Royal Bank of Canada (RBC) has decided to wind up its international client-wealth-management operations in the Caribbean, as well as some international advisory businesses in Canada and the US.
The move could affect nearly 300 employees, and multiple brokers and private bankers based in Toronto and Montreal, reports Financial Post.
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Claire Holland, spokesperson of RBC, confirmed the exit of the businesses but did not give precise figures on the business size and the employees affected by the move.
According to Holland, "As there are a number of strategic options being considered as part of the exit, it would be premature as this stage to estimate the number of employees that will be impacted. These changes represent a small segment of our RBC Wealth Management business."
Holland said that the move was a means to pursue "sustainable, controlled growth and profitable scale" in priority markets, and also stressed that the move was not related to the quality of the bank’s employees or clients.
She further said, "The bank’s long-term vision is a scalable and more focused wealth management business serving high net worth and ultra-high net worth clients from our key operational hubs in Canada, the U.S., the British Isles and Asia."
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By GlobalDataIn order to achieve international growth, the lender will now reportedly focus on operating in major financial centres where RBC has competitive strengths.
According to the group’s third quarter results, all of RBC’s US and international wealth-management operations manages $43.2bn in assets, while its assets under management across all wealth-management units was $442bn.
Prior to this, RBC has already shut down wealth management divisions in South America, with offices shut down in Chile, Brazil, and Uruguay.
