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A wrongful dismissal claim against the Royal Bank of Canada has exposed a series of allegations about racism and sexism in the workplace, adding to existing accusations of attempted bribery, lax oversight and a laissez-faire attitude towards company policies. A former trader is suing RBC for £13 million ($18 million) at a tribunal hearing in the U. K., revealing explosive details about his time working in the bank's global foreign exchange business. The hearing started last week at the Central London Employment Tribunal and is scheduled to finish mid-May. The lawsuit is one of several the Canadian financial giant has been named in recently, calling into question its self-styled "RBC Nice" workplace culture. An experienced trader, John Banerjee was headhunted by RBC's investment bank in London, England, in June 2015 to expand its business in emerging market currencies. He made millions in profit for the Montreal-based bank, but was dismissed after a year of employment, during which he claims to have blown the whistle on a number of its workplace culture failings. RBC has said Banerjee was fired in August 2016 for poor time-keeping. Banerjee claims RBC tried to brush over an investigation into a serious trading blunder that cost the bank hundreds of thousands of dollars, and alleges that a global business head offered him a bribe to "just drop it.""The propensity of the Bank to whitewash permeated to the very highest echelons," he said in his witness statement. RBC denies Banerjee's accusation, believing the claim to be "without merit." In an emailed statement, a Toronto spokesperson vowed the bank will continue "vigorously defending our position." But the allegations of whitewashing aren't the only controversy unearthed by Banerjee's lawsuit. A former senior manager who supervised Banerjee, Paul Adamson, also told the tribunal during cross-examination that he had regularly used racist and sexist language on an office messenger system. Adamson once told an Asian colleague, the court heard, "Lucky I didn't call you a slope-eyed bell end," and described a female colleague as having "36DD fake tits...mouth as big mind you." Adamson defended his racist language as being long-standing banter between two colleagues, whereby his Asian colleague would proclaim Koreans as being the master race and abuse Adamson about his Italian heritage. Adamson was fired last year as a result of "inappropriate e-communications," according to a witness statement from the bank's head of employee relations, Urmilla Devitt. "This behaviour is not consistent with our values, our Code of Conduct or what we stand for. In an emailed statement to , a spokesman for RBC in the U. Our Code of Conduct is integral to the way we conduct business and how we uphold our workplace culture based on respect and inclusivity," said associate director of corporate communications Adam Lister. "It clearly outlines our expectations of employees in terms of their professional accountabilities and their behaviour. Any employee who fails to meet the standards set out in our Code of Conduct will be subject to appropriate action which may include corrective or disciplinary action such as immediate or eventual dismissal."Banerjee's lawsuit accuses senior bosses in both London and Toronto of failing to listen to his concerns about the loose wording of an important code of conduct — the Global FX Sales and Trading Policy. RBC introduced it towards the end of 2015 following regulators' demands that banks beef up behavioural standards, as other banks introduced their own similar regulations. On the one hand, he pointed out, RBC's version permitted trading so that traders could manage the risk on their books, and insure themselves against price movements in the market. But on the other hand, it forbade trading ahead of what's known as a "fixing order" — transactions that traders execute on behalf of a customer at a set time of day. Banerjee felt it was therefore risky for traders like himself to carry out fixing orders in the first place, especially as the policy listed criminal liability as a penalty. He also pointed out to his managers that many other major banks had acknowledged this and designated fixing orders to a separate unit of the bank. In October 2015, Banerjee polled his colleagues in the Toronto dealing room to see how many of them had actually read the policy. Out of roughly 30 people, he said only five or six claimed to have read it. He insisted in his witness statement that none of his colleagues in London or Hong Kong had read it. Banerjee further claims that after kicking up a fuss and demanding the wording be tightened, his predicted bonus was halved. He told the tribunal that shortly after his bonus was cut, a fellow trader in Hong Kong failed to cut short one of his trading positions in the South African rand, as instructed on Dec. That failure resulted in a loss of almost US $1 million ($880,000). The Hong Kong trading desk was manned by only one person at the time, despite being identified earlier as a risky