Disgusting! The Royal Bank of Canada punches all Canadians in the face.

Originally posted by InTheLight
The RBC had a record profit of $7.5 billion last year. RECORD PROFIT!!!

www.cbc.ca...

I am disgusted by this greed and the inappropriate use of a program for even more gains.

Of course there was profit. I noticed that about most Canadian companies as of late. Post a massive profit, cut jobs. BCE was notorious for this over the last few years killing thousands of Canadian jobs despite earning huge profits and receiving massive govt kickbacks.

reply to post by junglimogli


First off, why in the world SHOULD we suck it up? These multinationals are getting away with murder. The murder of the Western economies. The fact is that I am a conservative and wholeheartedly a capitalist. However, it does not make economic sense for a corporation to destroy the economy of the country in which it is based. The short sited may crow at the labour savings that come from outsourcing. That limited viewpoint is ignoring the fact that by reducing the local labour cost, which lowers the standard of living of the labour force, you loose a large portion of your local customer base by pricing yourself out of their ability to buy your services. I.E. the rust belt in the United States. The steel foundries, heavy manufacturing, and related service jobs all disappeared when the when the outsourcing trend started in the early 1980's. I live in Ohio, one of the states hit hardest by the shifting of production from onshore to offshore, for the sake of profits. I know that someone is bound to point out that we are living in a global economy now. That's all fine and good. But, if you destroy one of your OWN prime markets for a short term increase in profits, your just cutting your own throat. I'm all for being more competitive, but that can come about in several different ways. Just off the top of my head: 1) reduce the tax burden of SMALL businesses. 2) fix regulatory bottle necks / useless regulations 3) Invest in training your workforce so that it is always looking for better productivity and quality improvement. Finally, the overuse of the H1B visa MUST be curtailed in the U.S. The already used example of the IT industry is a perfect example of why this needs to be done immediately. By bringing in the large numbers of Indian and Chinese IT engineers, the field has been decimated. The companies complain that they can't find qualified IT people here in the States. Bull, they just want to pay starvation wages for a skilled position. Because of this wage trend, the number of people entering the IT field has dropped. People simply go into fields where they can make a living. Short sited, narrowly focused CEO's have pushed our economy back to the same levels of labour force participation that we experienced in the late 1970's. It's well past time that we stand up and demand meaningful changes be made to correct a systemic problem. We are now living the effects of "irrational exuberance".

RBC is a joke. Pull what you have from them and go elsewhere.

President Choice - 100% free banking, unlimited debit transactions.

Are you 59? perfect,go to Alberta Treasury, open a free account, again unlimited transactions.

I dealt with RBC years ago, they sucked bad then, now selling out to workers from India, they need to go.

Good luck.

What about Credit Unions as an alternative?

reply to post by junglimogli


Lacking compassion, those are words written with the arrogance and pomposity of a Dragon's Den regular.

reply to post by rob20153


Thats exactly how i feel. I worked for companies that took good, respectable jobs and turned them into the McDonalds equivalent of a job. Starvation wages plus gestapo type tactics to scare you into performing above 100%. Lots of corporations now use psychological warfare against their employees to either endlessly compete with one another for petty handouts (stupid gift cards for top crew efficiency or something like that) or simply to make the employee live in fear of impending job loss at every corner if they dont follow the company policy to a T (even if the policy doesnt make sense or prevents you from doing your job to the best of your abilities).

Its a shame what the workforce has become. Then you get people telling you to suck it up and accept the new reality we live in when in fact most of the people spouting this nonsense are older baby boomers (who think they had it tough) who made 100K + incomes for the better part of their career, I know a few such people and they are usually the loudest mouthpieces for this sort of garbage.

reply to post by aboutface
Kind of "in your face" when they advertise it.................are they allowed to vote like in America when there not a citizen?

reply to post by Battleline

I should hope not. But then again, the unprecedented garbage put out in this political era probably provides some kind of loophole for them to do so. (Sorry if my political disgust is showing through)

I remember the same thing here where I live and what happens to you now , But the complains here then got worse and the government had to intervene so foreigner workers had to be payed equally the same wage as the natives.. so now the competition is on again

reply to post by aboutface


I'd love to see a bank manager actually come out and puch all his customers in the face as a metephor for this. that would make my week

Perhaps when they read what we have to say about them.


