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?
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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…
