Royal Bank of Canada’s chief executive officer says tighter immigration and trade policies are clouding the banking industry’s outlook for next year, and political leaders need to resolve the concerns causing uncertainty.both reported fourth-quarter earnings Wednesday, and leaders of both cautioned of risks to the economy as the banking sector moves into a new fiscal year.
At the same time, some conditions are improving to help counteract these concerns. Mr. McKay said that consumer income and savings levels are rising, and the Bank of Canada has slashed the cost of borrowing. RBC and National both posted higher fourth-quarter profit Wednesday that exceeded analyst estimates. On Tuesday, Scotiabank reported higher net income, but. Toronto-Dominion Bank, Bank of Montreal and Canadian Imperial Bank of Commerce will wrap up earnings week for the Big Six lenders on Thursday.
RBC personal banking head Erica Nielsen and commercial banking head Sean Amato-Gauci both said that retention rates of HSBC clients and advisers are above expectations. Mr. Amato-Gauci added that the bank has also acquired 3,500 new small business clients.
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