RBC unveils executive leadership shuffle

In a release, RBC said its executive leadership changes will take effect Sept. 1.

Guzman’s new responsibilities will include advising on enterprise priorities and working with key bank clients.

Neil McLaughlin will now head up wealth management. McLaughlin has been with the bank for two decades, most recently serving as group head of the combined personal and commercial banking units since 2017.

As the new leader for wealth management, McLaughlin will coordinate with Guzman during the transition, the release said, and in his new role, he will support development of the high-net-worth segment, among other priorities.

In the release, RBC president and CEO Dave McKay cited McLaughlin’s ability to serve clients and his experience in evolving RBC’s banking distribution channel. McLaughlin was involved in rolling out the digital advice platform MyAdvisor, for example, and he played a part in completing RBC’s $13.5-billion buy of HSBC Bank Canada.

“Given our growth following the successful acquisition of HSBC Bank Canada and rapidly changing client expectations, we are taking the opportunity to review our structure and talent to simplify the way we work,” the bank said in an emailed statement to Investment Executive.

Jennifer Publicover has been tagged as group head for RBC Insurance. She’ll oversee strategy for that division, something she’s been involved with as CEO of RBC Insurance since 2023.

RBC, which posted a profit in its second quarter, reported on April 30 that personal and commercial banking had earned $2.05 billion, up from $1.92 billion in the same quarter in 2023. Its wealth management business earned $769 million, up from $719 million a year earlier.

About the close of the HSBC deal, McKay said in May that it was a boon for growth since there were no longer any barriers to bringing on clients for the roughly 4,500 employees that RBC took on.

Erica Nielsen will become group head of the company’s new standalone personal banking segment. Nielsen has been with the bank for more than 10 years, most recently working in an executive role that included oversight of U.S. and Caribbean banking. She’ll retain that responsibility, the release said, noting that she also assisted with the HSBC Bank Canada acquisition.

Sean Amato-Gauci, who first joined the bank in 1995, will head up commercial banking. Amato-Gauci is currently executive vice-president with business financial services, and has held multiple positions throughout his tenure, tied to areas like consumer banking, credit cards, payments, rewards, digital, home equity financing, and portfolio management and credit strategies.

The release also noted that RBC Direct Investing will move to the wealth management business, out from under the current P&CB segment.

These new appointments and the reorganization of personal and commercial banking — the latter effective in the fourth quarter of this year — all reportedly play into RBC’s plan to grow even more and become more efficient in making strategic decisions.

“We have a bold ambition for our wealth management businesses in the coming years,” McKay said in the release, after citing that segment’s earnings growth and global expansion in recent years. He pointed in particular to McLaughlin, who is “a strong integrator of businesses and [is] well positioned to drive close alignment between wealth management and the rest of the organization.”

While the bank didn’t provide specifics on its alignment plans, it told IE, “Our goal is to ensure we have the right capabilities to deliver on our strategic priorities and our growth plans. We will thoughtfully step through this over the coming months.”

RBC is already Canada’s largest bank, having surpassed Toronto-Dominion Bank earlier in 2024 after the purchase of HSBC Canada.

The bank’s chief financial officer role wasn’t addressed, following the termination of Nadine Ahn in April. Katherine Gibson was named interim CFO on April 5.

When asked about the CFO role and whether any executives had been cut as part of this reorganization, the bank confirmed there were no changes beyond what was announced.

Other industry moves

• Jennifer Quattrociocchi was named vice-president of partnerships for Canadian wealth management with Scotiabank. In this newly created role, Quattrociocchi will work on new client growth and new partner segments. She’s been with the bank for more than 20 years, most recently serving as a vice-president with private banking.
• Scott Burrows will become a director and member of the audit committee with National Bank of Canada’s board of directors as of Aug. 1. Burrows has been president and CEO with Calgary-based Pembina Pipeline Corp. since 2022, and his industry tenure includes seven years in investment banking services for the energy sector, a release said.
• Dina DeGeer, senior vice-president, portfolio manager and co-lead of Mackenzie Investments’ Mackenzie Bluewater Team, will retire in September. DeGeer will be succeeded by Shah Khan, vice-president and portfolio manager, who has been with Bluewater for 14 years. David Arpin, senior vice-president, portfolio manager and co-lead, will remain in his role and continue as strategist.
• Kait Jack has become the newest vice-president and external client advisor for J.P Morgan Asset Management, working to expand the institution’s presence in Canada. She moved from U.S.-based PIMCO, according to an email statement that cited her “extensive experience working with investors” that will help J.P. Morgan offer services to more Canadian advisors.
• April Stadnek will leave her position as executive director with the the Insurance Councils of Saskatchewan, after 15 years of holding the role. A new director has not been chosen but Tammy Bloor (an associate with DC Strategic Management Ltd.) was named interim executive director effective July 1 and she’ll serve until the role is filled.

If you know of other people moves in the financial industry and/or would like us to consider your announcement, email Katie Keir at katie@newcom.ca.