Royal Bank of Canada
Company type | Public |
---|---|
CA$117.76 billion (2023)[5] | |
Number of employees | 94,000 (2023)[5] |
Subsidiaries | Brewin Dolphin |
Website | rbc |
Royal Bank of Canada (RBC;
In Canada, the bank's personal and commercial banking operations are branded as RBC Royal Bank in English and RBC Banque Royale in French and serves approximately 11 million clients through its network of 1,284 branches. RBC Bank is a US banking subsidiary which formerly operated 439 branches across six states in the Southeastern United States,[6] but now only offers cross-border banking services to Canadian travellers and expats. RBC's other Los Angeles-based US subsidiary City National Bank operates 79 branches across 11 US states.[7] RBC also has 127 branches across seventeen countries in the Caribbean, which serve more than 16 million clients.[8] RBC Capital Markets is RBC's worldwide investment and corporate banking subsidiary, while the investment brokerage firm is known as RBC Dominion Securities. Investment banking services are also provided through RBC Bank and the focus is on middle market clients.
In 2011, RBC was the largest Canadian company by revenue and market capitalization.[9] In 2023, the company was ranked 38th in the Forbes Global 2000.[10] The company has operations in Canada and 36 other countries,[11] and had CA$1.01 trillion of assets under management in 2021.[5][12]
History
In 1864, the Merchants Bank of Halifax was founded in Halifax, Nova Scotia, as a commercial bank that financed the fishing and timber industries and the European and Caribbean import/export businesses.[13] By 1869 the Merchants' Bank was officially incorporated and received its federal charter in the same year.[14] During the 1870s and 1880s, the bank expanded into the other Maritime Provinces. When both the Newfoundland Commercial Bank and Union Bank of Newfoundland collapsed on December 10, 1894, the Merchants Bank expanded to Newfoundland on January 31, 1895.[14]
As the bank grew, executives changed its name to reflect its growth and western expansion.[13] In 1901, the Merchants Bank of Halifax changed its name to the Royal Bank of Canada (RBC). The centre of the Canadian financial industry had moved from Halifax to Montreal, so the Merchants Bank relocated its head office there. In 1910, RBC merged with the Union Bank of Halifax. In the same year it built a bank branch in Winnipeg, Manitoba, designed by Carrère and Hastings, in beaux-arts classicism proclaiming the financial dominance of Winnipeg in the prairies.[15] To improve its position in Ontario, RBC merged with Traders Bank of Canada in 1912 and in 1917 RBC merged with Quebec Bank, which was founded in 1818 and chartered in 1822 in Quebec City.
RBC's presence in Manitoba and
In 1935, RBC merged with Crown Savings and Loan Co. merged with Industrial Mortgage & Trust Co.[18]
RoyWest Banking Corporation was formed in
RBC installed its first computer in 1961, the IBM 1401, the first to do so in Canadian banking.[21] In the 1960s, RBC Insurance was created.[13] In 1968, it merged with Ontario Loan and Debenture Company (formerly Ontario Savings and Investment Society).[22] RBC Insurance is the largest Canadian bank-owned insurance organization, with services to over five million people. It provides life, health, travel, home and auto and reinsurance products as well as creditor and business insurance services.[13] The completion of Royal Bank Plaza in Toronto in 1976 saw the relocation of many critical head-office functions from Montreal, with Toronto serving as RBC's corporate headquarters ever since.[23] In 1993, RBC merged with Royal Trust.
In 1998, RBC acquired Security First Network Bank in Atlanta—the first pure Internet bank.[24] In the same year, the Royal Bank of Canada proposed to merge with the Bank of Montreal, at the same time as the Toronto-Dominion Bank proposed to merge with the Canadian Imperial Bank of Commerce. Both mergers were examined by the Competition Bureau of Canada, and ultimately rejected by Paul Martin, at the time the Finance Minister of Canada, and future Prime Minister.
In 2000, RBC merged merchant credit/debit card acquiring business with the Bank of Montreal's to form Moneris Solutions. In 2013, RBC completed the acquisition of the Canadian subsidiary of Ally Financial.[25]
An RBC branch in
In November 2022, RBC and
International expansion
- 1882: Merchants Bank of Halifax opened offices in Bermuda and Newfoundland.
- 1899: RBC opened an agency in New York City and a branch in Havana.
- 1903: RBC bought Banco de Oriente de Santiago de Cuba. By the mid-1920s, RBC had 65 branches in Cuba and is the largest bank in the country.
