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Here's a listing of keynote speeches made by various Royal Bank executives. Some documents available here may contain forward looking statements. For a copy of our caution regarding forward-looking statements, please go to Events & Presentations. You are on: 2016 20 Edmonton Chamber of Commerce: A new energy conversation Dave Mc Kay President & Chief Executive Officer Royal Bank of Canada 20 Universities Canada Governing Council Chamber meeting: An agile future through work-integrated learning Dave Mc Kay President & Chief Executive Officer Royal Bank of Canada 20 Address to Shareholders Dave Mc Kay President & Chief Executive Officer Royal Bank of Canada You are on: 2014 20 Canadian Museum of Immigration at Pier 21 Gordon M. Nixon Chief Executive Officer Royal Bank of Canada 20 Address to Shareholders Gordon M. Nixon Chief Executive Officer Royal Bank of Canada 20 Securing Our Future: How Canada's Retirement System Can Be a Role Model George Lewis Group Head, RBC Wealth Management and Insurance 20 Immigration - A Better Life for All Gordon M. Nixon President and CEO You are on: 2010 20 Remarks to the Seventeenth Luncheon for Canadian Disability Hall of Fame Inductees Gordon M. Nixon President and CEO 20 "Ma RS, Jobs, Banks and Small Business" Ma Rs Innovation Summit Gordon M. Nixon President and CEO 20 Remarks to the London Chamber of Commerce Gordon M. Nixon President and CEO 20 Remarks to the BBA (British Bankers' Association) Gordon M. Nixon President and CEO 20 Remarks to Joint Dinner of the Greater Halifax Partnership and the Nova Scotia Office of Immigration Gordon M. Nixon President and CEO 20 Remarks to Canadian Business Leader Award Dinner Gordon M. Nixon President and CEO 20 Address to Shareholders Gordon M. Nixon President and CEO RBC Financial Group You are on: 2005 20 "Starts with kids and ideally never stops": Literacy, Sustainability and Community Development Charlie Coffey, O. Executive Vice President Government Affairs & Business Development 20 Aligning people leadership with business strategy: How an organization should best integrate human capital issues into strategic planning Charlie Coffey, O. The head of Royal Bank of Canada says the lender is gaining ground in a customer-acquisition offensive it launched earlier this year. RBC announced in June that it was aiming to add more than 2.5 million Canadian customers by 2023, and that it would use digital initiatives such as its app-building RBC Ventures unit to get there. On Wednesday, RBC president and chief executive officer Dave Mc Kay said they had acquired 300,000 new Canadian banking clients in 2018, in addition to recording 350,000 registered users for RBC Ventures.“With the momentum we’ve built, I’m confident that we’ll achieve our client growth target of adding 2.5 million customers in 2023,” Mc Kay added. But RBC is not the only Canadian bank with an eye on growing its customer base in an already competitive market at home. Both Bank of Nova Scotia and Bank of Montreal have said they are each targeting one million new Canadian customers for their businesses over the next five years, potentially pitting the lenders against each other as they try to achieve their goals. RBC also reported a record $12.4-billion profit on Wednesday for the year ended Oct. 31, an eight-per-cent increase over the prior year. Even with the record earnings, the Toronto-based bank noted that it still may have extra capital it could use to try to generate more growth. RBC reported that its common equity tier one capital ratio, a measure of financial strength, was up 60 basis points year-over-year, to 11.5 per cent, thanks to internal capital generation and a few risk-related tweaks.“We are well-positioned to continue funding growth opportunities and to return capital to our shareholders,” Mc Kay said. RBC’s chief financial officer, Rod Bolger, added later that the bank had allowed the CET1 ratio to rise a bit in order to absorb the impact of some upcoming regulatory changes, which are anticipated to soak up around 10 to 15 basis points of capital. Even so, Bolger said the bank’s CET1 ratio would stay slightly above its usual 10.5 to 11 per cent target range, “to provide us more flexibility in 2019 to leverage opportunities for growth across our businesses.”That said, the bank’s focus appears to be on internal opportunities first, not necessarily acquisitions that may prove too pricey at the moment.“We’ve got a lot of opportunity to grow organically,” Mc Kay told analysts on the call when asked about M&A. 31, RBC saw particularly rapid growth from its wealth management business, as the unit recorded a 23-per-cent increase in its earnings compared to fiscal 2017, rising to nearly $2.3 billion. In personal and commercial banking, RBC said net income was up by five per cent, to $6 billion, which was helped along by higher interest rates and higher credit-card purchase volumes. RBC said the jump was driven by a growing average amount of fee-based client assets, as well as an assist from higher U. The bank reported results for its fourth quarter ended Oct. 31 as well, which saw earnings increase by 15 per cent to $3.25 billion, powered by the performances of a majority of the lender’s businesses, such as a 20-per-cent increase in year-over-year net income for its insurance unit, to $318 million. RBC reported earnings per share of $2.20 for the quarter, up 17 per cent from a year ago, and managed to beat analyst expectations for the three-month period by reporting adjusted earnings per share of $2.24.“Beauty is, to an extent, in the eye of the beholder given lots of moving parts this quarter; however, our view is that these results should be viewed as a modest beat,” wrote Eight Capital analyst Steve Theriault in a note. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our community guidelines for more information and details on how to adjust your email settings. Dave mckay rbc rbc georgia Dave McKay, CEO of the Royal Bank of Canada RBC, recognizes what’s at stake—and RBC is turning the threat of digital into a massive opportunity. By harnessing the most exciting technical advances, such as artificial intelligence AI and blockchain, RBC is fending off digital attackers and reinventing the banking business for the digital age. Dave McKay. CEO, RBC. Post author By diversioglobal; Post date June 13, 2017; No Comments on Dave McKay; CEO, RBC The coronavirus has sparked turmoil in markets and disrupted business operations, but it won’t cost RBC employees their jobs in 2020.“Our strength has and will always be our people. An RBC spokesman said the bank has also not enacted a hiring or pay freeze. And while we’re all living in stressful and uncertain times, we don’t want RBC employees to worry about their jobs,” CEO Dave Mc Kay wrote to employees at the Canadian bank. wealth management unit had approximately $437 million as of Jan. Mc Kay’s announcement comes as other industries, such as retail and hospitality, lay off workers in spades. “That’s why our leadership team has committed there will be no job losses at RBC in 2020 as a result of COVID-19.”RBC has approximately 85,000 employees worldwide and operates a U. wealth management business with approximately 2,000 financial advisors. his company’s employees in a recent memo that there would be no “reduction in force” at the firm in 2020. “Aside from a performance issue or a breach of the code of conduct, your jobs are secure,” Gorman said. Still, wealth management firms have had to adapt quickly to cope with the fast-spreading pandemic by shutting branches, curtailing travel and ordering advisors to work from home. For his part, Mc Kay thanked RBC employees for their tireless efforts, noting how clients were grappling with uncertainty and unprecedented challenges.