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Royal Bank of Canada is shuffling its management ranks and breaking its largest division into two, in one of many greatest reorganizations of Dave McKay’s decade-long tenure as chief govt.
Canada’s largest financial institution is shifting Neil McLaughlin, the top of its highly effective private and industrial banking division, into a brand new position as head of wealth administration. The P&C unit might be cut up, with Erica Nielsen taking on as head of non-public banking and Sean Amato-Gauci main the industrial aspect.
RBC expanded that enterprise this 12 months by finishing the acquisition of HSBC Holdings PLC’s Canadian division, which added greater than 4,000 staff and over 100 branches.
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The financial institution, which has a market capitalization of $213 billion, will report below 5 enterprise segments — private banking, industrial banking, wealth administration, insurance coverage and capital markets.
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