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A Strong and Diversified Business
RBC BankingRBC InsuranceRBC InvestmentsRBC Capital MarketsRBC Global Services

RBC Capital markeys

RBC Capital Markets (5)

Business profile
RBC Capital Markets provides wholesale financial services to large corporate, government and institutional clients in North America and in specialized product and industry sectors globally. Headquartered in Toronto, RBC Capital Markets has key centres of expertise in Minneapolis, New York and London, and offices in 27 other cities.

Share of RBC 2003 net income (1)
RBC Capital Markets - share of income

Key strategies
•  Maintain position as a leading full-service provider in all of our markets in Canada by continuing to build on long-standing client relationships, our trading, research and sales capabilities, and the strength of our brand and reputation
In the U.S., provide value-added solutions by offering clients a broad product portfolio delivered through specialized industry teams

Key operating highlights
•  Enhanced FX Direct, an online trading system, to enable corporate and institutional clients to execute currency trades directly with the market around-the-clock
Introduced bondDirect, an online fixed income trading system, to provide institutional traders with the tools to self-execute trades from their desktops

Financial highlights – U.S. GAAP
(C$ millions,
except percentage amounts)
% chan ge      2003         2002
Total revenues (2 )% $ 2,625     $ 2,674
Provisions for credit losses (59 )   189       465
Non-interest expense 3     1,671       1,627
Net income 12     491       439
Return on equity (6) 210  bp   12.6%       10.5%





(1) Another 5% of net income was derived from the Other segment.
(2) Canadian brand name.
(3) U.S. brand names.
(4) Caribbean and the Bahamas brand name.
(5) Global brand names.
(6) Return on equity is defined in the Glossary on page 110.