“This is one of the most critical moments for RBC and our industry. Your work has never been more important,” he wrote. TORONTO , March 9, 2020 /CNW/ - Dave Mc Kay, President and Chief Executive Officer of Royal Bank of Canada (RY on TSX and NYSE) will be participating in a fireside chat with Derek Neldner , CEO and Group Head, RBC Capital Markets from 8: 15 a.m. Our success comes from the 85,000 employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. Learn more at ‎" data-reactid="26"About RBCRoyal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. A link to the live audio webcast will be available on RBC's website at March 10, 2020 . About RBCRoyal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada , the U. Our success comes from the 85,000 employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. Learn more at ‎rbc.com/community-social-impact." data-reactid="27"We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada , the U.


One hundred and fifty years ago, our Halifax founders expanded aggressively westward to support the ambitions of a young and growing country. In doing so, a powerful statement was made about the kind of company we set out to be: RBC moves ‘quick to the frontier’ to help clients thrive and communities prosper. The same bold spirit has propelled us forward ever since; whether that’s by entering new markets and geographies, expanding our value proposition, or reimagining the role we play in our clients’ lives. RBC is here to build a better future for those we serve. Progress towards this goal can be measured by the scale and strength of our franchise in Canada, the U. and across our global footprint; the engagement of our people; the meaningful value we create for our clients; the investments we make in the community; and the strong financial performance we delivered in 2019. In my conversations with the Board, this balanced approach defines what a performance scorecard means to RBC. I’m particularly proud of our employee engagement levels. They reached new heights in 2019, surpassing external benchmarks of high-performing companies in North America. In part, this is a reflection of our culture, which provides our people with opportunities to achieve their long-term career objectives. This includes helping our employees gain the skills to thrive in the workplace of the future. Equally important, RBCers believe in our Values, understand our Vision, and are motivated by our Purpose – to help clients thrive and communities prosper. In a world where change is constant, having the right people in the right roles is key to how we create more value for our clients. We are building opportunities and experiences that not only attract top talent, but also inspire our people to grow and embark on exciting career paths across RBC. Strong engagement translates into employees going above and beyond to deliver for our clients. Across our five business segments, client satisfaction levels increased in 2019 – and in many cases, RBC is leading our Canadian and global peers. Thanks to our employees, we are developing deeper and more meaningful relationships with those we serve, and attracting new clients. Indeed, our aim is to add 2.5 million new clients by 2023. Our volume of business, revenue and market share growth speaks to the trust clients have placed in us, and the value we continue to create for them. It also tells us that the significant investments we’re making in talent, technology and our trusted global brand, are paying off. We are proud of the contributions we make in the communities where we work and live – our long-term success depends on it. That begins with caring deeply about what matters most to our community stakeholders. And since our inception, we have donated more than $1 billion to local communities and causes. In 2019, this included thousands of employees volunteering hundreds of thousands of hours to make life better in Canada, the U. Through our resources and talented people, RBC is casting light on important conversations about our collective future, and acting as a catalyst to move these conversations forward. In the near term, we expect the world to remain in the midst of profound change and disruption, driven by a wide array of geopolitical, economic and technological forces as well as social and demographic trends. In a world where change is constant, having the right people in the right roles is key to how we create more value for our clients. We are building opportunities and experiences that not only attract top talent, but also inspire our people to grow and embark on exciting career paths across RBC. Behind every technology and business agility project, there are diverse teams delivering advice, products and services, while developing new skills and advancing their careers. Our teams are working and thinking differently because we’re nurturing a growth mindset and providing unique learning opportunities so our people can thrive in the new world of work. This year, 93% of our employees said they feel confident they can learn new skills to adapt as their job changes. This tells us we’re succeeding in delivering exceptional employee experiences that unlock the potential of our people. We know that our ability to harness diverse skills and perspectives is essential to driving engagement, and, ultimately, to building the bank of the future and achieving our Purpose of helping clients thrive and communities prosper. “Building a culture of diversity and inclusion where everyone can thrive and feel a sense of belonging is key to attracting the best talent. It’s also how we differentiate ourselves and earn our clients’ trust. Our team tapped into this strength as the sole advisor to BB&T in their merger of equals with Sun Trust – the largest deal of its kind since the financial crisis.” As RBC navigates this evolving world, we will strive to build long-term sustainable client franchises in our core markets that are focused on delivering a premium return on equity, and support earnings growth and value creation for all our stakeholders. To do so, we will leverage our scale, strong risk and capital management and diversified business mix to drive long-term growth. We are proud to be recognized as the most valuable brand in Canada and a top 100 global brand, and will continue to find new and exciting ways to bring it to life to foster unique and powerful bonds with our clients and communities. This includes partnering with other market-leading brands and developing capabilities to differentiate our offerings. We will sustain our technological leadership by investing significantly in our digital and innovation strategies, enabling RBC to deliver even more insights and