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A Royal Bank branch on Bay Street in Toronto on Aug. 2, 2013.
A Royal Bank branch on Bay Street in Toronto on Aug. 2, 2013.
(Gloria Nieto/The Globe and Mail)

RBC’s U.S. trading arm takes a big hit

Last quarter it was Europe, this quarter it’s the U.S.

When Royal Bank of Canada reported second quarter earnings in May, one of the big standouts was just how poorly its European trading arm performed. (The sovereign debt crisis has made Europe a tough market to manage for a few years; in July RBC shut its European government trading desk.) In the third quarter there was another fixed-income problem, but this time it emerged in the U.S.