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Mar 18, 2021

RBC reshapes global-markets unit into three cross-product groups

RBC CEO sees 'strong recovery' for Canada in the later half of 2021

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Royal Bank of Canada’s capital-markets division is reorganizing its global-markets unit into three groups, including a new sales and client operation run by an executive in London, departing from banks’ typical structure for the business.

RBC Capital Markets is creating a global sales and relationship management team, a macro group and a digital solutions and client insights group, with the three groups working across platforms, the bank said in an emailed statement.

The reorganization is a departure from a banks’ traditional method of organizing their markets business by product types. RBC also is looking to build on a run of strong quarterly results for the 2,000-person business, which has benefited from increased trading activity with the Covid-19 pandemic roiling markets.

“These changes will enable us to further strengthen our client centricity, drive scale and foster innovation through digital excellence and thought leadership,” Jonathan Hunter, head of global markets, said in the statement.

The sales and relationship group will lead client strategy and sales execution across fixed income, currencies, commodities, equities and central funding, and will be led by Sian Hurrell, who’s based in London. The macro group -- to be headed up by Jim Byrd, who’s based in Canada -- will house the rates, foreign-exchange, commodities and futures businesses. And the digital-solutions group will work to integrate and scale RBC’s data science, artificial intelligence and electronic expertise across product lines, and will be led by Bobby Grubert, who’s based in New York.

Michelle Neal, who was in charge of RBC’s U.S. fixed income, currencies and commodities and senior relationship management efforts, is leaving the bank.