Although some businesses are not operating at their full potential, management has confidence in longer-term growth prospects, chief financial officer John Gerspach said.
The former chief, James Loveday, will move to another position within the firm, which Laub said should be defined by the end of June.
Good news for pension funds and other institutions invested in PE, you’d think. Well, do bear in mind the source.
"At the half-year mark, we are extremely pleased with the earnings growth in all of our business segments, on both sides of the border."
On an adjusted basis, Canada's fifth-largest bank said it earned $1.32 billion or $2.95 per diluted share for the quarter ended April 30, up from $1.06 billion or $2.64 a year earlier.
Revenues for the first quarter decreased by $22.0 million, or 16%, compared to $142.0 million from the previous quarter.