RBC Blunder Benefits Competition

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The Royal Bank of Canada (RBC) was recently exposed outsourcing jobs to foreign workers at the expense of Canadian employees. What was especially abhorrent was the fact that they were prepared to lay off existing long term employees in favor of the cheap labour.  The images and tears of the affected employees on national television attracted government attention and called for an immediate response from RBC.  Other than decrying the obvious, RBC has yet to provide a satisfactory response or course of action.

Mortgage lenders and brokers have jumped on the opportunity to not only grab market share but to send RBC a message.  New web pages and promotions are letting RBC clients know how they can vote with their feet by moving their mortgage to a new lender.

Many homeowners consider a mortgage a commodity with no differentiating factor other than mortgage rate, and mortgage rates are often the same among top mortgage companies.  This issue is the tipping point for many Canadians who want to support Canadian business and Canadian workers.  Why benefit a company that’s sending Canadian jobs overseas when you can support a company that only employs Canadians, especially if you get the same mortgage rate.  Many of us would even take a slightly higher mortgage rate if it helped keep Canadians working.

The next time you’re shopping for a mortgage take a good look at the mortgage company.  A company that supports Canadian workers benefits all of us and they deserve our support.

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