International banking

The Canadian bank received approval from the Federal Reserve to increase its ownership stake in KeyCorp to up to 14.9%. The investment is expected to close by the end of this month.

The Canadian bank fell short of analysts' expectations on non-interest income partly because of a higher-than-anticipated tax rate. Scotiabank's results also included a one-time impairment charge related to its investment in Bank of Xi'an Co. in China.

The inquiry by securities regulators came in response to reporting that bank employees pushed products in ways that misled customers as they sought to meet their sales targets.

Canada's banking regulator is beefing up its rules on corporate culture, saying that it expects executives and boards to be accountable.

The license would make it easier for the Swiss bank to make loans and take deposits across the United States.

The sweeping enforcement actions will be a watershed event for TD Bank's U.S. subsidiary, which had previously been a promising growth engine.

Coordinated strikes by dock workers along the Eastern Seaboard and the Gulf Coast could cause issues for banks that provide credit to foreign shipping groups and domestic trucking companies.

In "Money and Promises," Paolo Zannoni, the historian, banker and executive deputy chairman of Prada, tells the tale of instances in which banks teamed up with governments to create financial instruments. Early bank innovations transformed debt into bank money, allowing cities and nations to thrive.

Canadian Imperial Bank of Commerce and Royal Bank of Canada both set aside much less money than expected last quarter to cover loan losses.

The third-largest Canadian bank's proposed minority stake in KeyCorp is an unconventional way to generate more U.S. revenue. Analysts say it's a less risky approach than buying an American bank outright.