Good morning.
RBC CEO Dave McKay was with a group of Canadian CEOs recently when a “very senior” leader said, “You're not serious people.” The speaker wasn’t talking about humor, though I’d argue Canadians are among the funniest people in the world. “The message was you're out of sync with your largest trading partner”—the U.S.
That’s a bold thing to say to the head of Canada’s largest bank, the 160-year-old Royal Bank of Canada, that’s been trading at record highs and ranks among the most successful banks in the world. But McKay took those comments to heart because it’s a compelling message that he also believes and conveyed to his peers during our conversation at the Canadian Club in Toronto earlier this week. “We’re definitely on the wrong path,” he said. He wants Canada to adopt a more competitive tax structure and tighter ties to the U.S. (We’ve looked at what’s holding back Canada’s competitiveness before.)
