Even by the standards of the Canadian banking industry, this one is wild:
RBC’s Unfair Investigation Leads to Multi-Million Dollar Wrongful Dismissal Award
Introduction
In Silva v. Royal Bank of Canada, 2026 ONSC 3841, the Ontario Superior Court found that RBC had wrongfully dismissed a highly successful financial planner for cause after conducting an investigation that was neither impartial nor fair.
Justice Casullo concluded that the investigation was affected by tunnel vision, confirmation bias, undisclosed conflicts and a predetermined desire to find grounds to dismiss the employee. Instead of conducting a balanced search for the truth, RBC engaged in what the court described as “ammunition gathering.”
The consequences were extraordinary. The court awarded Ravini Silva 16 months’ reasonable notice, almost $1.92 million for loss of earning capacity, $150,000 in aggravated damages and a substantial punitive damages award. Royal Mutual Funds Inc. was also ordered to correct the regulatory notice that had effectively prevented Silva from returning to the financial-services industry.
The decision provides a powerful warning that a workplace investigation cannot be used as a mechanism to justify a termination decision that management has already made.
The post (which is lengthy, but fascinating) is mirrored here.
It’s a disgrace and reminiscent of the David Berry Scandal: banks treat employees like interchangeable pieces of shit with no agency. And if you don’t obediently do what you’re told when you’re told to do it – they will try to wreck your entire career, regardless of any consideration of ethics.
Why would anybody with any choice, with any self-respect, work for a bank?
PerpetualDiscounts now yield 5.60%, equivalent to 7.28% interest at the standard conversion factor of 1.3x. Long corporates yielded 5.11% on 2026-08-05. Therefore the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened from the 205bp reported July 29 to 215bp.
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly |
| Index |
Mean
Current
Yield
(at bid) |
Median
YTW |
Median
Average
Trading
Value |
Median
Mod Dur
(YTW) |
Issues |
Day’s Perf. |
Index Value |
| Ratchet |
0.00 % |
0.00 % |
0 |
0.00 |
0 |
-0.0928 % |
2,663.1 |
| FixedFloater |
0.00 % |
0.00 % |
0 |
0.00 |
0 |
-0.0928 % |
5,015.1 |
| Floater |
5.43 % |
5.58 % |
37,072 |
14.53 |
3 |
-0.0928 % |
2,890.2 |
| OpRet |
0.00 % |
0.00 % |
0 |
0.00 |
0 |
-0.0790 % |
3,644.3 |
| SplitShare |
4.78 % |
4.87 % |
58,597 |
2.62 |
5 |
-0.0790 % |
4,352.0 |
| Interest-Bearing |
0.00 % |
0.00 % |
0 |
0.00 |
0 |
-0.0790 % |
3,395.6 |
| Perpetual-Premium |
5.62 % |
5.56 % |
51,489 |
6.67 |
12 |
0.4636 % |
3,090.8 |
| Perpetual-Discount |
5.52 % |
5.60 % |
39,283 |
14.50 |
21 |
-0.4623 % |
3,418.7 |
| FixedReset Disc |
5.52 % |
5.84 % |
94,386 |
14.03 |
17 |
-0.0892 % |
3,404.6 |
| Insurance Straight |
5.34 % |
5.40 % |
45,083 |
14.73 |
20 |
0.0449 % |
3,366.6 |
| FloatingReset |
0.00 % |
0.00 % |
0 |
0.00 |
0 |
-0.0892 % |
4,157.1 |
| FixedReset Prem |
5.91 % |
4.45 % |
82,979 |
2.38 |
31 |
-0.2676 % |
2,663.7 |
| FixedReset Bank Non |
0.00 % |
0.00 % |
0 |
0.00 |
0 |
-0.0892 % |
3,480.2 |
| FixedReset Ins Non |
5.17 % |
4.55 % |
54,463 |
1.97 |
14 |
0.0756 % |
3,302.4 |
| Performance Highlights |
| Issue |
Index |
Change |
Notes |
| PWF.PR.S |
Perpetual-Discount |
-4.74 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.90 % |
| PWF.PR.K |
Perpetual-Discount |
-3.66 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.76 % |
| POW.PR.D |
Perpetual-Discount |
-3.59 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 22.06
Evaluated at bid price : 22.29
Bid-YTW : 5.66 % |
| RY.PR.S |
FixedReset Prem |
-2.79 % |
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.15
Bid-YTW : 3.87 % |
| GWO.PR.H |