- 1904: RBC bought Banco del Commercio de Havana.
- 1907: RBC opened a branch in San Juan, Puerto Rico; branches in Mayagüez and Ponce followed.
- 1909: RBC established a branch in Nassau, Bahamas.
- 1910: RBC opened a branch in London and acquired branches in Puerto Rico and Port of Spain, Trinidad as a result of its acquisition of Union Bank of Halifax.
- 1911: RBC opened an agency in New York City, and branches in Bridgetown, Barbados, and Kingston, Jamaica.
- 1912: RBC bought Bank of British Honduras (incorporated in 1902 by United States citizens from Mobile) in British Honduras, which it converted to a branch.
- RBC opened a branch in the Dominican Republic; three more follow.
- 1913: RBC opened a branch in Grenada.
- 1914: RBC bought out Bank of British Guiana (est. 1836), in British Guiana, and converted it to a branch.
- 1915: RBC opened branches in Costa Rica, Antigua, Dominica, and Saint Kitts.
- 1916: RBC opened a branch in Venezuela.
- 1917: RBC opened branches in Antigua, Dominica, St. Kitts, Montserrat, Nevis, and Tobago.
- 1918: RBC opened a branch in Barcelona, and another in Vladivostok that lasted less than a year.
- 1919: RBC opened branches in Brazil, Argentina, Uruguay, Paris, Martinique, Guadeloupe, and Port-au-Prince, Haiti.
- 1920: RBC opened a branch in Colombia and a branch in Castries, St Lucia.
- 1923: RBC bought and consolidated the banking operations of Pedro Gomez Mena e Hijo in Cuba.
- 1925: RBC opened a branch in Peru, and acquired the American-owned, and failed, Bank of Central and South America. The purchase of BCSA brought with it subsidiaries, and their branches, in Colombia, Costa Rica, Peru, and Venezuela
- 1932: RBC closed its branch in St. Lucia.
- 1940: RBC closed its branches in Martinique and Guadeloupe.
- 1958: A representative office opened in Hong Kong, which became a branch in 1978.[29]
- 1959: RBC opened a branch in St. Vincent.
- 1960: RBC returned to St. Lucia.
- 1960: Fidel Castro's regime acquired RBC's operations in Cuba on December 8.[14] At the time of the forced sale, RBC had 24 branches in Cuba. From 1961 to 1965, RBC maintained a Special Representative in Havana to facilitate trade between Cuba and Canada. After the failed Bay of Pigs Invasion in April 1961, the Special Representative acted as a financial intermediary between the American and Cuban governments to manage the ransoming of the prisoners for food and agricultural machinery.
- 1964: RBC opened a branch in George Town, Cayman Islands.
- 1970s: As a result of Law 75, RBC's operations in Colombia became Banco Royal Colombiano.
- 1973: RBC was forced to incorporate its operations in Jamaica, which became Royal Bank (Jamaica).
- 1980: RBC purchased Banco de San Juan in Puerto Rico, adding its 14 branches to the six that RBC already had in Puerto Rico. RBC sold its assets in Grenada to Republic Bank of Trinidad and Tobago.
- 1985: RBC started to withdraw from much of the Caribbean.
- It sold its 12 branches in the Dominican Republic to Banco de Comercio Dominicano.
- It also sold its stake in Royal Bank (Jamaica) to Jamaica Mutual Life Assurance. Branches in Curacao, Aruba, St. Maarten and Dominica are still open (1985–present)
- The Government of Guyana nationalized its operations there and renamed the bank the National Bank of Industry and Commerce Ltd.[30][31]
- Additionally, RBC incorporated its operations in Trinidad and Tobago locally, floating the shares, thereby divesting itself of ownership. The new bank took the name Royal Bank of Trinidad and Tobago (RBTT).
- 1986: National Mutual Royal Bank opened in Australia with RBC having a 50% shareholding[32]
- 1986: RBC sold its two branches in Haiti to Societe Generale Haitienne de Banque, a local bank.
- 1987: RBC sold its operations in Belize, ex-British Honduras, to Belize Holdings Inc., which renamed them Belize Bank.
- 1990: National Mutual Royal Bank in Australia sold to the Australia and New Zealand Banking Group[33]
- 1993: RBC sold Royal Bank of Puerto Rico to Spain's Banco Bilbao-Vizcaya.
- 1995: RBC sold Royal Trust Bank (Austria) to Anglo Irish Bank, which renamed it Anglo Irish Bank (Austria).
