Laurentian Bank of Canada T.LB

Alternate Symbol(s): LRCDF | LAUCF | T.LB.PR.H

Financial Services

Laurentian Bank of Canada (the Bank) is a Canada-based provider of financial services to its personal, commercial and institutional customers. The Bank operates in Canada and the United States. Its segments include Personal Banking, Commercial Banking and Capital Markets. The Personal Banking segment caters to the financial needs of retail clients. The Commercial Banking segment caters to the financial needs of business clients across Canada and in the United States and provides commercial banking, real estate financing, and equipment and inventory financing. The Capital Markets segment provides a range of services, including research, market analysis and advisory services, corporate underwriting for debt and equity, and administrative services. The Bank's clients can access its offering of financial advice, products and services through a network of branches in Quebec. The Bank offers a digital direct-to-customer platform to all Canadians. The Bank has approximately 57 branches.

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Laurentian Bank of Canada > Took the tax loss

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Comment by DeanEdmontonon Feb 02, 2024 11:40am

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Post# 35859619

RE:RE:Took the tax loss

Remember, this was only Oct 2023. What has changed at LB to make them a good investment.

DeanEdmonton wrote: Norht - sorry for your loss. Even with guys I disagree with, I always hate to see retail investors lose money, especially large amounts of it. I REALLY hope you get it all back plus on the stocks you rolled the funds into. All the best.
Northforce13 wrote: Sold most of my shares and took the tax loss, big ouch. What a disaster upon disaster this has been.

I moved into BFH, Bread Financial, long term hold, unlike LB which was a very rare hit or miss with the acquisition + potential long term hold if the acquisition didn't go through.

I might have hung onto LB and just sat around, but the recent 5 day shut down, plus CEO/BOD changes got me uncomfortable. Plus on the other side of the equation, BFH, which I like a lot, has been declining a lot, even though its business is going to be ok, so I decided to put my money there instead.

I still hold a good chunk of LB, so I'll be sticking around for a long time and see how this whole story plays out.

The next quarters could be very poor, as they get hit for the CEO ridiculous pay bonus for being incompetent to the point of requiring termination, plus millions in costs for hiring advisors to fend off the companies bidding on the bank to buy it out. Then there will be the damage coming from a lot of clients abandoning "Loser Bank" after being shut off from their accounts for 5 days. In about 3 quarters all that should be done with more or less, and we'll have a clearer picture of how things can be expected to go.

A positive is that we won't have to grit our teeth when reading the absolutely nonsensical word salad of a mission statement the last CEO had for the bank.

Just your friendly cynical investor here :-)

GLTA