“This branch closure is happening at a time when Royal Bank is making healthy profits. Last year it had a record profit of $12.4 billion while your salary sir (CEO David McKay) was the highest of your colleagues at $12.43 million up nearly 8 percent from the previous year. I always thought that putting customers first was the way for a business to operate and succeed. Apparently not anymore” – from an Open Letter from Niagara Centre MPP Jeff Burch to Royal Bank of Canada President and CEO David McKay
An Open Letter to David McKay, President, CEO & Director, Royal Bank of Canada from Niagara Centre MPP Jeff Burch
Posted February 25th, 2019 on Niagara At Large
Dear Mr. McKay –
I am sending this letter on behalf of many concerned residents in Thorold over yet another major bank deciding to leave the downtown. Royal Bank will officially close at 52 Front Street S on July 5th, just after Canada Day.
The attached letter from the RBC Regional Vice President seems to be an ongoing trend to close branches that have been part of the community for over a century citing changing times with online services and fewer customers. There is an indication the current employees will have their jobs at the end of this so called merger.
However, this branch closure is happening at a time when Royal Bank is making healthy profits. Last year it had a record profit of $12.4 billion while your salary sir was the highest of your colleagues at $12.43 million up nearly 8 percent from the previous year.
I always thought that putting customers first was the way for a business to operate and succeed. Apparently not anymore. With CIBC and Scotia Bank gone from Thorold and now RBC that leaves the Bank of Montreal at the Pine Street Plaza left and with the hours of 10-4 we can only wonder how long it will remain.
I know a lot of banking is now done online, on a mobile app, or telephone, but there are still those in our communities who need to be able to walk into their local bank branch because they are not online or do not have access to a telephone or mobile, especially the elderly.
It is interesting to see a sign in front of the Thorold Credit union across the corner from RBC that reads “Just because your bank is leaving Thorold, doesn’t mean you have to, come bank with us.”
It is never too late for a reconsideration. Maybe the Glendale Avenue RBC could merge with the bank in downtown Thorold and maintain that branch. Take a drive down the QEW to Niagara and look at the development happening in Thorold and along the 406, all potential new customers.
This is a company decision, which we have no control over, but most certainly can express the frustration and disappointment by Thorold residents and give serious consideration to maintaining this branch in the downtown.
Sincerely, Jeff Burch, MPP, provincial Riding of Niagara Centre
To read a recent report Niagara At Large posted on high Canadian bank profits, rising into the tens of billoins of dollars, in 2018, click on – https://niagaraatlarge.com/2019/02/18/canadas-big-six-banks-gouge-out-45-billion-in-profits-in-2018/ .
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