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Reuters

Canada’s RBC splits personal and commercial banking unit, rejigs leadership

(Reuters) -Royal Bank of Canada on Thursday said it would separate its personal and commercial banking business into two standalone segments and made a slew of leadership changes, the Canadian lender’s first rejig since acquiring HSBC’s domestic unit. The country’s No.1 lender said it aims to strengthen focus on clients after the C$13.5 billion acquisition of the Canadian unit of HSBC Holdings, HSBC Bank Canada. Doug Guzman, who is currently the group head of RBC’s wealth management and insurance unit and has held the position for the past nine years, will become deputy chair.

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