advice that create meaningful value for our clients. Our differentiated technology platform and strong data foundation are supporting business growth, operational efficiencies and leading-edge capabilities. RBC’s next-generation delivery platform, including a multi-cloud strategy, accelerates our ability to bring products and services to market quickly, scale across our businesses, and leverage world-class artificial intelligence (AI) and analytics to deliver superior business outcomes. Our leaders and teams will keep looking for ways to make our business less complex to run, and faster to operate. program with iconic brands like Expedia, West Jet, Petro-Canada, Indigo and many more – to provide our clients with a unique rewards program that gives them more of what they actually want and unparalleled flexibility. They can even pay bills with their points – a first in Canada. With rewards like this and strong partners, we’ve maintained a leadership position in premium travel with both our Avion flagship card and West Jet co-brand card. This year, we teamed up with Microsoft to launch RBC Go Digital, bringing together our cutting-edge financing solutions with Microsoft’s technology to help our commercial clients accelerate their digital transformation and journey towards achieving their business goals. And, to bring more choice and expertise to the Canadian Exchange-Traded Fund (ETF) market, we introduced RBC i Shares. This strategic alliance between RBC Global Asset Management and Black Rock Canada connects our clients to the largest and broadest ETF lineup in Canada with over $60 billion in assets across 150 ETFs. By partnering with industry leaders and retailers, we’re increasing engagement and enhancing our day-to-day relevance to expand our reach and deliver a differentiated experience for our clients. in 2019, and will continue building our businesses and leveraging synergies across our teams. This will continue to be a fundamental part of our growth story as we build the bank of the future. We’re seizing the right opportunities to gain market share, attract top talent and expand our footprint in new and existing markets. From every transaction and trade, to our advice and technology, our teams work across geographies and business lines to deliver results for clients and drive shareholder value. And we will attract and grow the best talent, placing our diverse and inclusive culture at the centre of what we do and how we do things. Our people will always be what differentiates RBC in the marketplace. Our willingness to reimagine – and disrupt – the way we operate will ensure RBC remains relevant in our clients’ lives. The RBC story tells us we are at our best when we are at our boldest. Diversity and inclusion is more than just a value at RBC; it’s critical to our success as an organization and in our communities. That’s why we have a bold vision that applies inside and outside of RBC – to unleash the full potential of diversity, and drive innovation and growth more broadly. Consider one way we are challenging our business model to build the bank of the future. We don’t just digitize existing products, we co-create new services and experiences. Importantly, these efforts extend beyond what you expect from a bank. It supports innovation and the development of technologies by co-investing and partnering to develop new products and services – such as searching for a home, managing household chores, or assisting with mobility needs. By doing so, we play a more integral role in people’s lives which, in turn, broadens our value proposition. To date, 17 ventures are making life easier for our clients. For instance, Ownr has helped nearly 12,000 Canadians start small businesses, and in 2019, we went further to empower small businesses by introducing Dipp, a digital platform that helps owners acquire new customers and grow their revenues. Acting boldly in an age of change and disruption is central to our ongoing success. The same could be said for the countries we operate in, including our home market, Canada, where the majority of our employees and shareholders reside. This nation is certainly not immune to many of the world’s challenges and opportunities. I’ve spoken publicly on a number of them throughout the year which, I believe, is one of my responsibilities as the CEO of one of the largest Canadian employers. Let me highlight three areas of focus that require bold leadership from both the public and private sector. Diversity and inclusion is more than just a value at RBC; it’s critical to our success as an organization and in our communities. That’s why we have a bold vision that applies inside and outside of RBC – to unleash the full potential of diversity, and drive innovation and growth more broadly. This translates into taking steps that drive meaningful change: joining the Equality Fund in Canada to bring our expertise in sustainable finance to fund projects that advance gender equality, supporting key legal initiatives that bolster LGBT rights globally, and working with organizations like the Toronto Region Immigrant Employment Council to mentor newcomers. We mirror these initiatives internally through leadership programs for women and minorities, inclusive behaviour training programs, employee resource groups that boost inclusion, and with measurable goals to further diversify our talent pipeline. Active engagement is vital to creating an inclusive and respectful work environment. This year, 92% said that management supports diversity in the workplace: recognizing, respecting and leveraging differences. We all benefit when we build and protect a culture where everyone can contribute, and has the opportunity to reach their full potential. “Being part of the team that advises RBC in its support of initiatives that protect LGBT rights has been a highlight of my career. I’ve seen firsthand how the company ‘walks the talk’ as we take a stand in key causes that align with our values. I’ve had the opportunity to bring my passion for the legal world to projects that have a positive impact in our communities.” It’s a primary concern of our employees, clients, many shareholders and the public, including the youngest generations who are, in many regards, leading the conversation. There is general agreement on the reality of a warming climate and the various causes of climate change. But talking about the way forward has done more to divide than unite our efforts to mitigate carbon emissions. Coming together starts with a common vision – one that is economically beneficial and politically acceptable to Canadians. RBC will elevate its efforts to convene leaders, and act as a catalyst for meaningful change. This year, RBC announced a business target of $100 billion in sustainable financing by 2025. These funds will support investments in sustainable companies and projects that today are widely recognized as contributing to the low-carbon, sustainable economy of the future. We’re also committed to advancing the way we assess climate-related risks, provide climate-related disclosures and support our clients in this pursuit. Fossil fuels will continue to be the primary source of energy to warm our homes, cook our meals, and travel to and from work over the next decade. Moreover, global