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RBC Splits Business Into Five Segments For Financial Reporting
Eliane Chavagnon
12 September 2012
Royal Bank of Canada has made changes to its business segments for financial reporting purposes, which as of 31 October will fall into five categories. Wealth management remains a business segment and will continue to include Canadian wealth management, US and international wealth management and global asset management. George Lewis, currently group head of wealth management, maintains responsibility for this division. Investor and treasury services is a newly-created business segment that will include RBC Investor Services, global financial institutions and treasury services. Harry Samuel will assume the responsibilities of head of investor and treasury services, reporting to Doug McGregor and Mark Standish. José Placido will continue in his role as chief executive of RBC Investor Services. RBC Investor Services serves asset managers, financial institutions and other institutional investors worldwide. As a custodian, it holds $2.9 trillion of assets under administration. The other three business segments are: personal and commercial banking, capital markets and insurance.