Show notes
EQB was the worst-performing bank stock last year. A housing slowdown, a spike in provisions for credit losses, and the sudden passing of longtime CEO Andrew Moor left investors with a lot to digest. But in the banking sector, there’s an old market adage — “worst will be first” — the idea that last year’s laggard often leads the group in the following year. On this episode of In the Money with Amber Kanwar, Amber sits down with Chadwick Westlake, the new President & CEO of EQB. Westlake opens up about stepping into leadership during a moment of crisis, stabilizing the business, and resetting focus at a disruptive Canadian financial institution. Westlake explains what it truly means to be Canada’s Challenger Bank — from lending to self-employed Canadians, newcomers and entrepreneurs to taking a loan-by-loan approach to risk in a housing market which many investors fear is a systemic problem. Amber presses on the “mortgage cliff” of 2026, provisions for credit losses, and what EQB is modeling for unemployment and consumer strain. Chadwick outlines why the bank expects more volatility, why he sees cautious reasons for optimism later in 2026, and why EQB believes it’s positioned to navigate renewals differently with an average mortgage duration closer to two years. Then comes the blockbuster: EQB’s transformational deal to acquire PC Financial and become the exclusive financial partner of PC Optimum — a move that brings millions of Canadians into EQB’s ecosystem and reshapes the future of competition in Canadian banking. Westlake explains why scale matters, why challenger banks need urgency rather than complacency, and how this deal positions EQB to challenge the status quo. The conversation also digs into valuation, buybacks, and ownership concentration and what all that means for decision making and accountability. Finally, Westlake shares his candid views on Canada itself — arguing that the country needs to move faster and take greater ownership of its economic future. He speaks about productivity, competitiveness, and why Canadian businesses and policymakers must act with more urgency in a rapidly changing global environment. For Westlake, building a stronger challenger bank is inseparable from building a stronger Canada — one that competes, innovates, and backs its own talent with conviction.Timestamps00:00 Show trailer 02:00 Intro 04:20 What does it mean to be a challenger bank?07:30 Why Chadwick took the CEO role after the death of longtime CEO Andrew Moor 10:40 What was going wrong in 2025 as he stepped into the role?13:20 Chadwick on the housing market 16:20 Does Canada have a systemic housing problem?18:30 Skepticism about the EQB strategy21:00 What EQB look like in 5 years?23:00 EQB has modelled for more pain24:30 Why the mortgage renewal cliff doesn’t impact EQB and losses tied to housing26:10 What does lower immigration mean for growth? 28:00 EQB’s deal with PC Financial 32:30 Question marks surrounding the deal36:10 EQB’s word for 2026: Reimagine 38:30 What does it mean for EQB’s risk profile?40:30 EQB’s structure, decision making and accountability43:00 Does the deal change EQB’s profile as a takeover target?45:10 What can EQB do in wealth that isn’t already being done? 47:00 Canada needs to take hold of its destiny and fast SponsorsFor over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.Pro Picks is brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more informationLinkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@[email protected] The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.Contact: [email protected]#IntheMoney #Investing #StockMarket #CanadianInvesting #FinancialNews.