energy demand will continue to rise which is, in part, the result of a growing population. Canada needs to meet this demand by selling our oil and gas overseas, where we can derive a premium for our goods and, in turn, generate public monies to invest further in clean energy and, more broadly, social programs. Indeed, our oil and gas sector already stands out as an investor in clean tech – let’s build on its momentum so that the industry plays a central role in the transition to a low-carbon economy in Canada and around the world. Sustainable finance also represents a growth opportunity for our business and our clients – this is clearly demonstrated by our new business target: $100 billion in sustainable finance by 2025. It’s also why we established a Sustainable Finance team within Capital Markets – to support the growing number of corporate and institutional clients globally who view Environmental, Social and Governance factors as important considerations in their corporate strategy and investment process. We are committed to an enterprise climate strategy aimed at accelerating clean growth and supporting our clients in the low-carbon transition through five key actions: We are well positioned, for instance, to be a global hub of data innovation. But some high profile data events have undermined consumer confidence in the way some organizations handle the data economy. Ottawa’s introduction of a Data Charter is an important step forward in helping provide a framework. But, at the end of the day, it’s actions not words that will instill public trust. Leaders in the public and private sectors must work together to define societal norms around personal data usage. Our size and scale set us apart, but it’s more than that. We’ve combined our trusted brand with a differentiated technology platform and data scale to simplify and enhance our clients’ banking experience. It’s also vital that consumers understand what they receive for sharing their data. RBC has a clear approach to how we think about data. And organizations must help people exercise control of what personal information is shared and used. Additionally, RBC has made significant investments in cutting-edge technology to protect our customers and our business every day. We’ve nearly doubled our investment in cyber security technology over the last five years. A federal government advisory committee on AI is co-chaired by an RBC executive who oversees Borealis AI™, our research institute. RBC also collaborates with a wide range of stakeholders on industrywide strategies including training, commercial acceleration and applied research and development. Even as many jobs transform, or disappear, millions more are expected to be created. Digital literacy will be essential for workers at all career stages in the new skills economy. There is also an increasing need for human skills – the ability to communicate and collaborate; to think creatively and critically. At RBC, we are helping all employees develop the skills to prepare them for the future of work. Our size and scale set us apart, but it’s more than that. We’ve combined our trusted brand with a differentiated technology platform and data scale to simplify and enhance our clients’ banking experience. with tailored experiences – we’re unlocking extraordinary insights and advice to bring our clients’ biggest ambitions to life. We’re also developing world-class AI capabilities to boost our clients’ financial confidence because we know every dollar counts. With the introduction of NOMI Budgets, we helped our clients set more than 730,000 budgets, and NOMI Find & Save has helped our active clients save an average of $197 per month. For our business clients, real-time data and insights are game changers. Sorting through mountains of information about customer preferences and industry trends is the new normal. So we launched RBC Insight Edge, a Canadian first, which provides our advisors with actionable insights to help our 27,000 retail business clients make more informed decisions to grow their businesses. Likewise, we scaled RBC Elements™ for our Capital Markets clients. Our research and data science team have redefined what’s possible when it comes to data analytics to produce differentiated research. To date, they’ve delivered more than 70 unique reports to clients globally. By investing in new capabilities, technologies and business models, we’re bringing the physical and digital worlds together to provide our clients with best-in-class digital experiences at the speed they expect. Because we’re not just thinking about what isn’t, but what could – and can – be. Protecting our clients’ privacy and upholding their trust is core to our Purpose. We’ve built a team of over 500 cybersecurity specialists to enhance our capabilities and keep pace with the fast-changing landscape. At Borealis AI™, we’re researching and developing artificial intelligence tools to stay ahead of the curve. And we’ve invested $5 million to support the Rogers Cybersecure Catalyst, a centre for education in cybersecurity at Ryerson University, to help address the cyber skills gap in Canada. Our current system – educators and employers alike – does not adequately teach or train youth and workers to develop the portfolio of skills that help people thrive in the workplace. We need to rethink the way we teach and prepare all workers, including the next generation. Work-integrated learning programs, such as co-ops, can help break down this barrier. Research suggests university co-op graduates achieved higher earnings and employment rates than their non-co-op peers. RBC has developed a number of programs to help youth get work experience, develop skills and grow their professional network. This summer, we welcomed more than 1,600 students to RBC from nearly 100 colleges and universities from across Canada and the U. And we established a partnership with Riipen to increase access to, and deliver, experiential learning for post-secondary students. This initiative is part of our 10-year, $500-million commitment to empowering youth for the jobs of tomorrow through RBC Future Launch History shows that Canada has the courage and conviction to overcome challenges and seize opportunity. RBC is convinced history will repeat itself, thanks to an incredible mix of people, ideas and resources. Let’s harness these advantages to advance our ambitions. And let’s do it in a way that stays true to our national character. That means engaging on key issues such as supplying the world’s energy needs while still moving towards a low-carbon economy. It means deploying our competitive strengths in the digital economy while protecting personal privacy. And it means rethinking how we prepare the next generation of workers for jobs that don’t yet exist today. You can count on RBC to forge new paths to innovate and reimagine our business. Indeed, we are on a path that very few can achieve: a journey to transform our bank for the benefit of our shareholders, employees, clients and communities. Dave Mc Kay President and Chief Executive Officer Empowering youth to pursue impactful careers means equipping them with skills, networks, work experience and access to mental well-being support and services so they can