The emerging markets division will reportedly work on expanding in Latin America and Asia, with a view to make both internal and external hires in the following weeks. The unit has yet to be assigned an official head and it will be led by Mike Lagopoulos in the interim. Lagopoulos, who has been appointed deputy chairman for ultra high net worth international, used to head the international wealth arm that has just been split up. The UK unit will, for the meantime, by led by Paul Patterson, who has been named head of the global trust group.

RBC did not elaborate on the details of the story when contacted by this publication.

"We are making the transformational change that will offer new and exciting opportunities for career growth and professional development, access to global expertise and solutions and create a more efficient, effective and collaborative platform," George Lewis, head of RBC Wealth Management, was quoted as having said.

RBC now has four units under its wealth management division: Canada, the US, the UK, and Emerging Markets.