Insurance Straight |
-2.15 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 21.55
Evaluated at bid price : 21.81
Bid-YTW : 5.62 % |
| SLF.PR.E |
Insurance Straight |
-1.57 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.19 % |
| FTS.PR.H |
FixedReset Disc |
-1.41 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 5.70 % |
| GWO.PR.P |
Insurance Straight |
-1.41 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.57 % |
| ENB.PR.B |
FixedReset Disc |
-1.27 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 22.79
Evaluated at bid price : 23.40
Bid-YTW : 6.02 % |
| BN.PF.C |
Perpetual-Discount |
-1.24 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 21.31
Evaluated at bid price : 21.58
Bid-YTW : 5.68 % |
| BIP.PR.F |
FixedReset Prem |
-1.10 % |
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.02
Bid-YTW : 4.93 % |
| CCS.PR.C |
Insurance Straight |
1.53 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 5.44 % |
| PWF.PR.R |
Perpetual-Discount |
1.55 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 24.62
Evaluated at bid price : 24.88
Bid-YTW : 5.56 % |
| ENB.PF.C |
FixedReset Disc |
1.67 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 23.07
Evaluated at bid price : 24.40
Bid-YTW : 5.93 % |
| MFC.PR.B |
Insurance Straight |
1.74 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 23.07
Evaluated at bid price : 23.33
Bid-YTW : 5.04 % |
| IFC.PR.A |
FixedReset Ins Non |
2.67 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 22.97
Evaluated at bid price : 23.42
Bid-YTW : 5.27 % |
| POW.PR.H |
Perpetual-Premium |
6.39 % |
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2034-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 5.66 % |
| Volume Highlights |
| Issue |
Index |
Shares
Traded |
Notes |
| TD.PF.J |
FixedReset Prem |
118,584 |
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 3.90 % |
| BN.PF.M |
FixedReset Prem |
101,170 |
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-01-01
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 4.55 % |
| TD.PF.I |
FixedReset Prem |
61,900 |
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.95
Bid-YTW : 3.23 % |
| MFC.PR.J |
FixedReset Ins Non |
59,168 |
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.86
Bid-YTW : 4.48 % |
| SLF.PR.H |
FixedReset Ins Non |
27,241 |
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : 4.08 % |
| POW.PR.D |
Perpetual-Discount |
22,255 |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 22.06
Evaluated at bid price : 22.29
Bid-YTW : 5.66 % |
| There were 6 other index-included issues trading in excess of 10,000 shares. |
| Wide Spread Highlights |
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. |
| Issue |
Index |
Quote Data and Yield Notes |
| PWF.PR.S |
Perpetual-Discount |
Quote: 20.52 – 22.03
Spot Rate : 1.5100
Average : 1.0420
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.90 % |
| POW.PR.D |
Perpetual-Discount |
Quote: 22.29 – 23.35
Spot Rate : 1.0600
Average : 0.6726
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 22.06
Evaluated at bid price : 22.29
Bid-YTW : 5.66 % |
| GWO.PR.P |
Insurance Straight |
Quote: 24.50 – 25.50
Spot Rate : 1.0000
Average : 0.6205
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.57 % |
| PWF.PR.K |
Perpetual-Discount |
Quote: 21.60 – 22.50
Spot Rate : 0.9000
Average : 0.5688
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.76 % |
| RY.PR.S |
FixedReset Prem |
Quote: 26.15 – 26.97
Spot Rate : 0.8200
Average : 0.4935
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.15
Bid-YTW : 3.87 % |
| GWO.PR.H |
Insurance Straight |
Quote: 21.81 – 22.75
Spot Rate : 0.9400
Average : 0.6914
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2056-08-05
Maturity Price : 21.55
Evaluated at bid price : 21.81
Bid-YTW : 5.62 % |