RBC Eyes U.S. Banking Return as Attacker, CEO Nixon SaysDoug Alexander
Royal Bank of Canada, known for its "RBC nice" culture, is considering a second run at U.S. consumer banking after failing in its last effort, this time as an attacker using new technology.
- "We would certainly look at returning to the U.S.," CEO Gordon Nixon said in a May 6 interview in Toronto; "What we’d like to do is see whether there are opportunities for us to be more of an attacker in a marketplace where we don’t have an embedded business"
- Royal Bank seeks to incorporate some of the practices of technology firms, which are starting to encroach on turf traditionally controlled by banks; JPMorgan Chase CEO Jamie Dimon said at a May 6 Euromoney Saudi Arabia conference in Riyadh that he sees challenges from cos. such as Facebook and Google as they show interest in providing online banking and money-lending services
- "We’ve had a lot of discussions with the likes of Facebook and Google and organizations like that," Nixon, 57, said; "We’re looking to expand in the payments world, but don’t necessarily want to get into the banking world"
- Royal Bank, Canada’s second-largest lender by assets, hasn’t zeroed in on a specific area, though it has looked at areas involving payment and other financial services, credit, wealth management and private banking for wealthy clients, said Nixon, who will retire Aug. 1 and be succeeded by President David McKay
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