By Megan Henney Published January 23, 2019 Tesla FOXBusiness Facebook Twitter Comments Print video Tesla cuts its workforce by 7% to reduce the price of the Model 3 FoxNews.com automotive editor Gary Gastelu discusses how Tesla shares fell after the company announced that they would cut 7 percent of its workforce in order to reduce the price of the Model 3. RBC Capital downgraded Tesla to underperform on Wednesday, saying growth expectations for the electric-car maker were too lofty based on its actual performance. Continue Reading Below The Canadian investment bank said in a note to investors that it slashed its target price for Tesla to $245 from $290. Shares dropped on the news. Ticker Security Last Change %Chg TSLA TESLA INC. 283.70 -15.22 -5.09% "The company seems to be more tactful with messaging which is a long-term positive, but means downward pressure to growth expectations -- which in our view are too high to justify … [Read more...] about Tesla was just downgraded by RBC. Here’s why
By The Canadian Press Wed., Jan. 16, 2019 TORONTO - Royal Bank of Canada has lowered its posted five-year fixed rate by 15 basis points from 3.89 per cent to 3.74 per cent. Mortgage rate comparison website founder Robert McLister says RBC is the first of the Big Six banks to cut its advertised five-year fixed rate after a fall in five-year bond yields. McLister adds that he expects other big banks to follow suit in the coming days. When asked what prompted the rate drop, an RBC spokesperson said a number of factors have impacted the Toronto-based bank’s cost of funds. RBC says that includes the rate the bank pays in the wholesale market, increasing regulatory costs and market volatility. Article Continued Below McLister says now that market volatility has subsided, the bank’s competitors have started undercutting big banks which puts pressure on them to act. Companies in this story: (TSX:RY) Report an error Journalistic Standards About … [Read more...] about RBC cuts 5-year fixed mortgage rate, other banks expected to follow
Michael Armstrong, chief executive of RBC Wealth Management-U.S., recently wrote the Minneapolis City Council’s zoning and planning committee that the “ability to brand our new building with a rooftop wall sign is critical to our company’s future growth and success.” At face value, that’s one of the saddest statements from a business executive to ever appear in the Star Tribune. The success of a big firm hinges on a little sign? Like, the business goes sideways without it? He didn’t mean it, of course. RBC is a Top 20 wealth-management firm in the United States and part of the Royal Bank of Canada, neck and neck with Toronto-Dominion Bank for title of biggest bank north of the border. Friends work there, including our family’s financial adviser, and I can confidently say that RBC has been plenty successful already and doesn’t need a sign at its new place. But it sure wanted one, atop a proposed new headquarters that would be built by … [Read more...] about RBC fought for a prominent Minneapolis building sign, but was it worth the effort?
By Doug Alexander Bloomberg Fri., Jan. 11, 2019 Royal Bank of Canada Chief Executive Officer David McKay is vowing to do better on Canadian mortgages after a couple years of disappointing performance. “We competed poorly in 2017 and ’18 in the mortgage space,” McKay, 55, said at the RBC Capital Markets Canadian Bank CEO Conference in Toronto on Tuesday. “We lost market share.” Margins in the domestic mortgage business “were challenged” and the market was “super competitive” last year, McKay said. Toronto-based Royal Bank, Canada’s largest mortgage lender, with $246.9 billion (Canadian) of home loans as of Oct. 31, will do better and gain back some market share this year, McKay said. He expects the domestic mortgage market to expand at a rate of less than 5 per cent this year. “We were disappointed in our performance and you’ll see us perform better,” he said. “We’ve really … [Read more...] about RBC’s CEO vows improvement to disappointing mortgage performance
By Doug Alexander Bloomberg Wed., Jan. 9, 2019 Royal Bank of Canada is vaulting into the No. 1 spot in Canada’s rapidly expanding ETF market without much added cost with its new partnership with BlackRock Inc. Royal Bank’s RBC Global Asset Management division and BlackRock’s Canadian asset manager are bringing together their Canadian exchange traded funds under a new name, RBC iShares, creating a $60 billion (Canadian) brand for the index-based investments. “This is going to strengthen RBC’s hold within the retail channel — they’re No. 1 in active mutual funds and now they’re No. 1 in ETFs — so the combination of that and being the biggest bank and having the best distribution capabilities is going to make them a more well-rounded firm in Canada,” Canaccord Genuity analyst Scott Chan said Wednesday in an interview. The alliance gives Royal Bank more ETFs to sell when the low-cost funds are outstripping … [Read more...] about RBC deal with BlackRock gives ETF heft and without the cost