The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Royal Bank of Canada
Royal Bank of Canada

RBC’s bond desk suffers through Europe’s slowdown

If you’re a bank making a $1.94-billion quarterly profit, you shouldn’t have much to worry about. And that’s mostly true for Royal Bank of Canada.

Yet, the bank’s bond trading results last quarter are a bit of a head scratcher.

Despite “very strong” fixed-income profits at rival banks, RBC somehow missed the boat. The root of the problem: Europe. “We basically didn’t make any money there,” Mark Standish, co-CEO of RBC’s capital markets arm, said on a conference call last week.