RBC shakes up leadership and splits P&C banking unit into two
One of the biggest reorganizations in CEO Dave McKay’s tenure
Royal Bank of Canada is shuffling its leadership ranks and breaking its largest division into two, in one of the biggest reorganizations of Dave McKay’s decade-long tenure as chief executive.
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Canada’s largest bank is moving Neil McLaughlin, the head of its powerful personal and commercial banking division, into a new role as head of wealth management. The P&C unit will be split, with Erica Nielsen taking over as head of personal banking and Sean Amato-Gauci leading the commercial side.
RBC expanded that business this year by completing the acquisition of HSBC Holdings PLC’s Canadian division, which added more than 4,000 employees and over 100 branches.
The bank, which has a market capitalization of $213 billion, will report under five business segments — personal banking, commercial banking, wealth management, insurance and capital markets.
Bloomberg.com
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