Some RBC Employees Feeling the Squeeze

Chief executive, Caribbean Banking at RBC, Suresh Sookoo in an interview on the sixth floor of his St Clair, Port of Spain office last week. —Photo: Mark Bassant

Chief executive, Caribbean Banking at RBC, Suresh Sookoo in an interview on the sixth floor of his St Clair, Port of Spain office last week. —Photo: Mark Bassant

The media across the Caribbean has been highlighting the matter of whether Royal Bank/RBTT employees are being marginalized. According to our source employees are disappointed about the deafening silence of the local media – see Trinidad Express article.  Our source opines that in local banking circles RBC has become a laughing stock, the merger has done nothing except hurled the bank to the doldrums.

BU is being told personal lending has all but dried as a result of increasing delinquency. It is alleged the lenders at the bank are being told to move away from the mass market and to concentrate on the professionals groups like doctors, lawyers for example.

Workers continue to await the outcome of union and management of the bank but it appears to be a ‘Mexican Standoff’.  During the stalled talks employees are being severed, ‘final warning’ letters are given to those especially in  lending who have gotten a ‘low performance’ appraisal for the last two years, with the ultimate action being termination if improvement is not shown.

The irony is that prior to the change in lending policy, lenders were meeting or in some cases exceeding their targets.  If you were a conspiracy theorist you might believe that the workers are being set up to fail.

The moral and motivation levels of employees is at an all-time low and it is reflected in the service..   RBC once the ‘helpful bank’ now the helpless bank.

11 thoughts on “Some RBC Employees Feeling the Squeeze

  1. RBTT has had a drastic reduction in service and the willingness of staff to ensure that you are a satisfied customer. it fell significantly when RBTT bough CCB and even Further with the RBC takeover.

    I must admit i am looking for another bank to go to but i cant find one willing to pay the legal fees etc needed to transfer my loans.

  2. Last year, they would not sell me the travelers travelers cheques i wanted but insisted i buy the ones in US currency, which would require me paying 2 conversion charges to get it cashed. i ended up going to RBC where i do not bank and got the ones i wanted without a fuss. the RBTT lady was just too lazy to get up and check to see if the had them in stock or when i could come back and get them.

  3. The travelers cheques i wanted was Canadian currency, the place is owned by the Royal Bank of CANADA so i thought it would be Straighr forward or at the most coming back in a weeks time when they could get some brought from the main branch.

  4. Well at long last Darwin “the BLP wiretapper” Dottin has officially vacated the COP chair.

    Follow the breaking news in The Barbados Today edition on 5 September 2013.

  5. Caribbean Unit

    McKay said he’s not happy with the performance of the Caribbean banking business and he may consider cutting jobs, trimming costs and leaving some markets.

    “You’ve got challenged economies, challenged consumers and challenged business clients,” McKay said. “Having said that, we observe that some of our competitors in the market are able to make a profit, so there are operating model improvements that are certainly obvious that we need to pursue.”

    Royal Bank is also seeking ways to expand its personal and commercial banking business to counter an expected consumer slowdown in Canada.

    The bank is partnering with retailers including Target Corp. (TGT) and Shoppers Drug Mart Corp. (SC) for banking and credit-card products. The bank plans to add features for its Shoppers Optimum MasterCard such as offering reward points for buying RBC travel insurance starting in February and, later, switching mortgages to Royal Bank, McKay said.

  6. Jamaica RBC gone, locations in Barbados and TT gone and now RBC closing the bank Fincos in Bahamas. Some managers have been reassigned and demoted to save their jobs. We heard one was deployed to the Caicos island who is allegedly embroiled in an ongoing ‘relationship’ with the current Manager Director of Bahamas. Canada need to intervene before the whole RBC bank in the caribbean islands collapse.

  7. Royal bank of canada has gone to the dogs in the caribbean. I hear next all the local managing directors in each region will be made redundant. Serves them good. Canada needs to take back the overall day to day operations of its brand. If not they will never recoup its losses caused by Mcdonald and his gang from 2008 – present.

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