RBC makes changes to executive suite after HSBC acquisition

The Royal Bank of Canada building is shown in the financial district in Toronto on Sept. 8, 2023. (Andrew Lahodynskyj / The Canadian Press)

TORONTO — Royal Bank of Canada is making changes to its executive suite and splitting its personal and commercial banking division into two groups following its acquisition of HSBC Bank Canada earlier this year.

The bank says the changes, effective Sept. 1, better position it to take advantage of its scale and speed up decision making.

The bank says Doug Guzman, currently group head of RBC Wealth Management and Insurance, will become RBC's deputy chair.

Neil McLaughlin, currently group head of Personal and Commercial Banking, will become group head of RBC Wealth Management.

Erica Nielsen, currently executive vice-president of personal financing products, will become group head of RBC Personal Banking, while Sean Amato-Gauci, currently executive vice-president of business financial services, will become group head of RBC Commercial Banking.

The bank also says Jennifer Publicover has been named group head of RBC Insurance, and will join the group executive leadership team. Publicover has been CEO of RBC Insurance since 2023.

This report by The Canadian Press was first published July 11, 2024.