Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Canada Mergers Nixed

TORONTO -- Four of Canada's biggest banks suffered a stinging defeat Monday when the finance minister rejected merger proposals that would have created two mega-banks controlling 70 percent of the nation's banking assets.

The mergers would have joined Royal Bank of Canada, the country's largest bank, with third-ranked Bank of Montreal, and second-ranked Canadian Imperial Bank of Commerce with No. 5 Toronto-Dominion Bank. They would have controlled about 960 billion Canadian dollars ($623 billion).