RBC – Royal Bank vector logo
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About RBC – Royal Bank
The Royal Bank of Canada, RBC Royal Bank or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves 18 million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Montreal, Quebec, and its operational head office in Toronto, Ontario. The bank was founded in 1864 in Halifax, Nova Scotia. RBC’s Institution Number (or bank number) is 003.
In Canada, the bank is branded as RBC Royal Bank in English and RBC Banque Royale in French and serves approximately ten million clients through its network of 1,209 branches. RBC Bank was the U.S. retail banking subsidiary with 439 branches across six states in the Southeast, which served more than a million customers. RBC also has 127 branches across seventeen countries in the Caribbean, which serve more than 1.6 million clients. RBC Capital Markets is RBC’s worldwide investment and corporate banking subsidiary, while the investment brokerage firm is known as RBC Dominion Securities. Investment banking services are also provided through RBC Bank and the focus is on middle market clients.
RBC is listed as the largest Canadian company by revenue and market capitalization by The Globe and Mail and was ranked at number 53 on the 2008 Forbes Global 2000 listing, and currently ranked at 68. The company has operations in Canada, and 51 other countries.
The Royal Bank of Canada has been the subject of numerous controversies, particularly in the aftermath of a Canadian Broadcasting Corporation news report on the replacement of full-time employees with temporary foreign workers through outsourcing.