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Royal Bank Of Canada

All articles tagged with #royal bank of canada

business2 years ago•3 min saved

RBC Outperforms with Job Cuts, TD Struggles with Rising Expenses

Royal Bank of Canada (RBC) plans to cut about 1,800 jobs to reduce costs after beating analysts' estimates for the third quarter, citing a softer economy ahead. RBC's CEO, Dave McKay, expects slowing growth and lower inflation due to monetary policy, a slowdown in China, and geopolitical risks. Meanwhile, TD Bank missed analysts' estimates for quarterly profit due to higher expenses, rainy day funds for unpaid loans, and weakness in its U.S. business. RBC's retail business saw a 5% increase in earnings, while TD's Canadian personal and commercial banking segment fell 1% and its U.S. retail unit fell 9%.

via Reuters|

#business #expenses #job-cuts

environment2 years ago•2 min saved

RBC Takes Top Spot as World's Largest Fossil Fuel Financier

Royal Bank of Canada (RBC) has been named the world's largest financier of fossil fuels, contributing $42.1bn to such companies last year, according to a report by a coalition of environmental groups. RBC has contributed $254bn to fossil fuel companies since the Paris Agreement. Climate activists have called on major financial institutions to divest from fossil fuel companies to address the climate crisis. RBC's CEO has defended the bank's support for the Coastal GasLink pipeline, but Indigenous communities have called on major banks to pull their money out of contentious pipeline projects.

via Al Jazeera English|

#climate-crisis #divestment #environment