AIP Posted December 3, 2004 Share Posted December 3, 2004 I was reading with interest that RBC 4th quarter profits tumbled a whopping 31% recently. They only made $507 MILLION in the QUARTER. As a result 1600+ employees will have a very merry Christmas. Humbug. Is it just me or does this seem to be way out of line ? ? Is profitability that much of an issue that being a good corporate citizen means diddley squat ? ? ? Link to comment Share on other sites More sharing options...
B75/76 Posted December 3, 2004 Share Posted December 3, 2004 I was reading with interest that RBC 4th quarter profits tumbled a whopping 31% recently. They only made $507 MILLION in the QUARTER. As a result 1600+ employees will have a very merry Christmas. Humbug. Is it just me or does this seem to be way out of line ? ? Is profitability that much of an issue that being a good corporate citizen means diddley squat ? ? ? Too true. In this case, my understanding is the drop in profits was due to restructuring and lay-off costs, not lay-offs due to a drop in profits. Not that the semantics make any difference to those out of work. Link to comment Share on other sites More sharing options...
Guest rattler Posted December 3, 2004 Share Posted December 3, 2004 That coupled with the .0005 rate for interest on my savings account, drove me to PCFINANCIAL.CA where you get a no charge account that includes a savings account that gives you interest (it does change) currently at 2.15%. No min balance etc. Of course you give up that wonderful counter service and do most, if not all of your banking over the internet or by Bank Machine. Come to think of it, I don't miss those long lineups at the Royal bank either. And oh yes, their GIC rates are also much better than those offered by the Royal. Beginning to sound like a commercial. Stopping now. Link to comment Share on other sites More sharing options...
Super 80 Posted December 3, 2004 Share Posted December 3, 2004 unjustified mass layoffs have always "Naughty Word" me off, especially since they tend to give little consideration to the consequences. Institutional Experience is the most valuble things corporations have, the combined knowledge, networks and experience of all their staff. Alot of crucial business intelligence never gets written down. There is no need, after-all "everyone knows" well when everyone is laid off, that information is lost. When you consider how high IT/IS turnover is, it is a rolling disaster. When it is gone, it's gone and you can't get it back. There is a particular oil company in Calgary that masacares its finance and IT/IS departments every few years. This company has a nightmare as they try to figure out why people did things years earlier. They make the same mistakes over and over again because there is no one left to warn them why it didn't work before and when something goes wrong, especially in IT/IS, there is no one who knows how to easily fix it. These can be simple things like not having passwords for servers, and having to rebuild from scratch at great time and expense because the information has been lost. They might not even know who to ask, and that is assuming their ex-employee will even speak to them. This particular company offers poor severence, has their highly unprofessional renta-cops throw the laid-off person out and has a policy that they won't provide references beyond length of employment. I sure as hell wouldn't help them, if anything, I would toast their bad fortune. I am working with a company right now who has a near disaster, but I can't offer them anything other than starting from scratch unless I can talk to the person who set it up to begin with. They don't even know who set it up in the first place. No one remembers. So when they take off for Christmas, I am going it to rebuild it from the ground up, and their paying dearly for it. Link to comment Share on other sites More sharing options...
Pratt Posted December 3, 2004 Share Posted December 3, 2004 Rattler, You nailed it down pretty good, I left my big bank(BOM), 4 years ago and went to PCF, since then not 1 service charge, except from withdrawing money in the US, or unless you can't find a CIBC machine or PCF machine in Canada, with a little planning you won't pay a cent. Even on their normal chequing acct you get a meagre % rate back, I much prefer seeing .50 cents going into my acct at the end of the month as opposed to $12.50 or more coming out every month for the privledge of having an acct at one of our big banks....................... What drove me there was the lack of service that the big banks were offering anymore, standing in line forever, no answers when you got there, no personal service at all, so started doing most of my banking on line as it was easier. Now, I do 100% of mine on line, and when you do have a problem and call PCF, they are there pretty quick, and have never not been able to resolve a problem that I have had. Their normal savings acct is paying 2.25 or 2.4% right now on any balance, no minimum!! Why would you keep your money at RBC or BOM where they are giving you 0.25%. Anyways, to each their own, but us in the industry generally try to get something for our money, give it a shot, been working great for me. Mortgage also!! Cheers Link to comment Share on other sites More sharing options...
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