RBC Wealth Management-U.S. has named Michael Armstrong as its new CEO, replacing John Taft who will retire on 31 May 2016.
Armstrong, who is expected to assume the new role in the middle of 2016, will lead the firm’s 4,700 employees from its headquarters in Minneapolis.
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He will report to City National Bank chairman and CEO Russell Goldsmith who has been given the responsibility to manage RBC Wealth Management-U.S. following RBC’s takeover of City National last year.
Armstrong most recently served as the global head of wealth management at Jefferies & Co. Prior to that, he worked at Morgan Stanley in several senior leadership roles from 1987 to 2012.
"Michael is an outstanding and experienced leader with a highly diversified background in financial services, and he has an extensive track record of successfully leading investment and wealth management organizations. He has repeatedly demonstrated the ability to promote collaboration, grow revenue and earnings, and deliver improved performance," Goldsmith said.
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