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The Canadian lender's cushion for potential credit losses nearly doubled in the third quarter, while its U.S. business idled.
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The combination, expected to close next year, would create a regional bank with $17 billion of deposits across 10 states.
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The wealth management giants join their rivals Wells Fargo, Morgan Stanley, UBS, LPL Financial and Ameriprise in being accused of using uninvested cash in advisory accounts to boost their bottom lines rather than benefit clients.
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The Bank of Nova Scotia increased its provisions for potential credit losses in the third quarter and said its KeyCorp stake would provide a hefty return on investment.
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The Federal Deposit Insurance Corp. is trying to limit the impact of a Supreme Court decision that curtailed federal agencies' use of administrative law judges.
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The interagency Property Appraisal and Valuation Equity initiative, which was tasked by the Biden administration with rooting out bias in home valuations, appears to have run its course. But experts say it could be years before the group's efforts bear fruit.
