Newspaper article The Canadian Press

CIBC, Royal Bank on the Defensive at Annual Meetings over Sales Practices

Newspaper article The Canadian Press

CIBC, Royal Bank on the Defensive at Annual Meetings over Sales Practices

Article excerpt

CIBC, RBC on defensive over sales tactics

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TORONTO - Chief executives at two of Canada's biggest banks highlighted their efforts to listen to client and employee feedback in the wake of news reports that alleged some employees at financial institutions broke the law in order to meet sales targets.

Royal Bank CEO Dave McKay says his bank surveys its employees and customers regularly and makes changes to its business practices based on the feedback it receives.

Questions about sales practices have dogged the chief executives of Canada's biggest banks during this year's shareholder meetings, following CBC reports in recent weeks that cited unnamed employees who allege they faced pressure from management to boost sales or risk losing their jobs.

Speaking at Royal Bank's (TSX:RY) annual meeting in Toronto, McKay said that of the 2. …

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