The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst
: That's actually a great segue to my question. I guess, Neil, there is also a slide in here that talks about beyond banking for the Canadian business.
So you're not attributing any of the fee income or other income results in your segment to these initiatives over here listed on Page 5?
Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst
: Neil, if I can just have a follow-up. Is it fair to say then that the benefits of these initiatives listed under the beyond banking slide, primarily, first of
all, accrue to your business, number one. Number two, they accrue probably both in terms of top line growth, but maybe even efficiency
improvements, I suppose, an operating leverage but most importantly, through increased customers, which ultimately in a kind of concentrated
mature space. I guess what I'm trying to figure out is how much of it is growing the pie? How much of it is increasing your share of the pie? And is
this primarily a market share grab or benefit or gain or win in Canadian Banking? And how much bigger can you get, I suppose?
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: A couple of quick ones here. One on expense, the outlook there for Rod, up 1%, down 1% in the noncomp, variable comp category. Is that focus
on that number? Like is that one where you're continuing to grind it down over the next 1.5 years or whatever? Or do we start to see a ramp-up?
And then on the discount brokerage side, could you quantify the revenue exposure there where we're seeing some competition on the commission
rates.
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: So it sounds like you're going to rush to follow that pricing strategy.
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AUGUST 25, 2021 / 12:00PM, RY.TO - Q3 2021 Royal Bank of Canada Earnings Call
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