Bloomberg Talks Royal Bank of Canada President & CEO Dave McKay Talks Growth Targets, Tariffs and Election
Mar 28, 2025
Dave McKay, President and CEO of the Royal Bank of Canada, dives into the bank's ambitious growth targets and the economic impact of tariffs on the Canadian landscape. He discusses the strong U.S.-Canada economic ties and the innovation opportunities despite trade barriers. McKay also addresses how businesses are adapting to uncertainties and the critical role of leadership during election cycles. Plus, he shares insights on expanding banking operations globally while focusing on infrastructure growth and transforming Canada's resource-based economy.
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Long-Term Vision
- RBC CEO Dave McKay maintains long-term growth targets despite recent changes.
- He emphasizes opportunities in the US, Canada, and Europe, and the transformative impact of AI.
Cross-Border Banking
- Dave McKay highlights RBC's significant presence in both Canada and the US, with top rankings in several US banking sectors.
- He emphasizes the strong economic ties between the two countries and hopes for a resolution that doesn't disrupt their integrated economies.
Recession Potential
- While acknowledging the potential for recession, McKay doesn't see it as the base case for Canada.
- He notes the slowing economy due to tariff uncertainties, but believes there are absorbing mechanisms.