- 2000: Acquired Dain Rauscher Wessels, a US brokerage and investment banking firm based in Minneapolis, Minnesota[34]
- 2001: RBC acquired Centura Bank based in Rocky Mount, North Carolina.[35]
- 2001: RBC bought the investment banking and brokerage firm Tucker Anthony Sutro (Boston) from John Hancock Mutual Life Insurance Co.[36]
- 2003: RBC purchased Florida interest in Provident Financial Group, Cincinnati OH.
- 2003: Hong Kong branch started operating as a licensed bank.[37]
- 2006: RBC upgraded its representative office in Beijing, China, to a branch.
- 2006: Created an institutional investment joint venture with Dexia. The 50/50 partnership operated under the name RBC Dexia Investor Services.[38]
- 2007: RBC acquires Carlin Financial. [39]
- 2008: RBC established a representative office in Mumbai, India. RBC re-acquired 98.14% of the shares of Royal Bank of Trinidad and Tobago. This brought RBC back to Trinidad and Tobago 20 years after it had withdrawn and provided it with a presence in other islands served by RBTT.
- 2011: RBC sold RBC Bank to PNC Financial Services for US$3.62 billion. PNC ATMs are now used by customers with RBC Bank (Georgia), N.A. providing Canadians with bank options when they are residing in the US.
- 2012: RBC completed the acquisition of Dexia's 50% stake in RBC Dexia Investor Services Limited, making it the sole owner of the newly named [RBC Investor & Treasury Services].[40] RBC also opened a Branch in Wilemstad, Curaçao.
- 2014: RBC "entered into a merger agreement to acquire City National Corporation", a major U. S. bank.[41]
- 2015: RBC agreed to sell its Swiss private bank Royal Bank of Canada (Suisse) SA to local rival SYZ Group. Terms of the sale were not disclosed. Royal Bank of Canada (Suisse) manages CHF 10 billion (US$10.5 billion, C$13.4 billion) of assets for clients in Africa, the Middle East and South America.[42]
- 2015: RBC completed the acquisition of City National Bank (November)
- 2016: On January 21, 2016, Aviva announced the acquisition of RBC General Insurance Company, for C$582 million.[43]
- 2019: RBC agreed to sell its Eastern Caribbean banking operations, in places such as Antigua, Dominica, and Saint Lucia, to a consortium of banks in the region.[44]
- 2022: RBC announced the acquisition of wealth manager Brewin Dolphin in the United Kingdom, in a deal which valued Brewin Dolphin at C$2.4bn (£1.6bn). [45]
Branding
Logo
The bank's first modern identity was designed by firm Lippincott & Margulies, and was introduced in January 1962. From this point forward the bank's logo has contained the same basic element of a stylized lion clutching a globe, becoming more simplified with each iteration. Alongside promotion of the Royal Bank Plaza, a tweaked version of the mark by Montreal design consultancy Gottschalk + Ash silently debuted in June 1979. The same basic form was retained, however many lines were thickened and details simplified to facilitate printing at small sizes. The total brand overhaul and shortening of the Royal Bank name to RBC in August 2001 coincided with their expansion into the United States market.[46] The direction of the lion, now further simplified, was reversed, the crown above omitted, and both the symbol and wordmark were placed within a blue shield.
Sponsorship
RBC sponsors cultural events including the Toronto International Film Festival. It also sponsors the RBC Taylor Prize, a literary award for non-fiction writing in Canada, and hosts a yearly Canadian Women Entrepreneur Award.[47][48] In July 2013, the RBC Foundation partnered with the University of Toronto to revive the Siminovitch Prize in Theatre, given to recognize achievement in Canadian theatre.[49] [50] [51]
RBC is one of Canada's largest sponsors of amateur sports and is the longest-running Canadian sponsor of the
RBC owns naming rights to the
RBC has owned naming rights for the Top 25 Canadian Immigrants Award, presented annually by Canadian Immigrant, since 2013.[53]
Corporate governance
The title of Royal Bank's top executive has changed several times. Initially it was styled as President. Later, it became chief executive officer and one often carried additional responsibilities as chairman of the board, while the second-in-command was the President. Allan R. Taylor was chairman and CEO from 1986 to 1994, and he was succeeded by John Cleghorn in that capacity from 1994 to 2001. Dave McKay is currently the President and chief executive officer.
David P. O'Brien has served as the institution's chairman (non-executive) since 2004. The position was formerly held by Guy Saint-Pierre, who held the position from 2001 to 2004.
