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Sept 29 - Royal Bank of Canada on Friday said it had injected capital into City National to strengthen its subsidiary's liquidity position and pay down the higher cost of borrowing."This is part of the management actions that RBC is taking on the path to improving profitability at City National" an RBC spokesman told Reuters.
While announcing its third-quarter results last month, RBC had said that it planned to cut about 1,800 jobs to reduce costs and it warned of a softer economy ahead. Banks have been trying to bring down rising costs amid a higher rates environment. This has affected their profits, making them to deploy more capital and cut jobs.
The bank also said recent intercompany sales of certain debt securities by City National will result in the recognition of realized losses at the unit, which will be"eliminated at the Royal Bank of Canada consolidated level".
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Canada's RBC injects capital into unit City National to strengthen liquidity'This is part of the management actions that RBC is taking on the path to improving profitability at City National' an RBC spokesman told Reuters. The bank also said recent intercompany sales of certain debt securities by City National will result in the recognition of realized losses at the unit, which will be 'eliminated at the Royal Bank of Canada consolidated level'.
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Canada's RBC injects capital into unit City National to strengthen liquidity(Reuters) - Royal Bank of Canada (RBC) on Friday said it had injected capital into City National to strengthen its subsidiary's liquidity position and ...
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RBC to Report Losses on Debt Sales From City National PortfolioRoyal Bank of Canada made a capital injection into City National Bank and said intercompany sales of debt securities will result in realized losses at the US unit.
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RBC injects capital into unit City National to strengthen liquidityRBC also said recent intercompany sales of certain debt securities by City National will result in the recognition of realized losses at the unit
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Canada Post launches new stamps to recognize National Day for Truth and ReconciliationAhead of National Day for Truth and Reconciliation this Saturday, Canada Post has released a series of new stamps to honour the survivors of residential schools.
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