November 21, 2014 / 2:08 PM / in 3 years

RBC to trim wealth management, international advisory unit

TORONTO (Reuters) - Royal Bank of Canada (RY.TO) said on Friday it is shutting down its international client-wealth-management business in the Caribbean, along with some international advisory businesses in Canada and the United States.

Shareholders leave the Royal Bank of Canada's (RBC) Annual General Meeting in Calgary, Alberta February 28, 2013. REUTERS/Mike Sturk

The Toronto-based bank said it has also begun a strategic review of its RBC Suisse business.

RBC, Canada’s No. 1 bank, said it is “realigning certain businesses within its international operations as part of a focused strategy that will enable it to achieve sustainable, controlled growth in its priority markets.”

“While regrettably there will be some job losses, it would be premature at this stage to estimate the number of employees that will be impacted as we are currently considering a number of strategic options for these businesses,” Claire Holland, a spokeswoman for the bank, said in a statement.

The Financial Post late on Thursday reported that the cuts could affect about 300 employees, including a number of brokers and private bankers based in Toronto and Montreal.

The bank said the changes represent a small segment of its overall wealth management business.  

“Our long-term vision is a scalable and more focused wealth management business serving high net worth and ultra-high net worth clients from our key operational hubs in Canada, the U.S., the British Isles and Asia,” the bank said.

The move to exit the client-wealth-management business in the Caribbean comes just months after RBC agreed to sell its Jamaican banking operations to Sagicor Group Jamaica SJ.JS.

At the time, RBC said it remained committed to the Caribbean but would focus on regions there where it has a bigger market share.

Reporting by Euan Rocha; Editing by Chizu Nomiyama

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