79.42 0.00 (0.00%)
After hours: 5:11PM EST
|Bid||79.42 x 800|
|Ask||79.43 x 1100|
|Day's Range||78.80 - 79.73|
|52 Week Range||65.76 - 82.58|
|Beta (5Y Monthly)||1.03|
|PE Ratio (TTM)||12.63|
|Earnings Date||Nov 30, 2016 - Dec 5, 2016|
|Forward Dividend & Yield||3.16 (4.01%)|
|1y Target Est||88.84|
(Bloomberg) -- Russian police raided the offices of Nginx Inc., a U.S. company behind one of the largest web server projects, and briefly detained its founder in a case that could stoke renewed fears of law enforcement being used to settle corporate disputes.Russia’s Rambler Group, the parent company of one of the country’s biggest search engines and internet portals, said in a statement Thursday it uncovered copyright violations to its exclusive rights to Nginx, which was acquired by Seattle-based F5 Networks Inc. this year in a deal that valued the company at $670 million.The dispute centers around the development of Nginx’s original open-source web server code by Igor Sysoev when he worked at Rambler nearly two decades ago, so Rambler sees itself as the rightful owner of the code. Nginx was first released publicly in 2004. It now controls more than 30% of the server market for web-facing computers, behind only the Apache Foundation, according to Netcraft, which monitors the industry.The raid is the latest example of the widespread use of Russian law enforcement in corporate disputes. U.S. investor Michael Calvey, one of the most successful private equity investors in Russia, was jailed this year and remains under house arrest over what he claims is a business conflict.Maxim Konovalov, who co-founded Nginx Inc. in 2011, linked the raid to the May sale of the company. He and his partner Sysoev were briefly detained during the Thursday raids of their apartments and the company’s Moscow office.“We fear for our freedom,” Konovalov said by phone. “Rambler didn’t pay attention to us in the preceding years.” Konovalov said he and Sysoev are “not going to flee Russia. We will stay and we will fight.”Igor Ashmanov, who was an executive at Rambler when Sysoev worked there, said Sysoev had started developing the technology underlying Nginx before he joined the company. Sysoev left Rambler in 2011 to co-found Nginx. The company is based in San Francisco but has offices around the world.Yandex NV, Russia’s biggest tech company, called the raid a “very bad signal.” Several IT industry associations condemned the action, according to an open letter published on the Govorit Moskva radio station’s website.Rambler, owned by billionaire Alexander Mamut and Sberbank PJSC, said it ceded its rights to Nginx to a Cyprus-owned holding company, Lynwood Investments CY Ltd.Lynwood is controlled by Mamut’s son Nikolai, according to Interfax news agency.Lynwood said by email it informed law enforcement about the situation and the authorities opened up a criminal case. The company declined to comment on its ownership.F5 and the police did not immediately respond to requests for comment.Sberbank First Deputy Chief Executive Lev Khasis, who is the chairman of Rambler’s board, said he found out about the dispute via media reports and has requested an extraordinary board meeting this month to deal with it.“I don’t like that this is a criminal trial,” Sberbank Chairman Herman Gref told Forbes, adding that this is a case for the arbitration court.Despite pledges from President Vladimir Putin to better protect business from inappropriate pressure from law enforcement, it remains a common tool to settle commercial disputes in Russia.A survey by the Kremlin’s business ombudsman found 84% of business executives who are subject to criminal investigations end up losing part or all of their business, RBC reported earlier this year.\--With assistance from Anna Baraulina and Ilya Arkhipov.To contact the reporters on this story: Stepan Kravchenko in Moscow at firstname.lastname@example.org;Jake Rudnitsky in Moscow at email@example.comTo contact the editors responsible for this story: Torrey Clark at firstname.lastname@example.org, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Oracle Corp. slumped Friday after the company’s quarterly sales trailed expectations. Analysts say forecasts suggest a sharp growth acceleration in the fiscal fourth quarter is needed to meet the company’s year-end target.The culprit for the consolidated sales miss was a shortfall in license revenue brought on by continued effects of a sales reorganziation earlier this year, as well as “price discipline,” according to RBC’s Alex Zukin and other sell-side analysts.Fourth-quarter