Dave McKay

Dave McKay has served as President and CEO of Royal Bank of Canada (RBC) since 2014, leading Canada's largest financial institution through a period of significant growth and transformation. RBC is one of the world's top 10 banks by market capitalization, with dominant market shares in Canadian personal and commercial banking, leading positions in wealth management (through RBC Wealth Management and City National Bank in the U.S.), and a major capital markets and investment banking operation. McKay's most consequential deal was the $13.5 billion acquisition of HSBC Canada, completed in 2024 — the largest domestic banking acquisition in Canadian history. The deal added HSBC's strong Asian-Canadian customer base, international banking capabilities, and commercial banking relationships, further cementing RBC's position as Canada's largest bank. The integration adds approximately $125 billion in assets and provides a strategic fit with RBC's ambitions in serving internationally-connected clients. Under McKay's leadership, RBC has also invested heavily in technology and digital banking, including its AI-powered NOMI personal financial assistant and digital-first banking capabilities. Key stock drivers include Canadian housing market health (housing-related lending is a significant portion of RBC's loan book), interest rate movements, wealth management asset flows, HSBC Canada integration execution, U.S. operations performance (through City National Bank), and the broader health of the Canadian economy.