face a changing workforce with confidence. We are building tools and engineering opportunities through RBC Upskill, Ten Thousand Coffees, and Riipen, and supporting initiatives like WE Are Social Entrepreneurs and Boys & Girls Clubs of Canada, to accelerate their readiness for the changing world of work. We’ve also expanded our national network of charitable partners, allowing us to reach more youth across Canada. And they’re telling us our investments are making a difference so we’re going to keep building on these efforts and leading the conversation. TORONTO, March 9, 2020 - Dave Mc Kay, President and Chief Executive Officer of Royal Bank of Canada (RY on TSX and NYSE) will be participating in a fireside chat with Derek Neldner, CEO and Group Head, RBC Capital Markets from a.m. Our success comes from the 85,000 employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. Learn more at ‎ We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. A link to the live audio webcast will be available on RBC's website at com/investorrelations/on March 10, 2020. About RBC Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U. Dave mckay rbc banque rbc direct RBC’s CEO David McKay made $13.4-million in 2017 – and investors got a bargain Royal Bank of Canada CEO David McKay took heat Friday from shareholders for last year’s $13.4-million paycheque. “How. Mr. McKay is president and chief executive officer of Royal Bank of Canada. Prior to his appointment in 2014, he was group head, Personal & Commercial Banking from 2012 to 2014 and group head, Canadian Banking from 2008 to 2012. Mr. McKay started his career at RBC in 1988 and has held progressively more senior roles since then. Dave McKay, CEO of the Royal Bank of Canada RBC, recognizes what’s at stake—and RBC is turning the threat of digital into a massive opportunity. By harnessing the most exciting technical advances, such as artificial intelligence AI and blockchain, RBC is fending off digital attackers and reinventing the banking business for the digital age. In 2018, we reported record earnings of $12.4 billion, up 8% from last year. It also illustrates the strength of our diversified business model and our disciplined approach to controlling costs, deploying capital and managing risk through the cycle. We met or exceeded all of our medium-term objectives, delivered double-digit earnings per share growth of 11%, raised our dividend by 8% and returned a further $1.5 billion of capital to shareholders through buybacks. Our financial performance demonstrates how we are building long-term client franchises and delivering a premium return on equity, even as we invest in creating the bank of the future and pursue our focused growth strategy in Canada, the U. But above all, our record performance highlights the power of our purpose to unify every colleague under the common goal of helping clients thrive and communities prosper. Over the past year, I repeatedly shared my belief that we’re at a seminal moment in our industry, a time of secular change. Social media, mobile devices and cloud computing have all contributed to the erosion of traditional walls between sectors, as consumer and business needs are being served by new entrants, both large and small. This is fundamentally altering client expectations and the way they interact with service providers. Today, as we stand on the eve of our 150th anniversary, we’re clear that what has driven our success in the past won’t guarantee that same success in the future. This is why we’re continuing to invest significantly in our digital and innovation strategies across all of our businesses, building on the strength of our market-leading assets to deliver more value to clients. For example, our world-class artificial intelligence (AI) capability is enabling us to enhance equity trading strategies for our institutional clients using Aiden and delivering automated savings and improved insights to our Canadian Banking customers through NOMI. And through our machine learning institute, Borealis AI, we’re ensuring we remain at the cutting edge of both fundamental and applied research, which will lead to many more innovative products in the future. These innovations are enabling us to deliver value for our clients, increase customer satisfaction and gain market share in Canada. In our home market, we have a significant scale advantage. We hold the number one or two position in all key banking products; are the largest wealth and asset manager and bank-owned insurer in the country; and lead in capital markets, asset services and transaction banking. Additionally, our technology leadership is allowing us to attract some of the best tech talent in the market. This is leading to superior business outcomes, improved operational efficiencies and exceptional client experiences. And with trust and security more important than ever, it’s also helping us increase our focus on cybersecurity and safeguarding our clients’ data. However, leveraging new technologies and creating an exceptional digital client experience is only one part of our strategy. We believe that in order to maintain customer relevancy and connectivity in the future, we also have to reimagine the role we play in our clients’ lives. At our June Investor Day, we unveiled a bold strategy to create new, more relevant and deeper connections with Canadians. Through RBC Ventures and our unique loyalty and rewards platform, we are engaging earlier and more frequently with Canadians, and creating services that are open to everyone – whether or not they are clients of RBC. K., Europe and Asia, we are committed to providing our clients with a truly differentiated experience tailored to their unique needs. Thanks to our market-leading position in Canada, we hold many crucial assets that others will find very difficult to replicate: our deep relationships with our clients; our scale; our secure data and AI advantage; the strength of our partnerships; and a trusted brand. We aim to further deepen our relationships with our clients, both by offering them the full strength and depth of RBC, and by delivering insights and value they can’t find elsewhere. We are hugely excited by how this can transform our Canadian banking business, and have stated a bold goal to acquire five million new relationships and grow clients up to three times our current client acquisition rate, leading to 2.5 million-plus new clients by 2023. Earnings were up 13%, as we benefitted from tailwinds, including interest rate increases, tax cuts and positive fundamentals. We hired outstanding colleagues across our platforms to accelerate our growth, and realize our aim to be the preferred partner to corporate, institutional and high net worth clients in our second home market. We are also bringing the full strength of our organization to help create a lasting positive social impact in our communities around the world, including supporting the transition to a low-carbon future and understanding the changing skills needs of young people through RBC Future Launch. I’m particularly proud of what we achieved in the U. This helped us invest in dynamic urban markets including New York, Washington D. In my conversations with youth, business leaders and community leaders, I’ve repeatedly