It’s official. Canadians are outraged over RBC replacing Canadian workers with foreign workers. The story broke this weekend from CBC and it’s not going away anytime soon.
Over 5,000 comments were posted before the comments section was closed. And now a Facebook page called ‘Boycott Royal Bank of Canada” and several twitter hashtags have popped up creating quite a buzz amongst Canadians.
RBC executives are trying to put a positive spin by saying they are trying to ‘redeploy the affected employees’. Come on RBC, we all know what’s happening. So let’s be very clear. RBC is replacing current Canadian jobs with cheaper foreign labor. The current jobs are being shipped overseas to India where labor is less expensive. End result is a higher net profit for the RBC shareholder. I guess 2012’s record $7billion profit just isn’t enough! Continue reading “RBC Boycott has gone viral with Facebook and twitter.”
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.”