RBC to cut jobs as wealth management unit closes

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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