RBC to cut jobs as wealth management unit closes

Axe In Wood

Royal Bank of Canada is exiting wealth management in the Caribbean and reviewing its Swiss operations as the lender extends a retreat in its international wealth business that began last year in Latin America.

Bloomberg News reports that Royal Bank is also closing some international advisory and private-banking groups in Canada and the U.S., Claire Holland, a spokeswoman for the bank said in an e-mailed statement.

The RBC Wealth Management unit seeks to focus more on serving wealthy clients in priority markets including Canada, the U.S., the British Isles and Asia - regions where the division can build on the bank’s other existing businesses, according to the statement. The lender earlier this year said it’s closing onshore private wealth-management offices in Sao Paulo, Santiago and Montevideo, Uruguay.

To access the complete Bloomberg News article hit the link below:

RBC to Shut Caribbean Wealth-Management Business, Cut Jobs

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