RBC Dexia Investor Services has created a number of new management roles in a response to client feedback as it moves into the next stage of business development.
Rob Wright, formerly Chief Operating Officer, will assume the new role of Global Head, Product & Client Segments, and be responsible for strategic direction.
Joanna Meager, currently Managing Director, UK, Ireland and Middle East, will become Global Head of Operations. In this newly-created role, Meager will be responsible for managing day-to-day global operations and will develop an integrated global operating model.
The most notable change is the creation of the Chief Risk Officer position. Although the vacancy has yet to be filled, it highlights the general trend of the financial sector to move risk officers to board levels. State Street, Cardif Pinnacle (part of the worldwide BNP Paribas Assurance Group) and Aviva have all created the role of Chief Risk Officer over the past year.
According to a RBC Dexia spokesperson: As part of the transition to a global operating model, the new role will have responsibility for policy development and for managing all credit, operational & market risk, as well as ensuring the consistent application and management of our risk management framework and policies on a global basis.
Three years after the merger between Royal Bank of Canada and Dexia, RBC Dexia has avoided much of the problems that have faced financial services. Many of these changes are in response to client feedback asking for a simpler structure that is more agile, with clearer global roles and responsibilities. The move to global functions and businesses that are closely focused on our clients requirements clients will make us a more agile company. We will be better able to swiftly and flexibly respond to evolving markets with products and services to help our clients grow their businesses, the spokesperson said.
Other changes include Laurent Vanderweyen, formerly Chief Administrative Officer, who will become Managing Director (MD) for Luxembourg, and John Lockbaum, formerly head of fund services North America, will become Managing Director for Canada.
Michael Wilson will become Global Head, Strategy and Corporate Services. Along with corporate strategy and development, in this new role he will also lead Human Resources, Marketing & Communication and Legal & Compliance, strengthening the alignment and collaboration between the business and functional groups.
Jean-Michel Loehr, presently CEO of RBC Dexia IS Bank S.A. in Luxembourg, will move to a new role as Chief Industry & Government Affairs Officer, where he will use his expertise and experience to provide leadership on policy development and impact analysis, as well as key industry and government relations. He will report to Jos Placido, who remains Chief Executive Officer of RBC Dexia Investor Services, and he will remain on the board of the Bank.