To the user who asked about credit unions: Not bad but you will need to pay a membership fee to become a member, but you will receive a dividend from profits yearly that will offset the expense.

Originally posted by Reaper62
reply to post by aboutface

 

I'd love to see a bank manager actually come out and puch all his customers in the face as a metephor for this. that would make my week

Funny I work construction and I'm sick of mexicans coming in and taking most of the jobs because they will work for next to nothing but if I say anything I'm a racist. Apparently because its a job that most Americans feel they are too good to do. But what about the rest of America that does the job happily like my father and grandfather before me. Then the Canadian government brings in people of another country to take white collar jobs and everyone is in a uproar. Did no one ever read the qoute

First they came for the communists, and I didn't speak out because I wasn't a communist. Then they came for the socialists, and I didn't speak out because I wasn't a socialist. Then they came for the trade unionists, and I didn't speak out because I wasn't a trade unionist. Then they came for me, and there was no one left to speak for me.

First they came

Originally posted by Unity_99

Originally posted by curlygirl
reply to post by aboutface

 

What surprises me more is your reaction. Outsourcing isn't new. I'm in IT and this has been going on globally for at least a dozen years. You're just lucky it didn't happen sooner in your region.

Canadian laws are specific on this, and there is no loop hole, to have temporary low pay foreign employees come in to replace Canadian jobs is illegal.

www.cbc.ca...

However, a Toronto immigration lawyer says there is no loophole in any visa category that allows companies to displace Canadians who are able to do the work.

“It should not happen,” Mario Bellisimo told Go Public. “The overarching legal standard is to supplement and to fill labour shortages or to bring job creation and retention, knowledge transfer to Canada, not the opposite."

What I'm concerned about is this:

Harper put some kind of clause in the new budget that allows them to use lilabilities (ie deposits), ie to steal deposits to recover from serious trouble for banks.

They now have an abuse of hiring temps for the wrong reasons, and in obvious breach of the Law, and leak the story.

All over twitter and facebook there are requests that others close out their accounts and transfer it over to another.

This Bank is the one that is official with our government.

en.wikipedia.org...

The Bank of Canada (French: Banque du Canada) is Canada's central bank.[1] The bank was founded by the Bank of Canada Act[2] on July 3, 1934, as a privately owned corporation. In 1938, the bank became a Crown corporation, belonging to the monarch in right of Canada.[3] The Minister of Finance holds the entire share capital issued by the bank. "Ultimately, the Bank is owned by the Minister of Finance on behalf of Her Majesty in right of Canada."[4][2]

The role of the bank is to "promote the economic and financial well-being of Canada.Text"[5] The responsibilities of the bank are: monetary policy;[6] sole issuing authority of Canadian banknotes;[7][8] the promotion of a safe, sound financial system within Canada;[9] and funds management and central banking services "for the federal government, the Bank and other clients."[10][11]

I see something very dangerous going on. Are they planning on stealing the Canadian deposits and bascially nearly bankrupting our country?

I would like to see a complete criminal investigation going on as this would be highly illegal if planned in advance.

edit on 7-4-2013 by Unity_99 because: (no reason given)

Technically, they are all bankrupt already. That's the way banks work. There's a paragraph from an economics textbook: "If a business customer deposits money into a bank, uses his business as security to take out a loan, the bank is said to have increased its wealth threefold; the deposit, the value of the business and the interest payments on the loan. The bank can then use this money to borrow more funds from the central bank to lend out."

That's what they did - a lot of that money went on those complex financial instruments that depended on sliced up mortgages and businesses dependent on the construction industry. When those failed, the banks ended up with lots of debt and no actual physical cash. The only thing that keeps them going is the money still deposited in the bank by their private customers. They rely on this money to keep things going (liquidity).

Royal Bank of Canada was involved in the Libor Scandal, that is they manipulated interests...now the corrupt courts may have thrown that out but we know the story. Also, all the Canadian Banks are heavily invested in the derivative game, to the tune of trillions. I laugh when I hear people say "Canada is doing fine, nothing to worry about."

We are in the same financial pit the rest of the globe is in.

I know a lot of you are disgusted with unions. This is why we have them.

reply to post by TrainDispatcher


Good point! Unfortunately, there are a lot of people on this site who are against the very thing that protects them.