set-up. Banerjee said when he pressed the bank's global head of foreign exchange, Ed Monaghan, for a full investigation, Monaghan flew off the handle and offered him a bribe: “Is it the loss that bothers you? I’ll cut you a cheque for the loss – just drop it.”In his evidence, Monaghan admitted that he "may well have used that phrase" but cannot remember. He insisted he did not mean it literally, if he did, and denied offering a bribe. In Banerjee's witness statement, he accused the bank of minimizing the problems. "The Bank gave the appearance of probity and ‘doing the right thing,’ but the reality was that almost every senior manager I came in to contact with was interested in one thing only — ‘ripple minimization,’" said the statement."More important than anything was maintaining the appearance of probity, resulting in important issues being swept under the carpet. Critically, I was struck by a firm with no effective systems and controls, particularly in Compliance."Banerjee has received assistance from Whistleblowers UK, which helped him piece together his evidence and organize his court documents. The charity provides support and information to whistleblowers, and CEO Georgina Halford-Hall has attended every day of the trial so far."We have provided free administrative work because we believe so strongly in John's case," she told The allegations are at odds with the bank's "RBC Nice" reputation. RBC Nice are reportedly the words the bank has used to describe its own workplace culture, and its trading floor is said to have a "no-asshole rule," as detailed in Michael Lewis' bestseller, . But Banerjee says his ordeal left him suffering from poor sleep, stress, anxiety and a long-term depression diagnosis. Foreign exchange is the world's largest cash market but is largely unregulated. class-action lawsuit earlier this year, as one of nine banks accused of colluding to rig a key Canadian lending rate. In his witness statement, he said that by July 2016 — one month before he was fired — "I felt like I was drowning."RBC's squeaky-clean reputation has come under fire, most recently after it paid $15.5 million to settle a foreign exchange rigging lawsuit in the U. Banks have been dogged by regulatory investigations into market collusion and billion-dollar fines. To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser. If you have an ad-blocker enabled you may be blocked from proceeding. Rbc action rbc milner Only at RBC Direct Investing – All clients get real-time streaming quotes for stocks and ETFs at no cost, with no exchange agreements to sign! Choose from a variety of registered and non-registered accounts to meet your needs. Invest for growth, security—or both— with investment choices designed to create a well-balanced portfolio. Ritchie Bros. is the world's largest auctioneer of heavy equipment and trucks. We're the auction experts—and we've been helping people around the world buy and sell with confidence since 1958. In 2018, Ritchie Bros. sold $4.96 billion of used equipment and other assets. We offer a wide range of unused and used equipment and trucks for sale Risk-Based Capital (RBC) is a method of measuring the minimum amount of capital appropriate for a reporting entity to support its overall business operations in consideration of its size and risk profile. It requires a company with a higher amount of risk to hold a higher amount of capital. Capital provides a cushion to a company against insolvency. RBC is intended to be a minimum regulatory capital standard and not necessarily the full amount of capital that an insurer would want to hold to meet its safety and competitive objectives. In addition, RBC is not designed to be used as a stand-alone tool in determining financial solvency of an insurance company; rather it is one of the tools that give regulators legal authority to take control of an insurance company. Before RBC was created, regulators used fixed capital standards as a primary tool for monitoring the financial solvency of insurance companies. Under fixed capital standards, owners are required to supply the same minimum amount of capital, regardless of the financial condition of the company. The requirements required by the states ranged from $500,000 to $6 million and was dependent upon the state and the line of business that an insurance carrier wrote. RBC regime was driven by a string of large-company insolvencies that occurred in late 1980s and early 1990s. Companies had to meet these minimum capital and surplus requirements in order to be licensed and write business in the state. The NAIC established a working group to look at the feasibility of developing a statutory risk-based capital requirement for insurers. As insurance companies changed and grew, it became clear that the fixed capital standards were no longer effective in providing a sufficient cushion for many insurers. The RBC regime was created to provide a capital adequacy standard that is related to risk, raises a safety net for insurers, is uniform among the states, and provides regulatory authority for timely action. The NAIC’s RBC regime