Royal Bank of Canada Chief Executive Gordon Nixon will step down next summer after 13 years at the helm of Canada's largest bank, handing the reins to the RBC's retail banking head, Dave McKay, the bank said on Thursday.Nixon is the longest-serving of Canada's current crop of bank CEOs, but at 56, by no means the oldest. McKay, 50, had been widely expected to be Nixon's heir apparent, though not quite so soon."The timing was a surprise, but the appointment was not," said CIBC World Markets analyst Rob Sedran. "Dave has done a very good job running the bank's largest businesses. I was expecting him to get the job, just not this year.Nixon's announcement, which came as RBC, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce all reported fiscal year-end results, caps off a changing of the guard at Canada's top three banks.
Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. Shares of CM fell by 0.9% or $-0.76/share to $83.50. In the past year, the shares have traded as low as $69.92 and as high as $87.51. On average, 173277 shares of CM exchange hands on a given day and today's volume is recorded at 213171.
Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. Shares of CM fell by 1.37% or $-1.23/share to $88.82. In the past year, the shares have traded as low as $73.89 and as high as $91.90. On average, 968600 shares of CM.TO exchange hands on a given day and today's volume is recorded at 1660418.
Royal Bank of Canada (RBC) is a diversified financial services company. Shares of RY fell by 0.88% or $-0.57/share to $64.04. In the past year, the shares have traded as low as $55.49 and as high as $68.89. On average, 450223 shares of RY exchange hands on a given day and today's volume is recorded at 772534.
Royal Bank of Canada (RBC) is a diversified financial services company. Shares of RY fell by 1.2% or $-0.83/share to $68.17. In the past year, the shares have traded as low as $58.21 and as high as $72.04. On average, 2099250 shares of RY.TO exchange hands on a given day and today's volume is recorded at 2774987.
The Toronto-Dominion Bank is a Canada-based bank, offering a range of financial products and services through TD Canada Trust, TD Bank, TD commercial Bank, TD commercial Banking and TD Auto finance. Shares of TD fell by 1.03% or $-0.92/share to $88.72. In the past year, the shares have traded as low as $76.44 and as high as $94.21. On average, 355800 shares of TD exchange hands on a given day and today's volume is recorded at 744596.
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