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    RY   CA7800871021

ROYAL BANK OF CANADA

(RY)
  Report
Delayed Toronto Stock Exchange  -  04:00 2022-12-02 pm EST
134.21 CAD   -0.34%
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RBC cuts 1% staff in U.S. capital markets division-source

09/29/2022 | 04:36pm EST
FILE PHOTO: Financial institutions in the financial district of Toronto

TORONTO (Reuters) - Royal Bank of Canada (RBC) has cut close to 1% of its capital market staff in the United States as part of its annual performance review, a person familiar with the matter said on Thursday.

Canada's biggest bank has let go roughly 30 junior staff from the U.S. capital markets team, said the person who was not authorized talk about the cuts publicly.

A U.S.-based RBC spokesperson said in an email that "minimal cuts" were made to the U.S. investment banking business, in line with "normal attrition."

RBC's capital markets business reported a 58% drop in net income in the third quarter to C$479 million ($350 million), primarily due to the impact of loan underwriting markdowns of C$385 million ($281 million) in the United States.

RBC's U.S. business includes retail banking, capital markets, wealth management and treasury services and wealth management.

Bank of Montreal has also laid off staff in its U.S. capital markets division, a spokesperson said earlier this month, without giving details.

Rapid interest rate hikes by the U.S. Federal Reserve to tame runaway inflation have rattled global financial markets, curbing companies' appetite for deals and making them wary of stock and debt offerings.

In July, Goldman Sachs Group Inc warned it may slow hiring and cut expenses as the economic outlook worsens.

($1 = 1.3697 Canadian dollars)

(Editing by Richard Chang)

By Divya Rajagopal


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF MONTREAL 1.04% 134.38 Delayed Quote.-1.33%
ROYAL BANK OF CANADA -0.34% 134.21 Delayed Quote.-0.03%
THE GOLDMAN SACHS GROUP, INC. -0.84% 380.58 Delayed Quote.0.33%
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Analyst Recommendations on ROYAL BANK OF CANADA
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Financials
Sales 2023 53 909 M 40 028 M 40 028 M
Net income 2023 15 794 M 11 727 M 11 727 M
Net Debt 2023 - - -
P/E ratio 2023 11,7x
Yield 2023 4,01%
Capitalization 186 B 138 B 138 B
Capi. / Sales 2023 3,44x
Capi. / Sales 2024 3,17x
Nbr of Employees 91 427
Free-Float 99,8%
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 134,21 CAD
Average target price 142,53 CAD
Spread / Average Target 6,20%
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Managers and Directors
David Ian McKay President, Chief Executive Officer & Director
Nadine Ahn Chief Financial Officer
Kathleen Taylor Chairman
Bruce Ross Group Head-Technology & Operations
Foteini Agrafioti Chief Science Officer
Sector and Competitors