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RBC Cuts International Wealth Management Platforms

By George C. Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Friday, December 5, 2014.

The Royal Bank of Canada (RBC), parent company of RBC Capital Markets, LLC, a FINRA broker-dealer, recently made widespread cuts to the firm’s international advisory, wealth management and private banking platforms. The cuts are expected to negatively impact dozens of international financial advisors—and potentially thousands of investors—in the United States, Canada, South America and elsewhere.

According to reports, RBC will eliminate its international advisory groups in Toronto and Montreal and wind down all wealth management business in the Caribbean.  These cutbacks follow the bank’s sale of its Jamaican banking division at a loss earlier this year and are expected to impact around 300 RBC back office employees and roughly 55 international financial advisors with billions of dollars under management.  According to company representatives, RBC made the cuts to focus on serving high net worth and ultra high net worth clients in Canada, the U.S., Great Britain and Asia.

Shustak Reynolds & Partners, P.C.’s securities and FINRA attorneys in San Diego, Irvine, San Francisco, and New York represent registered representatives, financial advisors, investment advisers, financial institutions and others in a variety of securities-related disputes, including intra-industry employment, recruitment and broker transition disputes.  The firm’s attorneys are particularly experienced in handling FINRA employment disputes involving negligent or intentional misrepresentations in the financial advisor recruitment process and disputes involving up-front forgivable promissory notes and bonuses.  Contact us today for a confidential analysis of your situation.

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