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RBC to discuss hiring practices

The Royal Bank of Canada says it plans to discuss some of its hiring practices with the federal government after a media report claimed the bank was employing temporary foreign workers to replace some Canadian staff.

Canada's largest bank (TSX:RY) says it has not hired foreign workers to take over the job functions of current employees, but it does say it uses external suppliers as one of its strategies to improve "operational effectiveness."

RBC says the agreements it has with its suppliers include strict controls and continual monitoring to ensure the company abides by Canada's regulatory requirements.

Human Resources Minister Diane Finley issued a statement saying the RBC situation is unacceptable if it is true.

A CBC News report quotes an employee working in IT systems support for RBC Investor Services in Toronto who says he and dozens of other employees at the bank are losing their jobs to temporary foreign workers.

Dave Moreau told the public broadcaster that he and others are being made to train the new workers who will be taking their jobs.

CBC said the foreign workers are employed by a multinational outsourcing firm named iGATE Corp. The company's website says it has offices that provide services for RBC in India.

The company's website also indicates it provides services for TD Bank and Pratt and Whitney Canada among other international clients.

The Canadian Press


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