July 7, 2015 / 12:01 PM / 3 years ago

RBC names new head of wealth management and insurance

TORONTO, July 7 (Reuters) - Royal Bank of Canada said on Tuesday that Doug Guzman, head of global investment banking, has been promoted to group head of wealth management and insurance business.

Guzman, who spent nearly a decade at Goldman Sachs before moving to join RBC in 2005, is replacing George Lewis, effective Nov. 1, said the bank in a statement.

Toronto-based RBC said Lewis will remain at RBC as a senior portfolio manager in Global Asset Management, and that he will work closely with Guzman to ensure a smooth transition.

The appointment will give Guzman responsibility for the strategy and performance of RBC’s wealth management business in Canada and internationally, including global asset management as well as RBC’s insurance business. He will also become part of RBC’s eight-member executive core, which sets the bank’s overall strategic direction.

Reporting by Euan Rocha; Editing by Chizu Nomiyama

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