Record profits aren't enough

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Dresden said:
+1 but, can you blame them?
The executive team is brought in for 1 reason - grow and maximize shareholder's profit under any legal means necessary.
Look at how compensation structure has changed over the years - the majority of executive compensation is tied to future stock value.

Many issues at play here aside from bashing RBC based on personal grievances.

North America has become too efficient for its own good.
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And if customers make a stand, it hits the shareholders and executives directly... so next time they might not be so quick to pull the trigger on senior employees just to save a buck.
 
This is bullcrap. They should change their name, remove "Canada" from their name, damn traitors
 
It would take a lot of exRBC customers to make even a slight dent in their profits and stock value.
 
I don't have an account with RBC, but just realised I have a car loan with them, lol. Can I finance my car with another bank?
 
mmmnaked said:
And if customers make a stand, it hits the shareholders and executives directly... so next time they might not be so quick to pull the trigger on senior employees just to save a buck.
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While I applaud your courage, you are living in a fantasy world thinking people will follow suit.
Remember KONY 2012? 94 million views in 6 months, and hardly a handful showed up to actually protest.

Diffusion of responsibility is a sociopsychological phenomenon whereby a person is less likely to take responsibility for action or inaction when others are present. Considered a form of attribution, the individual assumes that others either are responsible for taking action or have already done so.[SUP][1][/SUP] The phenomenon tends to occur in groups of people above a certain critical size and when responsibility is not explicitly assigned. It rarely occurs when the person is alone and diffusion increases with groups of three or more.[SUP][2][/SUP][SUP][3]
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Emailing executives is pointless - most of their emails are screened by secretary's.

For those that actually want to step up and do something: (From RBC's page - and yes, an email to the Ombudsman gets read)
STEP 1: (don't bother, go right to step 2)
Start where the event occurred RBC branch, Royal Direct® call centre or Business Banking Centre
STEP 2:
Contact the appropriate Client Care Centre
STEP 3:
Write to the RBC Ombudsman RBC Office of the Ombudsman

RBC Office of the Ombudsman
PO Box 1, Royal Bank Plaza
Toronto, Ontario M5J 2J5
Toll-free: 1-800-769-2542
Fax: 416-974-6922
ombudsman@rbc.com
www.rbc.com/ombudsman
 
I'm still stewing about this ****...

This whole "MAXIMIZE PROFIT COME HELL OR HIGH WATER" has led to disasters over and over again...Yes maximise your profits at all cost, and watch the company in a decade or so become a shell of its former self.
The stock holders will dump stock and move on to another victim to capitalize their gains. When a corporations becomes run for max short term profits it attracts the wrong kind of people as employees. The ones that will back stab everyone on their way up, the ones who will do things for short term gain even though in long term it will hurt the company more.
They want to get in, make crazy cash on bonuses, get their golden parachute and leave. Normal good folk start to abandon these companies and leave to saner grounds as they see the company being swiss cheesed.

Just wanted to add that Canada has laid off 54000 workers in March, highest number since Feb 2009. So we as a country are deeper in dept than ever and laying of workers left right and center....Lets see the gov spend our way out of this one...

http://www.cbc.ca/news/business/story/2013/04/05/business-jobs-canada.html
 
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FiReSTaRT said:
Looks like the war on unionized labour and middle class is paying off.. I know I'll be moving my financial services away from RBC. You also have a mining company that claims that they can't find anyone to work in their mine while miners are getting laid off left and right and say that they gotta bring in 4000 Chinese migrant slaves.
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Funny, exact same thing has been happening in the trucking industry. Companies keep crying that there is a "driver shortage" while cutting driver's pay on a consistent basis and now its gotten to the point that they managed to convince the canadian government that they need to bring in foreign workers from jamaica to work for 1/3 of the current wage.

Bottom line is the only thing that matters to majority of the companies, **** everyone else.
 
Paul1000RR said:
Funny, exact same thing has been happening in the trucking industry. Companies keep crying that there is a "driver shortage" while cutting driver's pay on a consistent basis and now its gotten to the point that they managed to convince the canadian government that they need to bring in foreign workers from jamaica to work for 1/3 of the current wage.

