RBC terminates CFO Nadine Ahn over preferential treatment of an employee

Royal Financial institution of Canada has terminated chief monetary officer Nadine Ahn after an investigation revealed that she had a private relationship with one other worker which led to preferential remedy.

Canada’s largest lender terminated Ms. Ahn’s employment earlier within the day, RBC stated in a press release late Friday evening.

RBC stated that it was not too long ago made conscious of the allegations, and instantly commenced an inner evaluate and contacted outdoors authorized counsel to analyze.

“The investigation discovered proof that, in contravention of the RBC Code of Conduct, Ms. Ahn was in an undisclosed shut private relationship with one other worker which led to preferential remedy of the worker together with promotion and compensation will increase,” RBC stated in a press release. “Consequently, the 2 people have had their employment terminated.”

The financial institution added that the conduct by Ms. Ahn or the undisclosed worker had no impact on the RBC’s beforehand issued monetary statements, its technique, or its monetary or enterprise efficiency.

Ms. Ahn was named CFO in 2021 after greater than 20 years in finance roles on the financial institution. As a member of the senior government group, she was a part of the staff that set the general strategic course of RBC. In 2019, she was awarded by Girls in Capital Markets as a Champion of Change as a pacesetter that advocates for the development of girls.

RBC declined a request for remark, referring as a substitute to its press launch.

The information of Ms. Ahn’s termination comes every week after RBC closed and built-in its $13.5-billion acquisition HSBC Financial institution Canada, marking the most important home banking takeover on file.

RBC appointed senior vice chairman, finance and controller Katherine Gibson as interim chief monetary officer whereas the lender conducts a seek for Ms. Ahn’s substitute. She has labored on the financial institution for greater than twenty years and has expertise main international groups and main strategic initiatives.

RBC stated within the assertion that Ms. Gibson is “extensively thought-about a trusted advisor with a robust analytical and governance mindset.”