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Quiet time at RBC says Sookoo
Royal Bank of Canada (RBC) chief executive officer Suresh Sookoo is maintaining the company’s corporate policy of a “quiet time,” even in the face of numerous reports of uneasy customers. In a brief interview with the Sunday Guardian yesterday, Sookoo said the company would remain in its “quiet time” up until February 26, 2014, when it will release its first quarterly financial results. “I am asking the media to respect that,” he said.
Sookoo’s call for respect comes days after reports surfaced that the bank was soon to be bought by a British-based financial giant. In those reports, Sookoo denied that a buy-out was in the cards. The bank changed hands seven years ago when RBC acquired RBTT Financial for $13.7 billion. To add fuel to the reports, just earlier in the month RBC “shed” 20 staff members as part of its move to “streamline operations” in its Business Development Unit at various branches across the country.
Sookoo blamed the representing union, Banking, Insurance and General Workers Union (BIGWU) for starting the rumours of a buy-out, but BIGWU head Vincent Cabrera said the union’s claim for recognition has not yet been approved by the bank. “The claim for recognition has been held up for two years,” Cabrera said. —