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Prices at the Pumps - April 3, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesTORONTO - Royal Bank of Canada expects its struggling unit in the U.S. to be"a net contributor" to Canada's biggest lender and is bullish about the opportunities south of the border, CEO Dave McKay told Reuters on Wednesday.
McKay said City National's troubles came from rapid growth, tripling the size of the bank at the cost of eroding profits. The bank is now focused on remediating operating infrastructure and regulatory deficiency while also improving profitability back to the normal run rates. The City National distraction came as RBC was trying to integrate the C$13.5 billion purchase of HSBC's Canada unit. The deal announced in November 2022 tightens RBC's grip on the domestic banking market, adding C$120 billion to its nearly C$2 trillion assets.
McKay said the bank had largely addressed over hiring during the pandemic through layoffs in preparation for the deal close.
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