A Royal Bank of Canada (RBC) sign is seen in downtown Toronto, March 3, 2011.Mark Blinch/Reuters
Royal Bank of Canada is shaking up leadership of its U.S. junk bond and higher-risk loan business as the group's head leaves the firm.
Steve Oplinger, former head of U.S. high yield and leveraged loan sales and trading, has left the bank after less than two years.
Mr. Oplinger came to RBC from Credit Suisse in April of 2013 to help the bank's credit business gain market share and increase its trading volumes in the primary and secondary markets. His hire represented the bank's commitment to its U.S. and international expansion, executives said at the time.
Investors were clamouring to invest in high yield debt, seeking the extra interest it pays. But in recent months, junk bonds have been a more difficult sell.
Mr. Oplinger's role and responsibilities will be split between three other bank employees in the New York office. Sal Morale and Ryan Atkinson will co-head non-investment grade credit trading, including high yield, leveraged loans and collateralized loan obligations (CLOs).
Sean Peters will serve as head of non-investment grade credit sales.
RBC declined to comment on the personnel changes.