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THE BANK OF NOVA SCOTIA

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RBC commits C$150 million to diversity push, aims for more minority executives

07/10/2020 | 04:16pm EDT
FILE PHOTO: The Royal Bank of Canada logo is seen outside of a branch in Ottawa

(This July 6 story corrects to say Canadian Imperial Bank of Commerce has one black board director instead of "none of the top six banks had either a Black CEO or a board member")

By Nichola Saminather

Royal Bank of Canada is committing C$150 million ($111 million) to racial diversity initiatives and aims to increase the proportion of non-white executive hires to 30% from 20%, Canada's biggest lender said on Monday.

RBC joins Bank of America, which announced $1 billion to address racial inequality, and others, including Alphabet Inc's Google and Amazon.com Inc, in committing funds for racial justice causes following the death of George Floyd, a Black man killed by a Minneapolis police officer in May.

Across Canada's top six banks, people of color account for only about 10% of senior executives, according to a Reuters analysis, but none of the top six banks had either a Black CEO or a board member.

Minorities made up 37% of RBC's Canadian workforce and 35% of U.S. employees in 2019, according to a report.

RBC said in a statement it has to better understand, identify and address issues that impede the success of Black, Indigenous and other racialized groups at the bank.

The Canadian Council of Business Leaders Against Anti-Black Systemic Racism in June urged business leaders to commit to increasing Black representation among their workforces, executives and board roles by 2025.

"Many Canadian companies have made statements condemning anti-Black systemic racism it's now time to back that up with action by signing the pledge," founder Wes Hall, who also runs shareholder services firm Kingsdale Advisors, said in a statement.

RBC did not say when it seeks to reach its 30% firm-wide target for non-white executive hires.

The bank pledged C$100 million in small business loans over five years to Black entrepreneurs and a C$50 million investment until 2025 to create opportunities for 25,000 Black, Indigenous and people of color.

Last month, Manulife Financial Corp and Bank of Nova Scotia pledged C$3.5 million and C$500,000 respectively for diversity initiatives.

(Reporting By Nichola Saminather; Editing by Dan Grebler and Aurora Ellis)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -1.34% 2402.22 Delayed Quote.37.06%
AMAZON.COM, INC. -0.07% 3486.9 Delayed Quote.7.06%
BANK OF AMERICA CORPORATION -2.56% 38.78 Delayed Quote.27.94%
BANK OF COMMERCE HOLDINGS -4.06% 13.69 Delayed Quote.38.28%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.00% 0.8015 Delayed Quote.3.16%
CANADIAN IMPERIAL BANK OF COMMERCE -0.54% 144.71 Delayed Quote.33.82%
MANULIFE FINANCIAL CORPORATION -0.74% 24.08 Delayed Quote.6.31%
ROYAL BANK OF CANADA -0.88% 125.96 Delayed Quote.20.43%
THE BANK OF NOVA SCOTIA -1.78% 79.37 Delayed Quote.15.36%
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Financials
Sales 2021 31 687 M 25 397 M 25 397 M
Net income 2021 9 303 M 7 456 M 7 456 M
Net Debt 2021 - - -
P/E ratio 2021 10,4x
Yield 2021 4,54%
Capitalization 96 426 M 77 296 M 77 286 M
Capi. / Sales 2021 3,04x
Capi. / Sales 2022 2,93x
Nbr of Employees 89 847
Free-Float 99,8%
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Average target price 86,79 CAD
Last Close Price 79,37 CAD
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Brian Johnston Porter President, CEO & Non-Independent Director
Rajagopal Viswanathan Chief Financial Officer & Executive Vice President
Aaron William Regent Chairman
Michael Zerbs Group Head-Technology & Operations
Ashley Veasey Global CIO-Business Technology & Executive VP
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