McKay says AI is already proving its potential with systems such as Aiden, the bank’s AI-powered trading platform, that has outperformed human traders by 30 per cent. He says banks will have to train algorithms in-house to control the data and to make sure the systems are trustworthy and accurate. The bank however does see huge potential in everything from writing code to helping sales staff navigate complex financial products. Speaking at a University of Waterloo tech conference in Toronto, McKay says AI still has too many errors and “hallucinations” or nonsense answers, to rely on it in banking services. Royal Bank of Canada chief executive Dave McKay says artificial intelligence is already showing its potential in transforming the financial sector even if it’s not quite “ready for prime time.” The other finalists for the award were a memoir by Wes Hall, who is the founder of BlackNorth Initiative, and a compilation of first-person essays on leadership during the pandemic that was edited by Globe and Mail columnist Andrew Willis and Greenhill Canada investment banker Steve Mayer.ĪI showing potential for finance but not ready for prime time: RBC’s McKay Poloz served as governor of the Canadian central bank from 2013 to 2020. He takes home a $30,000 prize with the award. The book talks about how the Bank of Canada works and why it does what it does. Poloz was nominated for a book called The Next Age of Uncertainty: How the World Can Adapt to a Riskier Future. Photo by Darren Makowichuk/Postmediaįormer Bank of Canada governor Stephen Poloz has won the National Business Book Award this year. Stephen Poloz, former governor of the Bank of Canada, has won the National Business Book Award for 2023. The pension manager recently sold more than US$1 billion in fund stakes to Partners Group and around US$2 billion of private investments last year, according to a person familiar with the matter.įormer Bank of Canada governor Stephen Poloz wins National Business Book Award Its private equity returns of 1.4 per cent were well below the benchmark of 7.2 per cent, after years of outsize gains. is advising on the sale, the people said.Ĭaisse, which had $424 billion of assets at the end of June, declined to comment.Ĭaisse reported a 4.2 per cent return in the first half of the year, essentially matching its benchmark. Photo by Jacques Boissinot/The Canadian Press filesĬaisse de dépôt et placement du Québec is exploring the sale of as much as US$2 billion of private equity assets in the secondary market to free up cash for other investments, according to people familiar with the matter.Ĭanada’s second-largest pension manager is scouting the market and may end up selling a smaller stake or not selling at all, depending on the price, the people said, asking not to be identified discussing confidential matters. People walk by the headquarters of the Caisse de dépôt et placement du Québec in Quebec City. The December gold contract was down US$15.70 at US$1,957.80 an ounce and the December copper contract was down four cents at US$3.64 a pound.Ĭaisse exploring sale of $2 billion in private equity stakes, sources say The December crude contract was down US$2.04 at US$75.33 per barrel and the December natural gas contract was down three cents at US$3.11 per mmBTU. The Canadian dollar traded for 72.48 cents U.S. The S&P 500 index was up 4.40 points at 4,382.78, while the Nasdaq composite was up 10.56 points at 13,650.41. In New York, the Dow Jones industrial average was down 40.33 points at 34,112.27. The S&P/TSX composite index closed down 45.38 points at 19,530.21. markets mixedĬanada’s main stock index edged lower, led again by losses in energy as the price of oil continued to decline, while U.S. Article content Market close: Energy losses drag TSX down, U.S.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |