RBC Wealth continues to be bullish on hiring
When many wealth managers are scaling back their hiring efforts, Royal Bank of Canada plans to build up its private banking efforts and hire extensively in Europe. The bank believes there is never a better time to hire than today.
The Royal Bank of Canada said in an advertisement posted on the FT Appointments page: "We are keen to attract accomplished bankers at all levels. Integral to our strategy for 2009 is our commitment to the growth of a significant UK focused high net worth and ultra high net worth business to sit alongside our existing international operations in London."
Mark Evans, head of wealth management for the British Isles, said the bank wants to hire extensively to expand its European business. He did not detail numbers. At the moment the bank has about seven senior private bankers in London.
A spokeswoman said: "These are exciting times for RBC as we're able to hire talent proactively, thanks to our strength and stability in these times of market uncertainty. We have pursued an aggressive hiring strategy this quarter, as we look to expand our wealth management team in the British Isles. We were joined by a team servicing non-resident Indian clients in early January and a team servicing US clients in early February.
She added: "These were hires from major bulge brackets. We are looking to hire more wealth managers, both as individuals and in teams, to increase our client base and expand our wealth management platform."
George Lewis, head of RBC's global wealth management business, said he remains interested in acquisitions and hiring: “We are always looking for quality teams or for small acquisitions to tuck in to the business.”
The bank added 200 staff to its international wealth management division last year and Lewis said he plans to keep hiring. “I believe we have a unique opportunity to attract clients and client-facing staff.”
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