Royal Bank tries wooing skeptical MPs

Article Abstract:

Royal Bank of Canada Chairman John Cleghorn assured skeptical MPs before an all-party Commons finance committee that the mega-mergers in the banking industry will not result in huge job cuts. Cleghorn said consumers will benefit from such trends, which will bring down prices and give small businesses greater access to more aggressive lending. The finance committee is holding hearings on the report of the task force headed by Harold MacKay that looked on what lay ahead for Canada's financial institutions. The MacKay report concluded that a merger is an option for banks and other financial institutions provided it serves the interest of the public and does not lead to a monopoly.

Comment:

Chmn John Cleghorn assures skeptical MPs that the mega-mergers in the banking industry will not result in huge job cuts

Canada, Royal Bank of Canada

---

Silence may be golden for Thiessen

Article Abstract:

Bank of Canada Governor Gordon Thiessen is seen by economists to have lost some of the nimbleness and ability to shift directions necessary for a central banker. Recently, Thiessen suggested that he would not intervene to boost a devalued Canadian dollar by increasing interest rates. His statements resulted to an even weaker Canadian dollar. Analyst Ruth Getter of Toronto-Dominion Bank, agrees with Thiessen's decision but, at the same time, questions his communications strategy. Getter said Thiessen has to learn to speak in a way that markets understand.

Comment:

Gov Gordon Thiessen is seen by economists to have lost some nimbleness & ability to shift directions needed for a central banker

Ontario, Canada. Bank of Canada

---

Similar abstracts:

• Abstracts: Corel makes strides in Linux market. Corel plans for profit within six months
• Abstracts: Assante bulks up with acquisitions. Sun Life can't deep Aberdeen boss quiet
• Abstracts: Royal Bank to focus efforts on making U.S. acquisitions. TD boosts brokerage buyback offer
• Abstracts: RIM earnings meet expectations. The burden of bloatware
• Abstracts: CP buys Australia-New Zealand shipping company. Spar sells Canadarm business

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.