fiscal 2020 faces the most difficult year-ago comparison (4% growth in constant currency) since the company’s second quarter of fiscal 2018. And the environment is tough, Deutsche Bank added.Shares of Oracle fell as much as 3.5%, the biggest intraday decline since Sept. 12. The stock has gained 22% year to date, underperforming both the S&P 500 and its large-cap tech peers.Here’s more of what analysts said following the report:Raymond James, Michael Turits“The company evinced confidence in second half momentum, which it expects to carry into F21 around back office applications (HCM/ERP), cloud @ customer deployments, new versions of Autonomous Database, and diminishing headwinds from data cloud decline”Management also indicated that the second half benefits from transactional (license/hardware) businessTurits believes that for Oracle to see fiscal 2020 constant-currency acceleration following the “slight” misses in the second-quarter actual sales figure and the third-quarter forecast “would mean an extremely steep back half ramp”Given the current set up, the analyst believes that fiscal 2020 revenue growth will decelerate to 2.2% on a constant-currency basisEstimates 2.9% growth for next year, “as the drivers above continue to play out”Rates outperformWhat Bloomberg Intelligence says:“While management commentary about the increased use of Oracle’s new autonomous database product is encouraging with 2,000 new customers and triple-digit growth, weak total license sales shows that clients are taking time to spend more on other new products,” wrote analyst Anurag Rana.Rana doesn’t see this trend changing in the near-term given weakening global macroeconomic conditions that “could even hurt cloud applications sales.”Wedbush, Steve Koenig“We attribute the miss to database license headwinds from a first-quarter tech sales reorg -- which separated cloud and premise sales and likely resulted in smaller deal sizes -- and declining sales of vertical applications licenses”Management was upbeat on prospects for the second half, as large autonomous database transactions get recognized this fiscal year and cloud database velocity picks up, Koenig saidNoted “longer term, these prospects seem promising, but we suspect that any uptick in FY20 year-end tech segment performance would be mostly seasonality (much like in FY19), and a secular upturn in ORCL’s tech segment is likely many more quarters in the offing”The analyst is “more convinced” of Oracle’ progress in cloud applications than cloud infrastructureMaintains neutral rating, as he looks for “meaningful progress” in rebooting database growth on a more sustained basis; price target $56 from $55Deutsche Bank, Karl KeirsteadThe third-quarter forecast for just 1% to 3% constant-currency sales growth implies “a huge growth acceleration” in the fourth quarter “against a very tough compare and in a tougher environment” in order for the full-year to reach Oracle’s forecastKeirstead remains “skeptical about any sustainable growth acceleration”Rates holdTo contact the reporter on this story: Janet Freund in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Steven FrommFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
RBC Global Asset Management Inc. lowers management fees for BlueBay Global Convertible Bond Funds/Classes
RBC Global Asset Management Inc. announces RBC Target 2020 Education Fund maturity date and fee reductions for various RBC Funds and PH&N Funds
The group of buyers consists of 1st National Bank of St. Lucia, Antigua Commercial Bank Ltd, National Bank of Dominica Ltd, the Bank of Montserrat and Bank of Nevis Ltd. RBC's move comes a month after Canadian Imperial Bank of Commerce (CIBC) sold a significant portion of its majority stake in CIBC FirstCaribbean to GNB Financial Group for $797 million.. In September, Bank of Nova Scotia said it was in the final stages of closing deals to sell portions of its Caribbean operations.
TORONTO , Dec. 12, 2019 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced it has entered into definitive agreements to sell all banking operations in the Eastern Caribbean to a consortium of indigenous banks within the region. The transaction is subject to regulatory approval and other customary closing conditions, and is expected to be finalized in the coming months. "After a review of our operations and strategy, we determined this opportunity was a good decision for the long-term future success of RBC Caribbean, and also, that it aligned with our vision to help our clients thrive and communities prosper," he said.