Chief executive officers
- Thomas Edward Kenny (1879–1908)
- Herbert Samuel Holt (1908–1934)
- Morris W. Wilson (1934–1946)
- Sydney Dobson (1946–1949)
- James Muir (1949–1960)
- W. Earle McLaughlin (1960–1979)
- Rowland C. Frazee (1977–1980)
- Jock K. Finlayson (1980–1983)
- Allan R. Taylor (1986–1994)
- John E. Cleghorn (1994–2001)
- Gordon Nixon (2001–2014)
- David I. McKay (2014–present)
Head offices
The head office for the institution was initially located at the Merchants' Bank of Halifax Building, on Bedford Row,
In 1962, RBC moved its head office to
Controversies
On April 5, 2024, RBC terminated CFO Nadine Ahn and Ken Mason (vice president and head of capital and term funding) over an undisclosed personal relationship that led to the latter receiving preferential treatment including a promotion and compensation increases.[56]
Discrimination
On January 15, 2007,
Environment
According to a report by
A 2020 report on fossil fuel finance by the Sierra Club and Rainforest Action Network found that RBC was the fifth largest funder of fossil fuels in the world, and largest in Canada, investing over US$160 billion on fossil fuel projects since the Paris Agreement in 2015.[61] This sparked criticism from environmental groups and climate activists.[62]
A more recent 2023 report from a coalition of environmental group places RBC as the largest financier of fossil fuel in the world in 2022, investing US$42 billion in fossil fuel projects in that year alone. [63] [64]
Funding of SCO litigation on Linux
RBC invested in SCO Group during the series of court cases seeking to collect royalties from the users of Linux.[65]
Investor protection
In 2014, the Commodity Futures Trading Commission fined RBC $35,000,000 for engaging in more than 1,000 wash sales, fictitious sales, and other non-competitive practices over a three year period.[66]
Mismarking
In 2007, the Royal Bank of Canada fired several traders in its corporate bond business, after another trader accused them of mismarking bonds the bank held by overpricing them, and marked down the values of the bonds and recognized $13 million of trading losses relating to the bonds.[67] The bank said it investigated the accusations, and took remedial action.[67] The Globe and Mail noted: "traders might have an incentive to boost [the bonds'] prices because it could have an impact on their bonuses."[67]
Temporary foreign workers and Canadian layoffs
In April 2013, the
The CBC reported on May 7, 2013, that during
Vacation pay class action lawsuit
On December 29, 2022, the Supreme Court of Ontario certified a class action lawsuit permitting employees of RBC Dominion Securities to seek $800 million in damages, over alleged unpaid wages for holidays and other vacation days.[70]
Memberships
RBC is a member of the
It is also a member of:
- CarIFS ATM Network
- Interac
- Mastercard (in Canadian and Caribbean markets)
- NYCE point of sale Network
- Plus Network
- Global Banking Alliance for Women[71]
See also
- Big Five (banks)
- List of banks and credit unions in Canada
- List of banks in the Americas
- List of investors in Bernard L. Madoff Investment Securities
- List of largest banks
Notes
References
- ^ McDowall 1993, pp. 22–23.
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- ^ a b Yusufali, Sasha (August 4, 2015). "Royal Bank of Canada". The Canadian Encyclopedia. Retrieved August 19, 2017.
- ^ "Our Leadership". RBC. Retrieved January 12, 2022.
- ^ a b c d e f g "2023 Annual Report" (PDF). Investor Relations. Royal Bank of Canada. Retrieved December 10, 2023.
- ^ "About RBC Bank: Company Profile". Royal Bank of Canada. Retrieved February 19, 2011.
- ^ "City National Bank locations". City National Bank. Retrieved May 15, 2022.
- ^ "Royal Bank of Canada: Annual Report 2008" (PDF). RBC. October 31, 2008. Retrieved August 5, 2014.
- ^ "Canada's 100 biggest companies by market cap". The Globe and Mail. Toronto: theglobeandmail.com. June 23, 2011. Retrieved August 5, 2014.
- ^ "The Global 2000 2023". Forbes. Archived from the original on 2024-01-29. Retrieved 2024-02-07.
- ^ "Corporate Profile" (PDF). RBC. Retrieved August 29, 2020.
- ^ "Global Private Banking Benchmark 2014 | Scorpio Report". Scorpiopartnership.com. July 17, 2014. Archived from the original on October 18, 2015. Retrieved December 27, 2015.
