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Royal Bank of Canada (NYSE:RY), or RBC for short, will split one of its operating units into two and reshuffle some of its top executives as it seeks to spark its next phase of growth, the bank said on Thursday.
RBC will separate its Personal & Commercial Banking into two standalone businesses — Personal Banking and Commercial Banking. The broader corporate changes, taking effect Sept. 1, are intended to “better position RBC to take advantage of its scale, speed up decision-making and elevate leaders to deliver on strategic growth priorities with clients at the center.”
RBC (RY) stock rose 1.1% in Thursday premarket trading.
Doug Guzman, currently group head of RBC Wealth Management and Insurance, will become deputy chair of RBC (RY). He’ll advise on enterprise priorities and help with some of the bank’s most important individual, family, corporate, institutional and government clients.
Neil McLaughlin, now group head of Personal & Commercial Banking, will become group head of RBC Wealth Management.
Erica Nielsen, currently executive vice president of Personal Financing Products, will take the role of group head of RBC Personal Banking.
Sean Amato-Gauci, who is now executive vice president of Business Financial Services, will become group head, RBC Commercial Banking.
RBC (RY) is also appointing Jennifer Publicover as group head of RBC Insurance and to the group executive leadership team. She has been CEO of RBC Insurance since 2023.
With the changes, the company will have five business segments for financial reporting purposes — Personal Banking, Commercial Banking, Wealth Management, Insurance, and Capital Markets.