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"When I’m asked what I want my legacy to be when I finally leave Royal Bank, I say that any time a chief executive starts talking about his legacy it’s time to sell the shares" |
POLITICIANS AND REGULATORS that question the viability of the universal banking model should take a long, hard look at Royal Bank of Canada.
RBC has made healthy profits through the past two years – C$4.55 billion ($4.47 billion) in 2008, and C$3.85 billion in 2009 – despite exposure to troubled residential real estate markets in the southeastern US, and a capital markets business that specialized in credit markets.
Alongside the relatively strong headline numbers, RBC has established itself as bank with an enviably strong financial position. At the end of the first quarter of 2010, it had built up a tier 1 capital ratio of...