heard how we have a collective opportunity to better harness the potential of this generation and help them prepare for and navigate a new world of work. In the past year, we have witnessed how too many people are struggling to be treated equally and with dignity in our society. Diversity and inclusion has always been a core value at RBC and we’re committed to championing inclusion as a catalyst for the change we need in society. It’s also a source of competitive advantage for us. It’s the foundation of our Leadership Model, helping us drive a bolder, more nimble culture and encouraging an entrepreneurial spirit across the whole of RBC through a talented and diverse leadership team. RBCers are continuing to rise to the challenge, driving new and innovative ideas every day. The results speak for themselves; employee engagement is at an all-time high and more than 95% of our colleagues say they are proud to be a part of RBC. For this, I would like to take this opportunity to thank my colleagues around the world. This report highlights just some of the stories that shaped our year – by serving our clients and the communities where we live and work. I continue to be inspired daily by their conviction, passion and imagination. I also want to offer a sincere thank you to the 16 million clients who continue to put their trust in RBC. As ever, I appreciate the advice and guidance from Katie Taylor and the board of directors. And to you, our shareholders, I would like to thank you for your support and reaffirm our commitment to delivering high-quality earnings growth in line with our purpose. David Mc Kay President and Chief Executive Officer Dave Mc Kay is President and CEO of RBC, Canada’s biggest bank, and one of the largest in the world based on market capitalization. Dave is credited with helping transform the bank’s retail division and introduce new technology that has enabled RBC to adapt and evolve to rapidly-changing consumer demands. Appointed President and CEO in 2014, the following year he led the acquisition of City National Corporation, creating a platform for growth with institutional, corporate and high net worth clients in the U. Dave started his career at RBC in 1988 as a computer programmer before moving to the organization’s retail banking arm. He then held progressively senior roles in Canada and Japan in retail and business banking, group risk management, and corporate banking, ultimately becoming Group Head, Personal & Commercial Banking in 2012. Dave was named ‘Retail Banker of the Year’ in 20 by Retail Banker International. An unwavering champion for Canada’s innovation ecosystem, Dave is leading RBC’s support for and partnerships with universities, start-ups and accelerators, particularly in transformational technologies such as artificial intelligence and blockchain. He is also a passionate advocate for youth, promoting the benefits of work-integrated learning and supporting the development of RBC Future Launch, a 10-year, $500 million commitment to help young people build the skills and capabilities required to succeed in a changing world. Dave holds a Bachelor of Mathematics and an honorary Doctor of Mathematics degree from the University of Waterloo. He also holds an MBA from the Richard Ivey School of Business at the University of Western Ontario and an honorary Doctor of Laws degree from Ryerson University. He serves on the Board of Trustees for the Hospital for Sick Children (Sick Kids) and is a member of the U. Financial Services Roundtable Board, the Business Council of Canada, and the Catalyst Canada Advisory Board. As Chief Financial Officer, Rod Bolger is responsible for Finance, Taxation and Performance Management and Investor Relations, Corporate Treasury, and The Law Group. He is the co-chair of the Business/Higher Education Roundtable, which harnesses the strengths of Canada’s top businesses, universities and colleges to deepen collaboration and improve opportunities for young Canadians, with a particular focus on work-integrated learning. Together with other members of Group Executive, he is responsible for setting the overall strategic direction of RBC. He earned his CPA (inactive) in the State of New Jersey in 1991. In addition, Rod chairs RBC’s Asset-Liability Committee. Bolger was Executive Vice-President Finance & Controller for RBC and was responsible for all external, board and management reporting, accounting policy, performance management, financial management systems and finance operational risk. He is married with three children and lives in Toronto, Canada. In addition, Rod had finance responsibility for Wealth Management, Insurance and Investor & Treasury Services. Bolger joined RBC bringing with him significant financial services experience from Bank of America and Citigroup. Bolger serves as Chair of Dixon Hall Neighbourhood Services, a multi-service not-for-profit agency that offers a wide range of supportive programs and services to several Toronto communities. As Chief Strategy and Corporate Development Officer, Mike is responsible for working with RBC’s Group Executive to develop RBC’s overall strategic plan as well as providing leadership for mergers and acquisitions. At Bank of America, he served as the CFO for Global Technology & Operations, Global Corporate Bank, Global Product Solutions and Premier Banking and Investments. He was a member of the Enhanced Disclosure Task Force established by the Financial Stability Board in Basel. Mike also heads RBC Ventures, a group focused on creating solutions that go beyond banking to build and deepen relationships with Canadians in new and innovative ways. At Citigroup, he was Deputy CFO and Controller for the domestic retail bank, and head corporate accounting policy for mergers, acquisitions and divestitures, globally. He is a graduate of Georgetown University in Washington, D. Mike chairs RBC’s Innovation Council that, in addition to overseeing investments in strategic partnerships, has responsibility for coordinating RBC’s Innovation Labs that focus on research and the development of advanced capabilities in the areas of data, security and client experience. S., a director of City National Bank and is responsible for RBC’s auto finance business. where he served as Executive Vice President, Consumer Banking Segment. Prior to that, he spent over a decade with Pricewaterhouse Coopers in the U. As a member of Group Executive, Mike is one of nine executives responsible for setting the overall strategic direction of RBC. strategy where he led both the acquisition and integration of City National Bank – RBC’s largest ever acquisition. Mike also held executive positions with Charter One Bank and Citibank during his 25 year career. Mike and his family are active supporters and fundraisers for WE and other local charities. Prior to this position, Mike served as Executive Vice President of Personal Financing Products, RBC’s largest banking segment. Mike also sits on the board of directors for Futurpreneur Canada. Mike, his wife Nikki and their two sons live in Toronto. Helena Gottschling is RBC’s Chief Human Resources Officer (CHRO) with global responsibility for Human Resources. Together with other members of Group Executive, Helena is responsible for setting the overall