RBC reported a record $7.5billion profit in 2012. That was up by 17% from 2011. Not bad. In fact, all the BIG SIX BANKs had a great 2012… with a combined record profit of 30 billion!. There’s nothing wrong with profit. All businesses should expect to make a reasonable profit. And a healthy and profitable banking system is important for Canadians. Our Banks are so big that 5 of the top 8 most profitable corporations are now Banks.
But when is it enough? And how far will the BIG SIX BANKs go to increase their profits? Would you believe that Canadian Banks could or would outsource work to foreign countries to save a buck?! CBC News reports that RBC is terminating 45 IT systems support jobs and replacing them with foreign workers. iGATE corp. is an outsourcing corp from India with over 27,000 employees, according to their website. Continue reading “RBC accused of terminating Canadian workers in place of cheaper, foreign labor.”