RBC has restructured its business segments for financial reporting purposes and has created a new division called Investor & Treasury Services.
The segment will include RBC Investor Services, the rebranded investor services arm that emerged followed the Canadian banks purchase of the remaining 50% of its joint venture with beleaguered Franco-Belgian bank Dexia in March. Harry Samuel will assume the responsibilities of head, Investor & Treasury Services and will report to Doug McGregor and Mark Standish. Jos Placido will continue in his role as chief executive officer, RBC Investor Services. The new segment will bring together RBC capabilities key to serving the needs of institutional investing clients and will provide custodial, advisory, financing and other services for clients to safeguard asset, maximize liquidity and manage risk in multiple jurisdictions around the world. Clients include financial institutions, sovereign wealth funds, insurance companies, asset managers, hedge funds and pension funds. The segment also brings together treasury services.
The other segments include Personal & Commercial Banking, Capital Markets, Wealth Management (including Canadian Wealth Management, US and International Wealth Management and Global Asset Management) and Insurance.
After 17 years with RBC, Jim Westlake, group head, International Banking and Insurance, has announced his intention to retire later this year. “Jim has made many contributions to RBC’s success throughout his career, and I want to thank him for his commitment and leadership,” said Nixon.
Westlake will advise and support in the transition of the International Banking and Insurance businesses to other segments as outlined above. The transition of management responsibilities is expected to be completed by Oct. 31, 2012.
(JDC)