Bottom line is the only thing that matters to majority of the companies, **** everyone else.
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If they can't turn a profit while paying their workers a living wage, there's a problem with their business plan. Of course, what they like to gloss over is that they can still turn a tidy profit, but it's a lot tidier if they use foreign migrant slaves instead
 
DJM said:
Sociopaths and psychopaths have infested all the corporate boardrooms.

I'm with CIBC. I've been wanting to tell them to FOAD for a while now and switch to a Credit Union. Seems daunting though. Mortgage, investments, RRSP, RESP, TFSA etc. Anyone pull it off?
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i did switch to a credit union as i had to for my mortgage, but im having to switch back to TD due to the inconvenience of having one.they have very limited branches, very few machines, a pain to get anything done with them.
the convenience of TD is worth it unfortunately
 
Red_Liner740 said:
I'm still stewing about this ****...
When a corporations becomes run for max short term profits it attracts the wrong kind of people as employees. The ones that will back stab everyone on their way up, the ones who will do things for short term gain even though in long term it will hurt the company more.
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It's a deeply ingrained cultural phenomenon. I first noticed this after emigrating here as a child. Kids threw their garbage all over the school bus and peed in the pool because serving your own interests is paramount above all else. No kidding, it's the way people think that allows this type of sociopathic behaviour.
That's why I dislike Kevin O'Leary so much. His pissing all over the pool self satisfied show me the moneyyyyyy represents most of what is wrong with "financial services" and corporations in general. Sorry about the lack of facts.
 
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Here's the problem: They are contracting out services to a third party, who has a history of preferential hiring of foreign workers. They've been fined for it in the past. RBC can claim that it isn't them who are hiring the foreign workers and *technically* they are correct. This will likely allow them to skate on the issue of replacing Canadian workers with foreign workers, from a legal standpoint.

It should not, however, preclude the Federal government going after the contractor for hiring foreign workers in preference to Canadians. You cannot import workers to fill positions that a Canadian could be hired for. That's not how the Guest Worker programme is intended to work. iGATE needs to be investigated, for possible impropriety in hiring practices. If this is creating a leak in our immigration and employment practices, then that leak needs to be plugged. It wouldn't be the first time.

http://www.laborimmigration.com/2008/05/igate-mastech-fined-45000-by-doj-for-h-1b-discrimination/
 
Rob MacLennan said:
Here's the problem: They are contracting out services to a third party, who has a history of preferential hiring of foreign workers. They've been fined for it in the past. RBC can claim that it isn't them who are hiring the foreign workers and *technically* they are correct. This will likely allow them to skate on the issue of replacing Canadian workers with foreign workers, from a legal standpoint.

It should not, however, preclude the Federal government going after the contractor for hiring foreign workers in preference to Canadians. You cannot import workers to fill positions that a Canadian could be hired for. That's not how the Guest Worker programme is intended to work. iGATE needs to be investigated, for possible impropriety in hiring practices. If this is creating a leak in our immigration and employment practices, then that leak needs to be plugged. It wouldn't be the first time.

http://www.laborimmigration.com/2008/05/igate-mastech-fined-45000-by-doj-for-h-1b-discrimination/
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"RBC is not hiring new employees that are temporary foreign workers to do that work," she said in a phone interview, noting that those who will take on the work "are going to be the supplier's employees."
http://www.cbc.ca/hamilton/news/story/2013/04/08/hamilton-rbc-facebook.html

It's a very clever trick used by many companies.
RBC's stupidity --> getting the phased out employee's to train the new ones.
 
The Twitterverse is going crazy over this story right now. I'm not sure if social media is enough to change RBC's plan, but there are plenty of people claiming that they're en route to pull their accounts. That, and their stock dropped in value today (I don't know enough about the stock market to know if it's a huge hit or not).

I know plenty of big Canadian companies have been doing this for years, but I think that people are starting to have enough of hearing about these situations. NO ONE'S job is sacred anymore, and Canadians are right to be scared for their livelihoods. When a company's CEO gets a record 25% raise, the company overall is making record billion-dollar profits, and yet they STILL have the gall to find 'efficiencies' in order to make even MORE profit, then we know that we're collectively screwed. Unfettered capitalism will NOT benefit the average Canadian.

The race to the bottom continues.
 
I'm just glad that there is finally some major mainstream media attention on the issue. If more people start boycotting businesses that outsource and bring in migrants, they'll realize that the wallet is a great tool to control your bad corporate citizen.
 
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