. "Given the fact that our national productivity measures are bad and getting worse, we do think that banking regulation needs to be recalibrated in this country -- and urgently," Bank of Nova Scotia analyst Meny Grauman said in a note. A change in U.S. and European policy could force Canada's hand, he added.

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