- ^ a b c d "RBC Insurance History". 2016. Retrieved March 23, 2016.
- ^ ISBN 978-1550411713.
- ^ Kalman, Harold D.; Vattay, Sharon (December 16, 2013). "Bank Architecture". The Canadian Encyclopedia. Toronto: Historica Foundation. Retrieved August 5, 2014.
- ISBN 978-1-55238-063-5.
- ^ "Filling in the Map: Growth by Amalgamation". Royal Bank of Canada. Retrieved July 28, 2022.
- OL 23742693M. Archived from the original(PDF) on August 8, 2014. Retrieved August 5, 2014.
- ^ Roberts, Richard with Arnander, Christopher Take Your Partners: Orion, the Consortium Banks and the Transformation of the Euromarkets (p. 43) Basingstoke: Palgrave Macmillan, 2001
- ^ Annual Report and Accounts 1987 (p. 17) National Westminster Bank, February 23, 1988
- ^ McDowall 1993, p. 371.
- ^ Brock, Daniel J. (1990). "Jeffery, Joseph". In Halpenny, Francess G (ed.). Dictionary of Canadian Biography. Vol. XII (1891–1900) (online ed.). University of Toronto Press. Retrieved January 4, 2012.
- ^ "Celebrating 150 Years: A Look Back at Where RBC Came From". Royal Bank of Canada. January 21, 2020. Retrieved November 3, 2023.
- ^ Jordan, Meredith (June 3, 2002). "RBC Centura aims high with Eagle Bancshares". Atlanta Business Chronicle. Retrieved August 5, 2014.
- ^ "Royal Bank buys online savings bank Ally for $3.8B". CBC News. October 23, 2012.
- ^ Taylor, Scott; Jackson, Kenneth (May 19, 2010). "Police chief vows to nab 'domestic terrorists'". Ottawa Sun. Archived from the original on August 8, 2014. Retrieved August 5, 2014.
- ^ "RBC buying HSBC Canada for $13.5B". cbcnews.
- ^ "RBC's takeover of HSBC Canada means less competition on mortgage rates: expert". CTV News. 22 December 2023. Archived from the original on 2024-02-25. Retrieved 2024-02-25.
- ^ "International Business Outside North America".
- ^ "The Impact of Privatisation on the Banking Sector in the Caribbean" (PDF). United Nations: Economic Commission for Latin America and the Caribbean. November 30, 2001. Archived from the original (PDF) on May 26, 2013. Retrieved August 5, 2014.
- ^ "Implementation Completion Report on a Credit in the Amount of SDR 3.5 Million to the Co-Operative Republic of Guyana for a Financial & Private Sector Institutional Development Project" (PDF). World Bank. June 15, 2003. Retrieved August 5, 2014.
- ^ "Bank opens for business". The Canberra Times. February 27, 1986. p. 21 – via Trove.
- ^ "History Shareholder Centre". Australia and New Zealand Banking Group. Retrieved July 28, 2022.
- ^ Weber, Terry (September 28, 2000). "Royal Bank continues push into U.S. with Dain Rauscher purchase". The Globe and Mail. Retrieved February 24, 2020.
- ^ Howlett, Karen (January 27, 2001). "Royal buys U.S. bank Centura". The Globe and Mail. Retrieved February 24, 2020.
- SFGATE. Retrieved July 28, 2022.
- ^ "Terms and Conditions".
- ^ "RBC seeks buyout of Dexia joint venture". Yahoo! Canada: Finance. 11 October 2011. Archived from the original on 5 March 2016. Retrieved 5 August 2014.
- ^ "RBC Capital Markets completes acquisition of Carlin Financial Group". Investment Executive. January 3, 2007. Retrieved December 21, 2023.
- ^ Robertson, Grant (April 3, 2013). "RBC buying full ownership of RBC Dexia". The Globe and Mail. Retrieved August 5, 2014.
- ^ "RBC to acquire City National Corporation, a premier U.S. private and commercial bank" (Press release). Royal Bank of Canada. January 22, 2015. Retrieved August 19, 2017.
- ^ "RBC sells Swiss private bank operations" (Press release). Royal Bank of Canada. July 14, 2015. Retrieved August 19, 2017.
- ^ "Aviva Canada announces the acquisition of RBC General Insurance Company". January 20, 2016.
- ^ The Canadian Press (December 12, 2019). "Royal Bank selling Eastern Caribbean banking operations to consortium". Canadian Business. Archived from the original on December 12, 2019. Retrieved December 12, 2019.
