RBC Dexia Investor Services has appointed Paul Stillabower as head of strategy in its Strategy & Corporate Services division. Stillabower was the global head of Business Development for Funds Services & Global Custody at HSBC Securities Services (HSS) until his position was made redundant as part of an efficiency program at the bank late last year.
Stillabower replaces Alex Muto, who has been appointed head of Enterprise Transformation at RBC Dexia.
HSBCs efficiency program will see the bank cutting 30,000 jobs by the end of 2013.
A source with specific knowledge of the redundancies told Global Custodian last year that HSS reorganized the business development unit and as a result eliminated the roles of Stillabower and Mike Martin, global head of client management. The source, however, said the firm planned to continue hiring in the division.
At RBC Dexia, Stillabower will be responsible for leading strategy-related planning and execution activities, including tailored strategies for specific client segments, the firm says. He will report to Michael Wilson, global head of Strategy & Corporate Services.
Stillabower previously held a number of roles at HSBC and the Royal Bank of Canada (RBC) in business building, auditing, risk and operations.
Our strategic growth plans require an increasingly agile response to upcoming opportunities, says Jose Placido, CEO of RBC Dexia Investor Services. To that end, we are delighted to have Paul on board, building on the highly-evolved strategy role built by Alex Muto. We are excited by the strategic insight Paul will bring to the organization and the sharpened focus Alex will provide in new enterprise transformation role.
Muto will continue to lead corporate development for the company in his new role, reporting to Wilson. In addition, he will take on the lead role for enterprise transformation activities, which includes the integration of new acquisitions and any other enterprise transformation programs, RBC Dexia says.
(CG)