
RBC announces changes to executive leadership team and business segments
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· Personal & Commercial Banking to become two standalone business segments: Personal Banking and Commercial Banking
"I'm personally energized by the opportunity to work with these extraordinary leaders in the coming years as they take on new roles and responsibilities on our Group Executive leadership team," said
In addition to the executive appointments, given the significant growth in Personal & Commercial Banking (P&CB), RBC announced this business will become two standalone segments, effective for the fourth quarter of 2024. As RBC has over 15 million clients, including a growing base of commercial clients, the new structure is designed to better respond to evolving client needs and further differentiate the bank in the market. With this change, RBC Direct Investing will move to the Wealth Management segment.
"We are indebted to Doug for the pivotal role he has played leading RBC Wealth Management and Insurance over the last nine years. Over that period, our wealth management business, a global leader, has grown earnings substantially, including the expansion of our Canadian and
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"We have a bold ambition for our wealth management businesses in the coming years," said
"Erica has deep banking expertise, great strategic insight and ability to execute, and she's known as a culture builder and an authentic leader who drives performance," said
"Sean brings an incredible depth of experience with a reputation as an inventive leader who inspires high performing teams and forges strong partnerships across the bank. He's been instrumental in the successful integration of employees and clients through the acquisition of
Additionally, RBC is appointing
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"Jennifer is a visionary leader who brings great breadth and depth of experience across global financial services and a wide range of client segments from corporate to commercial, high net worth and retail, and a proven track record of driving business results," said
RBC will have five business segments for financial reporting purposes: Personal Banking, Commercial Banking, Wealth Management, Insurance and Capital Markets. Revised supplements with new financial reporting will be available prior to our release of Q4 results on
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About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 98,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As
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Caution regarding forward-looking statements
This press release contains forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this press release include, but are not limited to, statements relating to our strategic vision and priorities, including strategic growth priorities, our goals for maximizing client service, structural synergies and operational efficiencies as well as our financial reporting structure. The forward-looking information contained in this press release is presented for the purpose of assisting the holders of our securities and financial analysts in understanding our strategic plans, priorities and objectives as well as the proposed financial reporting segment realignment and related impacts and may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as "believe", "expect", "suggest", "seek", "foresee", "forecast", "schedule", "anticipate", "intend", "estimate", "goal", "commit", "target", "objective", "plan", "outlook", "timeline" and "project" and similar expressions of future or conditional verbs such as "will", "may", "might", "should", "could", "can" or "would" or negative or grammatical variations thereof.
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