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MARKETS LIVE BLOG:

STOCKS CLIMB AS DOW POSTS 8TH STRAIGHT WIN

Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

RBC targets 40 percent of total technology spend for innovation

Reuters
A Royal Bank of Canada (RBC) sign is seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. REUTERS/Chris Wattie (Reuters)

TORONTO (Reuters) - Royal Bank of Canada wants to spend at least 40 percent of its overall technology budget on innovation, such as artificial intelligence and blockchain, rather than maintaining old systems, its CEO said. "A couple of years ago more than 80 percent of our spend was on running the bank, maintaining our old legacy systems. Our goal is to get down to at least 60 percent and we're over halfway on that," Dave McKay told reporters on Wednesday. (Reporting by Matt Scuffham; Editing by Chizu Nomiyama)