The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
Latest News
The First Home Savings Account is finally here. Here’s how it can save you thousands in taxes Apr 11th
The new federal plan has some hiccups — it’s still not available at the Big Six banks — but once it’s up and running, it will allow potential buyers to save for their first home tax-free..... More »
Assiniboine Credit Union Review: Another Option for Banking In Winnipeg Dec 10th
Canada’s credit unions have long been known for their customer service and commitment to the local community. Unfortunately, they haven’t always been competitive in the range of banking products and services they offer compared with the big banks. But times are changing, and today, digital techn.... More »
Advice for cash-strapped renters and landlords during COVID-19 May 16th
When the COVID-19 pandemic swept across North America in early 2020, it created a wave of income loss that impacted people from all walks of life. While some individuals have been hit harder than others, it’s difficult to find a group or industry that hasn’t been affected. A small segment of the.... More »
U.S. appeals court restores lawsuit naming RBC that alleges Libor interest rate manipulation + MORE Feb 23rd
Charles Schwab Corp. and several of its mutual funds allege banks, including JP Morgan Chase and Citibank, artificially suppressed the Libor rate between August 2007 and May 2010..... More »
The best banks in Canada Oct 17th
Most Canadians are aware of the Big Five banks: RBC, TD, Scotiabank, BMO and CIBC. And some may even know that occasionally National Bank of Canada sneaks in and expands that list to six. But even with these accounted for, there are dozens of banks in this country, each offering its own suite of per.... More »
A former U.K. bank CEO turned consultant says Canadian banks should ditch sales targets and focus on building customer relationships.
CIBC, Royal Bank on the defensive at annual meetings over sales practices
– canadianbusiness.com
Chief executives at two of Canada’s biggest banks highlighted their efforts to listen to client and employee feedback in the wake of news reports that alleged some employees at financial institutions broke the law in order to meet sales targets.
Royal Bank CEO Dave McKay says his bank surveys its employees and customers regularly and makes changes to its business practices based on the feedback it receives.
Questions about sales practices have dogged the chief executives of Canada’s biggest banks during this year’s shareholder meetings, following CBC reports in recent weeks that cited unnamed employees who allege they faced pressure from management to boost sales or risk losing their jobs.
Speaking at Royal Bank’s (TSX:RY) annual meeting in Toronto, McKay said that of the 2.4 million accounts the bank opened last year, less than 0.05 per cent of clients escalated a complaint about the way that the account was opened.
Meanwhile, CIBC chairman John Manley said the bank has received no complaints from employees or customers that related to the types of sales practices described in the reports…
Royal Bank CEO Dave McKay says his bank surveys its employees and customers regularly and makes changes to its business practices based on the feedback it receives.
Questions about sales practices have dogged the chief executives of Canada’s biggest banks during this year’s shareholder meetings, following CBC reports in recent weeks that cited unnamed employees who allege they faced pressure from management to boost sales or risk losing their jobs.
Speaking at Royal Bank’s (TSX:RY) annual meeting in Toronto, McKay said that of the 2.4 million accounts the bank opened last year, less than 0.05 per cent of clients escalated a complaint about the way that the account was opened.
Meanwhile, CIBC chairman John Manley said the bank has received no complaints from employees or customers that related to the types of sales practices described in the reports…
