Canada's RBC splits personal and commercial banking unit, rejigs leadership
Ads details throughout, details from company in paragraph 11
By Pritam Biswas and Nivedita Balu
July 11 (Reuters) -Royal Bank of Canada RY.TO on Thursday said it would separate its personal and commercial banking business into two standalone segments and made a slew of leadership changes, the Canadian lender'sfirst rejig since acquiring HSBC's domestic unit.
The country's No.1 lender said it aimsto strengthen focus on clients after the C$13.5 billion acquisition of the Canadian unit of HSBC Holdings HSBA.L, HSBC Bank Canada.
Doug Guzman, who iscurrently the group head of RBC's wealth management and insurance unit and has held the position for the past nine years, will become deputy chair.Neil McLaughlin, group head of RBC's personal and commercial banking unit since 2017, would succeed Guzman.
The executive changes will be effective Sept. 1.
Insiders Erica Nielsen and Sean Amato-Gauci will become group heads of RBC personal banking and RBC commercial banking, respectively.
The rare shakeup under CEO Dave McKay, who completes a decade at the top seat, comes as the bank looks to fill its finance chief role afterformer CFO Nadine Ahn was terminated by the bank following an investigation that foundshe had violated the bank's code of conduct. Katherine Gibson has been serving as the interim CFO since April.
"We are surprised that there was no resolution on the bank's CFO position in conjunction with the announcements with Katherine Gibson still retaining the 'interim' tag," Jefferies analyst John Aiken wrote.
Aiken noted that he does not anticipate any immediate announcements on McKay's departure despite the shakeup.
The bank also appointed Jennifer Publicover, who has been the CEO of RBC Insurance since 2023, to the role of group head, RBC insurance.
RBC said the personal and commercial banking businesses have grown in size and scale following the acquisition of HSBC Bank Canada with "tremendous opportunity" for growth in both.
"This model is a common one among global banks," a spokesperson said.
The bank, which has a market capitalization of about C$213 billion ($156.65 billion), will have five reporting segments effective fourth quarter of 2024.
($1 = 1.3597 Canadian dollars)
Reporting by Pritam Biswas in Bengaluru and Niveidta balu in Toronto; Editing by Shilpi Majumdar and Franklin Paul
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