began in the early 1990s as an early warning system for U. It has two main components: 1) the risk-based capital formula, that established a hypothetical minimum capital level that is compared to a company’s actual capital level, and 2) a risk-based capital model law that grants automatic authority to the state insurance regulator to take specific actions based on the level of impairment. The Risk Based Capital Formula was developed as an additional tool to assist regulators in the financial analysis of insurance companies. The purpose of the formula is to establish a minimum capital requirement based on the types of risks to which a company is exposed. Separate RBC models have been developed for each of the primary insurance types: Life, Property/Casualty, Health and Fraternal. This reflects the differences in the economic environments facing these companies. The risk factors for the NAIC’s RBC formulas focus on three major areas: 1) Asset Risk; 2) Underwriting Risk; and 3) Other Risk. The emphasis on these risks differs from one formula to the next. As a generic formula, every single risk exposure of a company is not necessarily captured in the formula. The formula focuses on the material risks that are common for the particular insurance type. For example, interest rate risk is included in the Life RBC formula because the risk of losses due to changes in interest rate levels is a material risk for many life insurance products. Under the RBC system, regulators have the authority and statutory mandate to take preventive and corrective measures that vary depending on the capital deficiency indicated by the RBC result. These preventive and corrective measures are designed to provide for early regulatory intervention to correct problems before insolvencies become inevitable, thereby minimizing the number and adverse impact of insolvencies. The NAIC RBC formula generates the regulatory minimum amount of capital that a company is required to maintain to avoid regulatory action. There are four levels of action that a company can trigger under the formula: company action, regulatory action, authorized control and mandatory control levels. Each RBC level requires some particular action on the part of the regulator, the company, or both. For example, an insurer that breaches the Company Action Level must produce a plan to restore its RBC levels. This could include adding capital, purchasing reinsurance, reducing the amount of insurance it writes, or pursuing a merger or acquisition. The NAIC RBC system operates as a tripwire system that gives regulators clear legal authority to intervene in the business affairs of an insurer that triggers one of the action levels specified in the RBC law. As a tripwire system, RBC alerts regulators to undercapitalized companies while there is still time for the regulators to react quickly and effectively to minimize the overall costs associated with insolvency. In addition, the RBC results may be used to intervene when a company is found to be in hazardous condition in the course of an examination. The RBC system is periodically updated to meet the changing regulatory environment. The RBC calculations are maintained by the NAIC Capital Adequacy (E) Task Force and its working groups and subgroups. The formulas are reviewed annually in recognition of the evolving risk landscape. Proposals and changes adopted for the upcoming year are posted on the NAIC Capital Adequacy (E) Task Force webpage under the Related Documents tab. More details on current year revisions for RBC reporting can be found in the most current Life RBC Newsletter, Fraternal RBC Newsletter, Health RBC Newsletter and P/C RBC Newsletter. For more than a century, RBC Wealth Management has provided trusted advice and solutions to individuals, families, institutions and charitable foundations. "Having a basic understanding of how money, investing and our broader financial system works is critical in our society today. That’s good news, but with people spending decades in retirement it’s important to plan for any scenario. Put our award-winning global network to work for you. Yet there is a growing realization, particularly in the wake of the last financial crisis, that many people don't understand budgeting, investing or how simple financial products like loans work.” View profile Director of Portfolio Advisory Group, U. Equities “We continue to suggest to our investors that they maintain their asset allocation to stocks; what is comfortable to them, what makes sense from a strategic standpoint for their allocation and there are reasons for that. Our goals-based wealth planning approach brings clarity today, while helping people build confidence in the future.” View profile using Java Script to ensure the best experience through the site. If we did, the view would be quite different.” View profile Head of Wealth Planning U. Wealth Management “Americans increasingly view retirement as an exciting new chapter in life filled with possibilities. Please check to learn how to enable Java Script on your browser and enjoy the best experience.