After several tireless days we have finished crunching the numbers from nearly 750 13F filings issued by the elite hedge funds and other investment firms that we track at Insider Monkey, which disclosed those firms' equity portfolios as of September 30th. The results of that effort will be put on display in this article, as […]
(Bloomberg) -- In a world reliant on smartphone apps, bank branches may no longer be Main Street mainstays, with red velvet ropes between brass stanchions herding customers to tellers behind wickets.But they’re still an important part of banking and, in Canada, the two largest lenders are beating their smaller rivals at drawing more and more revenue from physical locations. Royal Bank of Canada and Toronto-Dominion Bank earn C$14 million ($10.6 million) a year from each of their domestic branches, distancing themselves from smaller competitors in the process.Bank branches are evolving as customers increasingly rely on mobile phones, websites and automated teller machines for routine transactions, with the drudgery of standing in line to cash a paycheck or shift money between accounts largely left to a bygone era.Canada’s banks have reacted accordingly, shrinking branch sizes, adopting the newest technology and turning once counter-bound tellers into roaming advisers armed with tablets to sell high-margin products and mortgages. That’s paying off: All of the big Canadian banks have posted increases in annual revenue per branch in each of the past three years, and sales have soared substantially from a decade ago.“We’re growing our investment in innovative formats: university campuses, hospitals, newcomer centers, which is helping us grow our client base,” Royal Bank Chief Financial Officer Rod Bolger said in a phone interview. “As we have ramped up our leading digital and mobile applications, customers and clients still like to come to branches for advice.”Royal Bank is Canada’s leader, with 1,201 branches across the country -- four more than a decade ago, even with the addition of digital-banking options during that period. Annual revenue per branch has soared 70% since 2009. Technology has allowed branch employees to focus on dispensing advice to customers rather than merely handling routine transactions, according to Bolger.“We continue to free up time for our banking advisers,” he said. “That is helping us to continue to expand our market share, which will then in turn result in higher productivity per branch.”Rival Toronto-Dominion, meanwhile, has 1,091 branches nationwide, slightly fewer than a decade ago. Like Royal Bank, it has seen a surge in per-branch revenue, with a 66% increase since 2009. The ratio for each of bank was calculated by dividing annual revenue from Canadian personal-and-commercial banking by the number of domestic branches at the end of each fiscal year.“People have been speculating about the future of branches, but we’ve been very clear in our strategy that branches are important to us -- they’re an important contact point for customers who need human advice and human touch,” Toronto-Dominion CFO Riaz Ahmed said. “We continue to see them as a very important part of our strategy.”Canadian Imperial Bank of Commerce brings in an average of C$10 million in yearly sales, up about 53% from a decade ago, for each of its 1,024 branches.Customer Conversations“We continue to improve our advisory capabilities and focus on having conversations with clients to understand their needs and to provide them with products and services that they need,” said CIBC CFO Hratch Panossian. “That has had some positive momentum.”Canada’s six largest banks operate 5,578 branches domestically, 2.9% fewer than a decade ago. While the decline isn’t as dramatic as was once predicted by those who thought ATMs and mobile banking would spell an end to bricks-and-mortar locations, branches also aren’t keeping pace with population growth.Canada had 20 branches for every 100,000 adults as of 2018, down from about 25 before the 2008 financial crisis, according to the World Bank. The U.S., in comparison, had about 31 branches per 100,000 adults, down from 35.Bank of Nova Scotia reduced its domestic network the most, trimming 6.9% of its branches from a decade ago, to 949 today. Those branches generate an average of C$11 million in annual revenue, an amount that has climbed steadily in the past six years.“Scotiabank has been adding adviser roles to branches,” spokesman Clancy Zeifman said in an email. “We have also been investing in technologies and tools to help our employees be more productive, including removing manual processes so they can spend more time focusing on our customers.”While branches remain important for Bank of Montreal, CFO Tom Flynn said he expects a gradual decline in both the number of branches and average size amid a push toward digital banking. Canada’s fourth-largest lender has 891 domestic locations, which generate about C$9 million in annual sales on average, a 55% jump from 2009.Smaller Branches“We want to be close to people when they’re doing transactions that are bigger and really important to them,” Flynn said. “At the same time, total branch traffic is down, given the digital migration, and in response to that we have been and will continue to take the average square footage of our branch network down.”National Bank of Canada has the lowest annual revenue per branch, at C$8.2 million for each of its 422 locations, though that’s still 60% higher than a decade ago. The Montreal-based lender, the smallest among Canada’s Big Six banks, may lag behind its larger rivals partly because of its regional focus.“We are located in the province of Quebec, where people are less in debt -- they borrow less,” Jean Dagenais, senior vice president of finance, said in an interview. With property values lower than in other parts of Canada and mortgages smaller as a result, “the volume of loans per branch is lower than a big bank in the Toronto area.”To contact the reporter on this story: Doug Alexander in Toronto at email@example.comTo contact the editors responsible for this story: David Scanlan at firstname.lastname@example.org, ;Michael J. Moore at email@example.com, Daniel Taub, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Toronto-Dominion Bank (TD) fourth-quarter fiscal 2019 results reflect higher revenues, partly offset by rising expenses and higher provisions.
