Canada

The Canadian bank said it will take at least a year to hit an inflection point in U.S. loan growth. It has been shedding assets in an effort to free up space for growth in more promising business lines.

The Toronto-based bank has promoted Kevin Li to take over as head of its American operations. He will succeed Shawn Beber, who is retiring.

The card brand's Pismo platform will support banking services for the Auckland-based fintech Dosh; Tether collaborates with a blockchain firm to expand USDT. That and more in American Banker's global payments and fintech roundup.

The U.K. challenger bank would follow London fintech Wise in emphasizing New York over London in an effort to boost valuation and establish a foothold in the U.S. Plus, Lloyds is in talks to buy all-in-one card fintech Curve; and more news in the global payments and fintech roundup.

A jump in provisions dragged down the Royal Bank of Canada's profits last quarter, prompted by the bank's fears of a potential tariff-driven recession.

The bank, which expanded into the U.S. last year by investing in KeyCorp, wants to provide wealth management to rich Indian immigrants, many of whom own businesses.

As Trump loomed over the election, Mark Carney told supporters he would focus on strengthening Canada's economic independence, including making the nation into an "energy superpower."

Dodig, who has led the Canadian bank since 2014, will be succeeded by Harry Culham, CIBC's head of capital markets.

The president exempted Mexican and Canadian goods covered by the North American trade agreement from his 25% tariffs, offering reprieves to America's two largest trading partners.

President Donald Trump's 25% tariffs on Canada and Mexico are on track to go into place on Tuesday and he plans to impose an additional 10% tax on Chinese imports, moves that would deepen his fight with the nation's largest trading partners.