To help put the health and safety of our clients and employees first, some of our RBC Direct Investing Investor Centres are temporarily closed. Before visiting us, please confirm below that your location is open. In our remaining locations, we are assisting clients on a one-to-one basis from am to pm local time. We ask that you visit only for matters that require in-person assistance. Find out how we’re keeping our clients and employees safe during the COVID-19 outbreak here. Never include personal or confidential information in a regular email. To discuss your personal information with us safely, send us a message via one of our secure message centers (the RBC Direct Investing secure message centre, for example), or contact us by phone. RBC will never ask you to provide, confirm or verify personal, login or account information through regular email or ask you to sign in to any online service. 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For money market funds there can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. The products, services and securities referred to on any RBC Direct Investing Automated Service (as such term is defined in RBC Direct Investing's Operation of Account Agreement) are only available in the jurisdictions where they may be legally offered for sale. The information provided on any RBC Direct Investing Automated Service should not be construed as an offer by RBC Direct Investing to sell specific securities in any jurisdiction, including the United States. If you are not currently a resident of Canada, you should not access the information available on any RBC Direct Investing Automated Service. Specific terms and conditions apply to membership in the RBC Direct Investing Community. For details please sign into the RBC Direct Investing online investing site, click the link to the Legal Terms of Use and read the RBC Direct Investing Community - Terms of Service. For a definition of an unauthorized transaction and full details regarding the protections and limitations of the Online Security Guarantees, please see your account and/or online agreements with the applicable entity. The guarantees are given by Royal Bank of Canada in connection with its online banking service and RBC Direct Investing Inc. There is no quarterly maintenance fee charged if your combined assets are $15,000 or more across all of your RBC Direct Investing accounts. If your combined assets are less than $15,000 across all of your RBC Direct Investing accounts, you will be charged one maintenance fee of $25 per quarter (split across all of your accounts).. For full details please refer to the complete Commissions and Fees Schedule at per equity trade when you trade 150 times or more per quarter. All RBC Direct Investing clients pay $9.95 flat CDN or U. per equity trade with no minimum account balance or trading activity required. This pricing only applies to trades placed through an available Automated Service (as such term is defined in RBC Direct Investing's Operation of Account Agreement), including the online investing site and mobile application. Rbc action rbc cathay pacific K. “RBC Level” means an insurer’s Company Action Level RBC, Regulatory Action Level RBC, Authorized Control Level RBC, or Mandatory Control Level RBC where 1 “Company Action Level RBC” means, with respect to any insurer, the product of 2.0 and its Authorized Control Level RBC; RBC Wealth Management – U. S. "Having a basic understanding of how money, investing and our broader financial system works is critical in our society today. Yet there is a growing realization, particularly in the wake of the last financial crisis, that many people don't understand budgeting, investing or how simple financial products like. Only at RBC Direct Investing – All clients get real-time streaming quotes for stocks and ETFs at no cost, with no exchange agreements to sign! Choose from a variety of registered and non-registered accounts to meet your needs. Invest for growth, security—or both— with investment choices designed to create a well-balanced portfolio. Featuring Greg Pardy, RBC’s Co-Head of Global Energy Research After one month of declines, 10,000 points off the Dow and a lot of “announcement indigestion,” RBC’s Chief Economist Craig Wright says markets are still searching for a bottom. They’re unsure of how to price so much new risk, all at once. Central banks are also struggling to assert themselves, while governments have not been able to get enough new money into the economy. Even when the trillion-dollar checks are cut, will consumers spend and businesses invest? As Senior Vice-President, Office of the CEO, John advises the executive leadership on emerging trends in Canada’s economy, providing insights grounded in his travels across the country and around the world. His work focuses on technological change and innovation, examining how to successfully navigate the new economy so more people can thrive in the age of disruption. Prior to joining RBC, John spent nearly 25 years at the Globe and Mail, where he served as editor-in-chief, editor of Report on Business, and a foreign correspondent in New Delhi, India. Having interviewed a range of prominent world leaders and figures, including Vladimir Putin, Kofi Annan, and Benazir Bhutto, he possesses a deep understanding of national and international affairs. In the community, John serves as a Senior Fellow at the Munk School of Global Affairs and C. Howe Institute, and on the boards of Queen’s University and the Aga Khan Foundation of Canada. John is the author of three books: Out of Poverty, Timbit Nation, and Mass Disruption: Thirty Years on the Front Lines of a Media Revolution. His fourth book, Planet Canada, about Canada’s global population in an age of nationalism, will launch in April 2020.