(Bloomberg) -- Consumers in the market for a Christmas tree can expect to pay more this year, as a shortage of Christmas trees has led to higher prices, thanks in part to the lingering effects of the 2008 financial crisis.The average price per tree reached $78 last year, compared to $37 in 2008, RBC analyst Paul Quinn wrote in a note. The crisis was responsible for the closure of many farms and the under-planting of seedlings, Quinn said. “Most market participants expect the shortage, which began around 2016, to last for several years,” he said.This shortage, along with low labor, has pushed prices higher over the past few years, Quinn wrote. Demand has been also rising, and to keep up with it, artificial trees have been gaining market share, albeit for higher prices.Quinn notes, however, that artificial plants are “less green” as they are not generally recyclable, while real trees are. His top pick for tree is Fraser Fir, which is sometimes called the “Cadillac” of Christmas Trees.To contact the reporter on this story: Aoyon Ashraf in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Jennifer Bissell-Linsk, Steven FrommFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.The European Central Bank is done with cutting interest rates despite persistent downside risks to growth, according to a Bloomberg survey of economists.With officials increasingly concerned about the impact of negative rates and President Christine Lagarde about to announce a strategic review, most respondents said monetary policy is on autopilot for the next two years. That’s a turnaround from the previous survey which predicted more easing in June. Economists now see the next move as a rate hike by the first quarter of 2022.Lagarde, who holds her first policy meeting on Dec. 12, is facing mounting pressure from banks and politicians who say subzero rates are damaging the financial system and hurting savers. It suggests her review will have to investigate other ways of using the ECB’s toolkit to revive inflation.“We don’t think they are going to ease, but if they were going to ease the pressure to do something else rather than cut rates is going to be quite high,” said Peter Schaffrik, a global macro strategist at RBC in London. “This is certainly not an environment to pile something on top after the implementation of the last program.”The last program was a package of measures in September, weeks before Mario Draghi handed the presidency to Lagarde. He fought off unprecedented opposition in the Governing Council to lower the deposit rate to minus 0.5%, resume quantitative easing and give banks easier terms on long-term loans.Since then, multiple policy makers have expressed unease over the threat to financial stability as investors turn to riskier investments, a concern that was also at the forefront of the ECB’s own financial stability review. Markets are no longer pricing a rate cut next year.Economists in the survey expect the Governing Council to change its guidance on future policy by September. It currently pledges that interest rates will remain at current “or lower” levels until inflation is entrenched back at the target.“Under the assumption of a gradual, though modest, recovery in economic growth, we think the bar for another rate cut or a step up of asset purchases is currently high,” said Barclays economists Philippe Gudin and Christian Keller.Bond purchases will most likely continue until late 2021, according to survey respondents. They don’t foresee the monthly pace of 20 billion euros ($22 billion) changing until one month before completion of the program, nor are new asset classes such as equities likely to be added to the mix. That may reflect a bet that Lagarde won’t want to reopen old wounds -- QE was at the heart of the dissent over September’s decision.The economic outlook remains cause for concern. While recent data suggest the euro zone’s downturn may be bottoming out and tensions in the U.S.-China trade war may be easing, economists aren’t counting on the ECB making major revisions to its forecasts. They still see a recession as a near-term risk.Strategic ThinkingRespondents said Lagarde’s strategy review will be announced by January -- a significant minority think it will happen next week -- but their expectations are modest. A majority expect the Governing Council to agree to flexibility around the inflation goal, allowing price growth to overshoot or undershoot for a while.They were split on whether the current target of “below, but close to, 2%” will be tightened. Some policy makers argue that phrasing risks leaving inflation too weak, and would prefer to set it at precisely 2%.A quarter of respondents expect an agreement on more transparency in the decision-making process with policy makers voting on measures and those votes being published.Climate ConflictLagarde has already made clear that the review will also consider how the ECB should react to climate change, an issue of rising global importance but a controversial one for central bankers. She and some of her colleagues have tried to temper expectations, saying price stability remains the key objective.The survey suggests that climate won’t become a factor in setting monetary policy over the next 12 months. Rabobank economists Bas van Geffen and Elwin de Groot don’t expect the ECB to set any specific targets, though they could eventually exclude the bonds of polluters from QE “in an attempt to win over some of the general public.”TLTRO TimeThe morning of Lagarde’s policy meeting will also reveal how banks are responding to the ECB’s program of three-year loans, with the takeup of the second round of offerings. Respondents predict demand will be 120 billion euros.To contact the reporters on this story: Piotr Skolimowski in Frankfurt at firstname.lastname@example.org;Harumi Ichikura in London at email@example.comTo contact the editors responsible for this story: Paul Gordon at firstname.lastname@example.org, Jana RandowFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Moody's has reviewed the following ABCP programs in conjunction with the proposed amendments. At this time the amendments, in and of themselves, will not result in any rating impact on the respective program's ABCP. Moody's does not believe they will have an adverse effect on the credit quality of the securities such that the Moody's rating is impacted.
