Record Profits

Dept: Of course, I may have trouble finding one, since, given the spinelessness of most corporations in the face of negative publicity, all the other Canadian banks will be as cowed by populist fury as RBC. Maybe I ll have to see if I can find one of those offshore banks we ve been reading so much about lately, according to Montreal Gazette. My favourite part of the original CBC story is the argument that the bank is doing this while making billions of dollars in record profits as if the purpose of profits is to enable a corporation to keep its costs high. You make profits, you re not allowed to do anything more to cut your costs. But how did profits get high in the first place and RBC arent actually that high given the bank assets if not because of attention to costs and I ve been a Royal Bank client for more than 50 years now, since way back when you gave your money to the teller and she always she entered the deposit by hand in your passbook. But this latest outrage has me seriously considering ending my half-century relationship. If RBC does what on Monday its CEO Gordon Nixon threatened to do and turns itself into an employment agency for Canadians, making sure it keeps its Canadian employment growing, checking always to see that its choice of suppliers doesnt impact Canadian jobs unduly, and generally operating more like a social welfare service than a bank, then I m going to tear up my chequebook and look for another bank. All right, everybody. Right hand in the air. Left hand on the Bible, or the Koran, or David Suzuki memoirs, whatever your preferred book of belief is, and repeat after me: Having condemned RBC for making use of cheaper foreign workers to provide IT services, I promise never, ever to complain about high Canadian bank fees again. (www.immigrantscanada.com). As reported in the news.