Canadian banking company RBC Wealth Management has shut down its international private bank branch in Miami which specializes in international cross border business.
The move has resulted in layoffs of 155 employees, Biz Journals has reported.
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However, the international wealth advisory group of the company will still remain in Miami.
Moreover, RBC will realign its international private banking and trust operations and focus on offering credit services to US residents.
Carlos Arboleda, executive search consultant and head of Miami-based COI access, said: "RBC’s exit from this space will create opportunities in a crowded landscape for its competitors in terms of picking up customers and private banking talent. With an increasing demand for bankers with an existing book of business, this may actually have positive ripple effects from a recruiting perspective."
The banking firm previously had retail branch units in the US and South Florida, which was sold to PNC Bank in the year 2012.
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