RBC Global Asset Management Inc. announces November sales results for RBC Funds, PH&N Funds and BlueBay Funds
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.The pound touched the highest level against the euro in more than two-and-a-half years as traders stepped up bets for a Conservative victory in next week’s election.It advanced against most major peers as polls showed the ruling Tories holding their lead over Jeremy Corbyn’s left-wing Labour Party. Sterling earlier reached a seven-month high against the dollar as U.S. President Donald Trump’s visit to the U.K. unfolded relatively smoothly, defying speculation his presence could undermine Prime Minister Boris Johnson.Investors see a Conservative majority on Dec. 12 as the most market-positive outcome, as it would allow Johnson to push his Brexit deal through Parliament in time for next month’s deadline and move on to the next phase of talks with the European Union. Trump’s visit had been seen as a risk for the Conservatives, who face questions over how the National Health Service would fare in any future trade deal with the U.S.“With just over a week to go, sterling remains highly influenced by the polls day-to-day, but we may also be seeing some relief that Trump did not toss a grenade into the U.K. political system during his remarks,” said Ned Rumpeltin, European head of currency strategy at Toronto-Dominion Bank. “A break above the October high at $1.3013 may open the door for a test of $1.3185.”Despite confidence in a Conservative win, some traders are protecting themselves against a fall in the pound over the next week on speculation it has rallied too far, too fast. One-week risk reversals on the pound-dollar, a barometer of sentiment and positioning, show investors are the most bearish on sterling since October.The pound gained as much as 0.9% to $1.3109, the highest since May 7. It rallied as much as 0.8% to 84.58 pence per euro, the strongest level since May 2017. The currency has acted as a barometer of political risk throughout the Brexit process and has recovered about 9% against the dollar since hitting an almost three-year low in September, on hopes of an end to the uncertainty.Royal Bank of Canada sees a 60% chance of a Conservative majority next week, leading to the “near certainty” of Brexit at the end of January on the terms of Johnson’s deal. Under a Labour-led coalition, meanwhile, “almost all roads lead to a second referendum, to which we would apply a 60/40 probability of a vote to remain,” Adam Cole, chief currency strategist, said in a note.Pollsters say this election is a tough one with voters prone to switching parties as Brexit disrupts traditional allegiances. Surprise results in the Brexit vote and the last election also mean such surveys are seen as less reliable.For Credit Suisse, a sizable majority for Johnson’s Conservatives is required to continue the currency’s rally. The currency looks vulnerable after the Dec. 12 vote unless the Conservatives win a “solid” majority of 40 seats or more, according to strategists including Shahab Jalinoos.Data from the Bank of England last week showed foreign investors selling U.K. government bonds in October at the fastest pace since February. That month saw the U.K. prime minister secure a last-minute Brexit deal and extension to the deadline, before Parliament voted to back his bid for a December election. Gilts, which have acted as a haven from Brexit risk, slipped to send 10-year yields up four basis points to 0.71%.(Adds context on options in fifth paragraph, updates pricing.)\--With assistance from Vassilis Karamanis.To contact the reporter on this story: Charlotte Ryan in London at email@example.comTo contact the editors responsible for this story: Dana El Baltaji at firstname.lastname@example.org, William Shaw, Michael HunterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Dwindling dealmaking and testy markets caught up with Royal Bank of Canada, leading to the company’s first quarterly profit decline since the start of 2018.The bank’s capital-markets division had its worst quarter in two years for profit and revenue, with lower investment-banking fees and higher provisions causing a 12% earnings drop for the unit. The decline at RBC Capital Markets, which accounts for about a fifth of the bank’s overall profit, undercut gains in consumer banking and pushed fiscal fourth-quarter earnings below analysts’ expectations.