RBC Shakes Up Leadership, Splits P&C Banking Unit Into Two
https://www.bloomberg.com/news/articles/2024-07-1…
For those without access to Bloomberg, they're splitting their personal and consumer banking division into two with a stronger emphasis on wealth management, which should help drive growth for H2 2024. Hopefully, with the additional cash flow/operating income, they can reinvest efficiently into IB and finally become a clear-cut above their mid-BB peers like BofA and Citi.
I think a prudent decision to make would be to roll savings on their P&C side after this restructuring into hiring more MDs and making more junior hires in IB, helping them climb the league tables and comfortably beat out mid-tier BBs to be head-to-head with the likes of MS and CVP and compete directly against them.
The obvious meme account posts a obvious meme about news, who would'a thunk? This is a funny pivot because Ciit is trying the same thing and I don't see how RBC has any edge over the big 3 wealth managers globally (BOFA, MS, and UBS). At least Citi is a global bank and so can compete with those 3 in terms of scale, Goldman has also found some success because of their brand name, but I struggle to see how RBC will win the global elite/compete with the big 3.
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