TORONTO – RBC Royal Bank of Canada (TSX:RY) has created a new business segment, to be called Investor and Treasury Services, and made adjustments to the makeup and management of its existing business segments.
The new segment will include RBC Investor Services, Global Financial Institutions and Treasury Services.
Some of those operations had previously been in other business segments.
The new segment’s clients will include financial institutions, sovereign wealth funds, insurance companies, asset managers, hedge funds and pension funds.
Meanwhile, RBC’s Personal and Commercial Banking segment — its main operation in Canada — will now include Caribbean and U.S. banking, under the leadership of Dave McKay, currently head of Canadian Banking.
RBC’s Capital Markets segment will now exclude Global Financial Institutions and Treasury Services, which are now in the new segment.
The other major business segments will continue to be Wealth Management and Insurance.
RBC also announced the retirement of its group head of international banking and insurance, Jim Westlake, after 17 years with RBC.
The new Investor and Treasury Services segment will be headed by Harry Samuel, with Jose Placido continuing as CEO of RBC Investor Services.