“This was a rare miss for Royal,” Barclays Plc analyst John Aiken said in a note to clients. “Capital markets earnings were down on the back of lower advisory fees as well as higher provisions and expenses.”RBC Capital Markets was hurt by a tough year for dealmaking, with a 15% decline industrywide in the value of mergers and acquisitions and a 6% drop in equity financings hurting fee pools. At Royal Bank, investment-banking fees fell 17% to C$428 million ($322 million) in the period, the lowest since the first quarter.“Corporate investment banking was impacted by an industrywide decline in fee pools as some clients stayed on the sidelines given ongoing economic uncertainty,” Royal Bank Chief Executive Officer Dave McKay said on a conference call Wednesday. “Our results were further impacted by delays in the completion of deals in our pipeline.”The company’s shares slumped 2% to C$105.05 at 9:46 a.m. in Toronto. They have risen 12% this year, in line with the gain for Canada’s eight-company S&P/TSX Commercial Banks Index.Trading revenue was C$706 million, the lowest in a year. RBC Capital Markets also set aside C$78 million for provisions, more than double the amount a year earlier and up 39% from the third quarter.Overall, Royal Bank’s net income slipped 1.4% to C$3.21 billion in the three months through Oct. 31, its first decline since the first quarter of 2018. Adjusted per-share earnings were C$2.22, missing the C$2.27 average estimate of 14 analysts in a Bloomberg survey.Royal Bank still ended the year with profit of C$12.9 billion, extending a record streak that stretches back to 2011, though the pace of earnings growth is cooling. This year’s 3.5% earnings increase marked the slowest annual growth for the Canadian bank in a decade.Also in the report:Earnings from Canadian banking, the company’s biggest unit, rose 6.3% to C$1.56 billion in the quarter.Royal Bank is showing continued strength in its domestic mortgage business, which is the largest among Canada’s big lenders. Domestic mortgage balances rose 7.3%, the biggest year-over-year increase since 2016, to a record C$265 billion.Royal Bank’s $5 billion takeover of City National in 2015 has helped lift revenue over the past four years. Profit from wealth management rose 32% to C$729 million, partly due to a C$134 million gain in the quarter from selling the private debt business of BlueBay Asset Management.The investor and treasury services division had a 71% decline in earnings to C$45 million after the bank pursued a “repositioning” of the business that included C$83 million in severance costs in the quarter. Royal Bank has pared roles in Europe and reduced its footprint in Australia as part of what McKay called a “quick pivot” into Asia.McKay announced during Wednesday’s call that Chief Administrative Officer Jennifer Tory is retiring “shortly.” Tory previously served as group head of personal and commercial banking.(Updates with CEO’s comment in fifth paragraph, shares in sixth.)To contact the reporter on this story: Doug Alexander in Toronto at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, ;David Scanlan at email@example.com, Daniel TaubFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Royal Bank (RY) delivered earnings and revenue surprises of -3.45% and -4.25%, respectively, for the quarter ended October 2019. Do the numbers hold clues to what lies ahead for the stock?
"We did see a number of large marquee deals move from Q4 of 2019 to Q1 of 2020," CFO Rod Bolger said in an interview. "So we do have a strong backlog as a result, going into 2020." Capital markets accounted for 18% RBC's net income. Gabriel Dechaine, an analyst at National Bank of Canada Financial Markets, said the division's woes are far from over.
TORONTO , Dec. 4, 2019 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced that Maryann Turcke will be appointed to its board of directors, effective January 1, 2020 . Ms. Turcke is Chief Operating Officer of the National Football League (NFL), overseeing all facets of the operation, including: marketing, technology, social and digital media assets, brand, global events and corporate functions, which encompasses human resources, and public and government affairs. Before joining the NFL in 2017 as President, NFL Network, Ms. Turcke held progressively senior leadership roles over 12 years at Bell Canada Enterprises (BCE), most recently as President, Bell Media .