RBC CEO says ‘national priority’ must be keeping companies solvent and people employed [Financial Post (Toronto, Ontario, Canada)]
Royal Bank Of Canada (RY)
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Source: Financial Post
RBC CEO says 'national priority' must be keeping companies solvent and people employed Dave McKay also said global trade and travel are unlikely to immediately return to the pre-crisis status quo The chief executive of Canada’s biggest bank said Wednesday the country’s top priority during the coronavirus crisis should be protecting jobs and keeping companies from going bankrupt, as it will help enable a quicker economic recovery. Royal Bank of Canada CEO Dave McKay cautioned the crisis will drive the economy into a recession, although the exact extent of the damage remains hard to predict at the moment. “But our national priority must be to help companies remain solvent and people employed,” McKay said during the Toronto-based bank’s virtual annual shareholder meeting. “We need to move with urgency, in days and weeks, not months. This will keep our economy primed, and help speed up the recovery once the health crisis is in check.” Tens of billions of dollars in support for consumers a
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