Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Royal Bank of Canada    RY   CA7800871021

ROYAL BANK OF CANADA (RY)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets
OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles

Royal Bank of Canada : boss troubled by U.S. trade talks

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/13/2018 | 08:18pm CEST
FILE PHOTO: A Royal Bank of Canada sign is seen outside of a branch in Ottawa

TORONTO (Reuters) - Royal Bank of Canada's chief executive said he was troubled by the dispute between Canada and the United States over trade tariffs and frustrated by the slow progress of negotiations to update the North America Free Trade Agreement.

U.S. President Donald Trump has threatened to double down on import tariffs by hitting the sensitive auto industry, making it virtually impossible to renegotiate the 1994 NAFTA pact between the United States, Canada and Mexico.

"I’m troubled by how events have spiralled to where they are today," CEO Dave McKay told reporters after Canada's biggest lender, which also has a substantial business in the United States, made a strategy presentation to investors on Wednesday.

"I am incredibly frustrated that we are letting things get away from us," McKay added. "I thought we would have had it resolved by now and moved on to other things."

McKay said that the Canadian government was right to believe that "no deal is better than a bad deal" but said he was still hopeful that a positive outcome will be achieved.

RBC told investors it plans to reduce the total square footage of its branch network by at least 20 percent over the next five years as clients do more banking online.

Banks around the world are cutting branches and staff and investing in technology as more customers choose to bank online or use mobile banking apps instead of visiting a branch.

RBC's Canadian retail head Neil McLaughlin said since 2015 RBC has cut its branch count by 4 percent, or 40 branches, and total branch square footage by 6 percent.

He said that will accelerate to a 20 percent reduction in square footage over the next five years with the bank having the flexibility to make cuts faster if customers continue to shun branches.

"As clients' behavior changes, we have to respond," he said during a presentation to investors. "If client behavior does change more rapidly than we've seen over the last couple of years we do have the flexibility to move more quickly."

McLaughlin said between 400 and 500 jobs could be cut as a result of the changes over the next few years.

(Reporting by Matt Scuffham; Editing by Jeffrey Benkoe and Cynthia Osterman)

By Matt Scuffham

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ROYAL BANK OF CANADA
06/19ROYAL BANK OF CANADA : Celebrating 10 years of inspirational newcomer achievemen..
PU
06/18A SHOWCASE OF INDIGENOUS INNOVATION : RBC’s A Chosen Journey Report
PU
06/18A SHOWCASE OF INDIGENOUS INNOVATION : RBC's A Chosen Journey Report
AQ
06/14ROYAL BANK OF CANADA : Carrot Rewards and RBC challenge Canadians to pick up the..
PU
06/14ROYAL BANK OF CANADA : Canadian economy headed for solid, albeit slower 2018 &nd..
PU
06/14ROYAL BANK OF CANADA : Canadian economy headed for solid, albeit slower 2018 - R..
AQ
06/14ROYAL BANK OF CANADA : High pressure pumps
AQ
06/14ROYAL BANK OF CANADA : ECB to debate future of QE stimulus after Fed rate hike -..
AQ
06/13Brazil watchdog fines Morgan Stanley, Royal Bank of Canada for forex manipula..
RE
06/13ROYAL BANK OF CANADA : boss troubled by U.S. trade talks
RE
More news
News from SeekingAlpha
06/19BATTLE OF THE BIG BANKS : JPMorgan Vs. Royal Bank Of Canada 
06/19DIVIDEND SENSEI'S PORTFOLIO UPDATE 3 : 3 Reasons You Should Avoid This Dangerous.. 
06/18Jane's May Dividend Income Tracker - Retirement Accounts 
06/18DIVIDEND PORTFOLIO REVIEW : New Dividend Record 
06/14Royal Bank of Canada (RY) Investor Presentation - Slideshow 
Financials ( CAD)
Sales 2018 41 711 M
EBIT 2018 17 856 M
Net income 2018 11 924 M
Debt 2018 -
Yield 2018 3,75%
P/E ratio 2018 12,22
P/E ratio 2019 11,43
Capi. / Sales 2018 3,48x
Capi. / Sales 2019 3,33x
Capitalization 145 B
Chart ROYAL BANK OF CANADA
Duration : Period :
Royal Bank of Canada Technical Analysis Chart | RY | CA7800871021 | 4-Traders
Technical analysis trends ROYAL BANK OF CANADA
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 111  CAD
Spread / Average Target 11%
EPS Revisions
Managers
NameTitle
David I. McKay President, Chief Executive Officer & Director
Kathleen Patricia Taylor Chairman
Bruce Ross Group Head-Technology & Operations
Rod Bolger Chief Financial Officer
Michael H. McCain Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
ROYAL BANK OF CANADA-2.33%109 859
JP MORGAN CHASE & COMPANY1.16%367 375
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-8.06%308 249
BANK OF AMERICA-0.81%296 880
WELLS FARGO-9.21%267 911
CHINA CONSTRUCTION BANK CORPORATION-5.86%264 147