People lived beyond their means, and the way they did it was by going into debt. “I met more offensive people in a year than I had in my entire life. It was his first immersive course in the American way of life, and he was instantly struck by how different it was from the Canadian version. RBC is a nobody.”īefore arriving there as part of the big push, Katsuyama had never laid eyes on Wall Street or New York City. “What they don’t realize is that the reason you have to pay them too much is that no one wants to work for RBC. “The people in Canada are always saying, ‘We’re paying too much for people in the United States,’ ” Katsuyama says. The sad truth was that hardly anyone noticed it. Katsuyama’s bosses sent him to New York from Toronto in 2002, when he was 23, as part of a “big push” for the bank to become a player on Wall Street. But its management didn’t understand just what an afterthought the bank was - on the rare occasions American financiers thought about it at all.
It was stable and relatively virtuous and soon to be known for having resisted the temptation to make bad subprime loans to Americans or peddle them to ignorant investors. RBC might have been the fifth-biggest bank in North America, by some measures, but it was on nobody’s mental map of Wall Street. He worked for the Royal Bank of Canada, for a start. financial system in 2008, Brad Katsuyama could tell himself that he bore no responsibility for that system.
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