Galloway resigns amid bank restructuring

Article Abstract:

Royal Bank of Canada's Bruce Galloway, vice chairman of the wealth management unit, has resigned. Prior to Galloway's resignation, Royal Bank named Reay Mackay to replace him as vice chairman of the wealth management business as part of a restructuring, and Galloway was offered another job in the bank. Instead of accepting the new job within the same bank, Galloway opted to leave. Mackay used to hold the position of president and chief operating officer of Royal Bank's investment dealer subsidiary, RBC Dominion Securities Ltd.

Comment:

Its vice chairman of the wealth mgmt unit, Bruce Gallaway, resigns & to be replaced by Reay Mackay of the bank's subsidiary

Executive changes & profiles

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Royal Bank settles mortgage suit

Article Abstract:

Royal Bank of Canada will settle a class-action suit by giving refunds to an estimated 7,200 customers who were overcharged when they renewed or made an early payout on their mortgages. The problem started in September 1993, and was compounded again in June 1994, when Royal Bank changed the standard provisions in its residential mortgage documents for calculating prepayment charges. Inadvertently, some workers used the wrong method to calculate prepayment charges for mortgage clients, according to Royal Bank.

Comment:

Will settle suit by giving refunds to around 7,200 clients who were overcharged when they renewed or paid their mortgages early

Legal issues & crime

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CT warns of slower profit growth

Article Abstract:

CT Financial Services Inc., headquartered in London, Ontario, is projecting to post slower growth as a result of world economic slowdown. The company registered a 4.3% growth with an operations profit of C$72 million or 61 cents a share for the quarter ended Sep. 30 1998, down from a 16% growth rate in the first nine months of 1997. The lower gain mostly resulted from the revenue decline from mutual fund fee revenue and lesser margins, according to president and chief executive officer Edmund Clark.

Comment:

Projects to post slower growth as a result of world economic slowdown

Financial analysis, CT Financial Services Inc.

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