strategic direction of RBC – extending to over 80,000 employees in 37 countries. Helena joined RBC in 1985, holding progressively senior roles in Retail Banking, Human Resources and National Office, which included positions in Vancouver, Calgary and Toronto. She re-joined Human Resources in 2006 and held a number of executive roles before being appointed CHRO in 2017. Prior to her current role, Helena was Senior Vice President, Human Resources, responsible for executive and high potential talent management, including leadership development and succession planning. She was also accountable for RBC’s enterprise learning function and organizational effectiveness centre of expertise for change management and organizational design. In addition, Helena led the Human Resources business partner teams supporting Technology & Operations and Global Functions. In her 32 years with RBC, Helena has distinguished herself as a trusted advisor, a change champion, and a devoted employee advocate – leadership qualities that help to unlock the potential of RBCers and strengthen our brand as a top employer of choice on a global scale. Helena was a co-chair of RBC’s record-breaking 2016 National Employee Giving Campaign, inspiring employees to go above and beyond in their personal donations to help Canadian communities prosper. She has been a longtime supporter of the Juvenile Diabetes Research Foundation Ride for Research and is a past board member of The Mosaic Institute. Helena holds a Bachelor of Business Administration degree from Simon Fraser University in Vancouver, British Columbia. Helena is married with one son and lives in Oakville, Ontario, Canada. As Group Head, RBC Wealth Management & RBC Insurance, Doug Guzman leads the RBC businesses that serve the wealth management needs of affluent and high net worth clients globally, and teams that provide asset management and trust products. He also oversees RBC Insurance, which provides a wide range of travel, life, health, home, auto, wealth and reinsurance products and solutions, as well as creditor and business insurance services, to individual, business and group clients. In addition, along with other members of Group Executive, Mr. He had senior client coverage responsibility for a number of RBC Capital Markets’ most important clients and was a member of the firm’s Operating Committee and Loan Commitments Committee. Guzman is responsible for setting the overall strategic direction of RBC. Guzman also holds the role of Deputy Chair, RBC Capital Markets, where he continues to act as the lead relationship manager with a select number of key clients. Guzman was Managing Director and Head of Global Investment Banking, RBC Capital Markets, responsible for the firm’s Investment Banking teams globally, as well as U. Before joining RBC in 2005, he was a Managing Director at Goldman Sachs in New York and Toronto, where he had co-head responsibility for each of the Global Metals and Mining and the Canadian Investment Banking businesses. Michael’s Hospital and the Advisory Board of Ivey Business School at Western University. Guzman has an HBA from Ivey and an MBA with high distinction (Baker Scholar) from Harvard Business School. He is married with two children and lives in Toronto, Canada. As Chief Risk Officer, Graeme oversees the strategic management of risk on an enterprise-wide basis. He is a member of Group Executive, which sets the overall strategic direction of RBC. Graeme joined RBC in 1997 as an analyst in Group Risk Management, focusing on foreign exchange products. In 2001, he took on the role of Vice President for GRM’s Portfolio Management team focused on loan portfolio risk analysis, economic capital and policy. Graeme moved to New York in 2004 to become Head of Market Risk for the Capital Markets trading businesses in the U. In 2011, Graeme move to London to take on the role as Chief Risk Officer for Europe & Asia. Most recently, Graeme was EVP, Retail & Commercial Credit Risk, where he led a number of teams that provide the primary risk management support to RBC’s Insurance, Wealth Management and Personal and Commercial Banking (P&CB) businesses. Graeme is a qualified Chartered Financial Analyst and has a Masters in Mathematics from the University of Waterloo. Doug Mc Gregor is Group Head, RBC Capital Markets and RBC Investor & Treasury Services, Chairman and CEO of RBC Capital Markets, and is a member of RBC’s Group Executive. As Chairman and CEO of RBC Capital Markets, Doug has global oversight of the firm’s Corporate & Investment Banking and Global Markets activities conducted by its approximately 7,500 employees worldwide. He also directly leads the investment bank’s real estate lending businesses. As Group Head of RBC Investor & Treasury Services, Doug is responsible for this business’ custody, treasury and financing services for institutional clients globally. Doug began his career in corporate finance and then institutional equity sales at Pitfield Mackay Ross Ltd. In 1983, he became a real estate investment banker with Marcil Trust, which was later acquired by RBC Capital Markets in 1990. Doug holds an Honours BA (Business) and an MBA from the University of Western Ontario. While at university, his accomplishments as an athlete earned him the Purple Blanket for achievement in wrestling at the national level and induction into the “W” Club Hall of Fame. In 2016, Doug was recognized by Saint Mary’s University in Halifax, Nova Scotia with an Honorary Doctor of Commerce degree for his accomplishments in the financial services industry, contributions to the community and support for advanced learning. An involved community member, Doug serves on the University Health Network’s Board of Trustees in Toronto and is a former Chairman of the Board of Directors of the Investment Industry Regulatory Organization of Canada. He is an active fundraiser for The United Way and for Ingles House, a home for young women recovering from addiction, and its parent organization, LOFT Community Services. As Group Head, Personal & Commercial Banking, Neil Mc Laughlin is responsible for RBC’s banking businesses in Canada and the Caribbean, including personal and commercial financial services, credit cards and payments, digital solutions, as well as RBC’s sales and branch distribution, operations and advice centres. Together with other members of Group Executive, Mr. Mc Laughlin is responsible for setting the overall strategic direction of RBC. Immediately prior to this position, as Executive Vice President, Business Financial Services for RBC’s Canadian Banking division, Neil was responsible for setting the strategic direction and leading all lines of business that serve small business and commercial clients through an extensive business banking network. Neil joined RBC in 1998 and has held a wide range of senior management and executive positions within Canadian Banking, including roles in the Credit Card and Personal Lending lines of businesses and distribution and operations. As well, Neil was Senior Vice President Marketing & Channel Strategy, responsible for leading Brand, Marketing, Advertising and Sponsorship, with direct accountability for digital channels, the physical distribution network, client knowledge and insights and the client