From a local newspaper:

After reports surfaced that the Royal Bank of Canada is replacing Canadian employees with foreign workers, one expert says the blame lies with the government's temporary foreign worker program, not the bank.

So this makes it ok right?

"I testified to the House standing committee on this point and I recommended there be a 15% premium on wages to foreigners, because that's the incentive to hire local," he said. "But, they did the reverse."

How in the hell do they think its an incentive to hire local?? Of course theyll always take the cheaper route. Thats like saying people would still ride the bus you sold cars for a dollar.

www.thesudburystar.com...

The rights, obligations and status of corporations in our society need to be reconsidered in law. Corporations have the status of citizens in many ways. They even surpass citizens in some ways. They are entities in our societies whose activities extend beyond simple commercial enterprise and on into the area of influencing public policy.

Corporations have become instruments of great political power. If you are an ordinary citizen, your instrument of political power is your vote. If you control a corporation you have a vote and you have an economic club, the corporation, with which to coerce the government into adopting policies that suit the needs of your corporation.

Are the political activities of corporations subject to impartial oversight by Parliament? Should corporations be forced to make all their appeals to government matters of public record?

I think it is time these matters were completely reviewed.

Undue corporate influence and interaction with government leads to the replacement of democracy with corporatism. Voters are set aside to make way for stakeholders. It is a short step from the sort of corporatism you find in the United States to the sort of fascism that existed in Germany and Italy in the 1930s.

Here in Canada we should be keeping close watch on the activities of corporations insofar as they influence public policy. Corporatism is a fungus we can do without in Canada.

Sigh...I have to say, I'm a little disappointed by how much you guys buy every little thing you hear on the news.

The news will always go after the "big dog" because when you make the biggest guy out to be evil, it sells.

I work in the industry. This news story has been completely blown out of proportion.

First of all, this practice is done by EVERY bank. Yes, even your precious local credit union does this.

Secondly, nobody was fired and nobody lost their jobs. Every one of those workers was offered another position. The ones you are hearing about in the news are those who refused, and even then, the bank has found them jobs outside of the bank. They just don't want to change and decided to make a stink about it.

There are no foreign workers being brought in...In fact, of the dozen or so people iGate brought in, 6 are actually Canadian. They were also only hired for a transition process as the bank is scrapping that whole department.

The Royal Bank employs 60,000 people in Canada alone. You honestly think they would try to pull some type of illegal labour practice for 42 employees?

The department that is being scrapped was a dead-end department anyways. It's the dead-end department of every bank, where they send the people who refuse workplace training, refuse other positions and refuse to do anything more than the minimum. That's why these people are refusing the alternative positions they were offered.

reply to post by DazedDave


According to people interviewed yesterday and today, yes, they were fired and no, they were not offered jobs except for five of them who were, while another 5 were sent to retire. I've been in a situation when someone was forced to retire at the age of 57.

I guess with this excessive greed and corporatism, what the banks are telling us by their actions is that they don't give a damn about dismantling our society. When the greed of investors is being nurtured at the expense of the communities then capitalism has really crossed the line. It is tantamount to dismantling our country piece by piece.

reply to post by Unity_99


It appears from your comment that you seem to think that the Royal Bank of Canada (RBC) and the Bank of Canada are the same entity. They are not.

The Royal Bank of Canada was founded in 1864 in Halifax, NS, and is currently headquartered in Montreal. Anyone can buy shares in the bank as it is a publicly traded company.

As indicated in your link and post, the Bank of Canada was founded in 1934 by the Bank of Canada Act and was made a Crown corporation in 1938. The sole shareholder is the Government of Canada. It is not the bank at the heart of this foreign worker scandal.

There is nothing illegal about a Canadian company outsourcing work and closing departments as a result. It is short-sighted and of questionable morality.

What is illegal is to bring in temp foreign workers to have them be trained by a Canadian worker who is then replaced by said foreign worker, whether the foreign worker works in Canada or in another country such as India.

This morning, the CBC reported that the RBC is not the only bank accused of doing this. The Bank of Nova Scotia (Scotiabank), the Bank of Montreal (BMO), and the Canadian Imperial Bank of Commerce (CIBC) have been accused of doing the same thing.