Richard Talbot will be stepping into the role of chief operating officer of Toronto-based RBC Capital Markets in November, says an RBC spokesperson.

Talbot was previously co-head of global research with RBC Capital Markets and will be replacing Mark Hughes. Hughes is set to become the chief risk officer of the Royal Bank of Canada in January 2014, RBC announced in August.

RBC also said that Hughes will become deputy chief risk officer on Nov. 1, 2013. Talbot will officially move into the COO position that same day.

RBC had no comment as to a possible successor to Talbot at global research.