information management team. He also served as Senior Vice President, Risk Operations within Canadian Banking Operations, responsible for credit adjudication, fraud, collections, operational risk and the Commercial Advisory Group. Neil holds a Bachelors of Commerce degree and an MBA. He lives in Toronto with his wife and their two children and currently serves on the board of the Children’s Wish Foundation, Ontario Chapter. As Group Head, Technology & Operations, RBC, Bruce Ross is responsible for the strategy and overall management of global technology and operations for RBC, which includes applications development, infrastructure and enterprise operations. In addition, as a member of Group Executive, he is one of nine executives responsible for setting the overall strategic direction of RBC. Bruce is a seasoned executive with more than 28 years of technology and business experience. Prior to joining RBC, he was the General Manager, Global Technology Services, North America at IBM. He was a member of IBM’s Performance Team setting the operational direction of the corporation. He was also a member of IBM’s Strategy Team which set the long term direction for the business including its investments in emerging markets, Cloud, and Analytics. His prior roles included General Manager, Global Technology Services, Europe for IBM, General Manager and President, IBM Canada, General Manager, Global Technology Services UK, Ireland, and South Africa. Bruce’s areas of responsibility have included providing thought leadership and services to financial institutions globally. Bruce is active in a number of business and community organizations in Canada, serving as a Board Member for both the International Board of Advisors as well as the University of Western Ontario. He is also a member of the 2017 Toronto & York Region United Way Campaign Cabinet. In recent years, he served as the Chair of the Ontario Brain Institute Liaison Council. He also sat on the Board of Directors of the Conference Board of Canada, and was a member of the Canadian Council of Chief Executives. Bruce is a professional engineer and a graduate of the University of Western Ontario. He is married with two children and lives in Toronto, Canada. As RBC’s Chief Administrative Officer Jennifer Tory has responsibility for Brand, Citizenship, Communications, Procurement and Real Estate functions globally. Additionally, she provides leadership and oversight of transformational initiatives, with a particular focus on how the enterprise works together to further RBC’s success. Along with other members of Group Executive, Jennifer is responsible for setting the overall strategic direction of RBC. Prior to her current role, Jennifer was Group Head, Personal & Commercial Banking responsible for RBC’s banking businesses in Canada and the Caribbean, including personal and financial services, credit cards and payments, digital solutions, as well as RBC’s sales and branch distribution, operations and advice centres. During her career, Jennifer has held successively senior leadership roles including Senior Vice President Sales Effectiveness, Senior Vice President Operations, and Regional President, Greater Toronto Region. Awarded the Queen’s Jubilee Medal in 2012, Jennifer has a long history of supporting numerous community causes. She is Chair, Toronto International Film Festival Board and sits on the Sunnybrook Hospital Foundation Board; Jennifer is also a fundraiser for several other charitable organizations including WE (formerly Free the Children) and United Way. A recipient of the 2011 Catalyst Canada Honour for championing women in business, Jennifer has been recognized by Women’s Executive Network (WXN) as one of Canada’s Most Powerful Women: Top 100 and was inducted into the WXN Hall of Fame in 2017. D designation through the Institute of Corporate Directors at the Rotman School of Management. Dear fellow shareholders, Opportunities and challenges in the financial services industry continue to abound, as businesses face disruption from changing customer expectations, new sources of competition and rapidly-emerging technologies. She has been acknowledged both internally and externally for her leadership in diversity and received a number of awards, including a Harry Jerome Award in 2013 and the Leading Executive Ally Award by Start Proud (formerly Out on Bay) in 2016. Your board plays a critical role in providing oversight and stewardship of RBC’s strategic direction, helping to innovate, grow and build the bank of the future. We provide guidance to management as they invest in areas of strategic growth, while continually assessing whether those plans are effectively balanced with the bank’s risk appetite. Our record financial results in 2018 reflect that focus, and reinforce RBC’s ability to achieve our medium-term objectives. Of course, people are the cornerstone of our continued success. As part of our focus on talent management, the board takes a comprehensive approach to succession planning for senior executive positions. In line with the bank’s value of diversity and inclusion, we also ensure that this talent pipeline includes the wide variety of experiences, perspectives and backgrounds required to successfully lead RBC into the future. The board also collaborates closely with management to set the tone and promote an open and transparent culture that influences RBC at every level, both within the organization as well as externally in our relationships with clients, community partners and other stakeholders. In particular, we encourage employees to speak up and challenge behaviour that does not align with our values. Not only is this the right thing to do, but it is a critical way to protect and enhance the reputation of RBC and ensure we achieve the bank’s vision of being one of the world’s most trusted financial institutions. The board believes strongly that achieving sustainable growth goes beyond generating profits, and that RBC has an important role to play as a corporate citizen that is fully involved in each of the communities where we do business. Specifically, we recognize that climate change is the most pressing issue of our age, and we oversee the bank’s enterprise-wide approach to accelerating clean economic growth and supporting the transition to a low-carbon economy. In 2018, we were pleased to have been recognized for our governance efforts with two awards from Governance Professionals of Canada: the Best Overall Corporate Governance award and the Best Practices to Enhance Boardroom Diversity award. Mc Cain David Mc Kay Heather Munroe-Blum Kathleen Taylor Bridget A. This is a validation of our commitment to good governance, including our focus on engaging with clients, communities and investors, which is an integral part of ensuring the bank’s continuing success. It also highlights our strong determination to increase diverse representation both within RBC and at the board level. On behalf of the entire board, I would like to thank Dave Mc Kay and his leadership team for their continued dedication to RBC’s clients, colleagues and communities. We would also like to thank each and every RBC employee for their unwavering commitment to RBC’s purpose of helping clients thrive and communities prosper.