The Successful Investor Hotline – Friday, November 28, 2014

Article Excerpt

ROYAL BANK OF CANADA, $83.16, Toronto symbol RY, plans to close its wealth management operations in the Caribbean, as the region’s slowing growth and high unemployment have hurt this business’s prospects. Royal recently sold its retail banking operations in Jamaica for the same reasons. The bank did not say how much it expects to pay in severance and other costs. However, this move will free up cash it can use to expand its faster-growing wealth management operations in Canada, the U.S., the U.K. and Asia. In the quarter ended July 31, 2014, earnings at Royal’s wealth management division rose 22.3% from a year earlier and accounted for 11.9% of its total earnings. Royal Bank is a buy. Royal Bank was recently covered in the December 2014 issue of The Successful Investor. Click here to access it. Royal Bank was recently covered in The Successful Investor Hotline for August 22, 2014. Click here to access it. SHAWCOR LTD., $47.10, Toronto symbol SCL, makes sealants and coatings…