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Royal Bank of Canada’s head of global equities, Greg Mills, will retire from the bank at the end of July, giving way to new co-heads who will lead the division.

Mr. Mills joined RBC 20 years ago, and his departure adds to a recent reshuffling in the senior ranks of RBC’s investment banking arm after the sudden departure of U.S. capital markets head Blair Fleming earlier this month.

In internal memos, RBC said Mr. Mills will leave the bank at the end of July, following a transition period in which he’ll hand off responsibility to the new co-heads of global equities: Bobby Grubert and Ahmed Kachenoura.

Mr. Mills has led global equities for RBC since 2005 and is known for helping pioneer solutions to help retail and institutional investors level the playing field with high frequency traders – including a smart order router RBC calls THOR. He had been discussing succession with Mike Bowick, head of the bank’s global markets division, for at least several weeks. His retirement is the result of “productive discussions,” according to a memo from Mr. Bowick to employees.

“Greg is known across the industry as a passionate advocate for market integrity and transparency,” Mr. Bowick said in his internal note.

In an e-mailed statement, Mr. Mills said it “feels strange” to retire, but that he’s “excited about the next chapter for [him], knowing that the firm and the team will be in great hands.”

Mr. Grubert and Mr. Ahmed will formally take over on July 1 and will lead the bank’s global equities division from New York.

Mr. Grubert joined RBC when the bank acquired Dain Rauscher Wessels in 2001, and most recently served as head of U.S. and European equities, as well as global electronic trading for RBC.

Mr. Kachenoura is newer to RBC, having arrived in 2012, and recently worked as global head of global equity-linked products.

RBC also has new co-heads of its U.S. capital markets arm, based in New York, after the abrupt dismissal of Mr. Fleming over an allegedly improper relationship. The bank said earlier this month he had violated its policies on “disclosure and conflict of interest policies relating to workplace relationships.”

After his departure, Derek Neldner was promoted to take on global responsibility for investment banking at RBC.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 21/05/24 4:00pm EDT.

SymbolName% changeLast
RY-T
Royal Bank of Canada
-0.56%144.53
RY-N
Royal Bank of Canada
+0.04%105.88

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