- ^ "RBC acquires Brewin Dolphin". September 27, 2022.
- ^ "Royal Bank of Canada Updates Brand Name and Logo" (Press release). Royal Bank of Canada. August 20, 2001. Retrieved August 19, 2017.
- ^ "RBC Canadian Women Entrepreneur Awards". www.theawards.ca. Archived from the original on 17 March 2012. Retrieved 16 March 2012.
- Victoria Times Colonist. The Canadian Press. December 9, 2013. Archived from the originalon October 16, 2014. Retrieved August 5, 2014.
- ^ "The Siminovitch Prize in Theatre announces new partnerships with University of Toronto and RBC Foundation". Yahoo! Finance. July 24, 2013. Archived from the original on January 2, 2014. Retrieved July 26, 2013.
- ^ "Canadian filmmakers, Hollywood celebrities urge TIFF to cut ties with RBC". CBC news.
- ^ "Filmmakers, celebs ask TIFF to cut ties with sponsor RBC over environmental concerns". Global News.
- ^ "RBC buys naming rights for Winnipeg convention centre". CBC News. July 2, 2013. Retrieved August 5, 2014.
- ^ "Canada's Top 25 Immigrants 2013". Canadian Immigrant. Retrieved July 28, 2022.
- ^ "Fiche d'un bâtiment: Ancien siège social de la Banque Royale" [Saint James, the street of banks]. Vieux-Montréal: site officiel (in French). Ville de Montréal. Retrieved November 17, 2016.
- ^ "Celebrating 150 Years: A Look Back at Where RBC Came From". Royal Bank of Canada. January 21, 2020. Retrieved November 3, 2023.
- ^ "RBC fires CFO, treasury exec over undisclosed relationship".
- ^ "U.S. banking regulators carry a big stick". The Globe and Mail. January 19, 2007. Retrieved August 5, 2014.
- ^ "RBC issues clarification on U.S. dollar accounts" (Press release). Royal Bank of Canada. January 17, 2007. Archived from the original on January 20, 2007. Retrieved August 19, 2017.
- ^ "Discussions on closed bank accounts between Royal Bank of Canada and Iranian groups". Salam Toronto. July 3, 2013. Archived from the original on August 8, 2014. Retrieved August 5, 2014.
- ^ Rainforest Action Network. RBC's Blue Water problem (PDF) (Report). Retrieved December 12, 2023.
- ^ "Banking on Climate Change: Fossil Fuel Finance Report 2020" (PDF). Sierra Club and Rainforest Action Network. March 18, 2020.
- ^ "Climate Activists Target Banks Funding Oil and Gas". Canada's National Observer. October 29, 2021.
- ^ "Royal Bank the No. 1 financier of fossil fuel development in the world, new report finds". Canadian Broadcast Corporation. April 13, 2023.
- ^ Foster, Shawna. "New Report: Canadian Bank RBC the #1 Financier of Fossil fuels, World's Biggest Banks Continued to Pour Billions into Fossil Fuel Expansion". Rainforest action network.
- ZDNet. Retrieved October 10, 2020.
- ^ "Federal Court Orders Royal Bank of Canada to Pay $35 Million Penalty for Illegal Wash Sales, Fictitious Sales, and Noncompetitive Transactions | CFTC". www.cftc.gov. Retrieved September 2, 2022.
- ^ a b c Tara Perkins (October 26, 2007). "Trader alleges RBC undervalued bonds". The Globe and Mail.
- ^ Tomlinson, Kathy (April 6, 2013). "RBC replaces Canadian staff with foreign workers". CBC News. Retrieved August 5, 2014.
- ^ "Harper says foreign worker program is being fixed". CBC News. May 7, 2013. Retrieved August 5, 2014.
- ^ "RBC facing $800M class-action lawsuit over alleged pay violations". CP24. January 11, 2023. Retrieved January 12, 2023.
- ^ "First Canadian Businesswomen's Trade Mission to Australia, Sydney, June 11–14, 2002". Royal Bank of Canada. Archived from the original on August 8, 2014. Retrieved August 5, 2014.
Works cited
- McDowall, Duncan (1993). Quick to the Frontier: Canada's Royal Bank. Toronto: ISBN 978-0771055041.
Further reading
- McDowall, Duncan (1993). Au coeur de l'action: Banque Royale (in French). Montreal: les Editions de l'Homme. ISBN 978-2761911146.
External links
- Official website
- Business data for Royal Bank of Canada: