Skip to main content

A Royal Bank of Canada logo is seen on Bay Street in the heart of Toronto’s financial district.© Mark Blinch / Reuters

Royal Bank of Canada head of corporate strategy and development Jamie Anderson will retire from the bank early in the new year, and the veteran deal maker's replacement signals that RBC plans to continue expanding in the U.S. market.

Mr. Anderson, 63, recently began informing colleagues and clients that he will wrap up a storied career with RBC at the end of January, 2017.

RBC announced internally that executive vice-president Mike Dobbins, a 48-year-old who is currently responsible for U.S. retail banking, will take over as the bank's head of corporate strategy and development.

Mr. Anderson and Mr. Dobbins worked together on RBC's $5-billion (U.S.) acquisition of Los Angeles-based City National Corp. in 2015, a landmark deal for RBC, as it set the stage for expansion of a U.S. retail platform that caters to wealthy clients. Mr. Dobbins joined RBC in 2010 from U.S. retail bank Capital One.

Mr. Anderson first joined RBC in 1991 as an investment banker and co-headed the mergers and acquisitions group for six years before becoming deputy chairman in 2001. Over his career, he served as a trusted adviser to Canada's largest companies on countless transactions.

Blue-chip clients include Barrick Gold, Inco, Alliance Atlantis, Alcan, Nexen and Canadian Pacific, where Mr. Anderson worked on the well-received breakup of the conglomerate in 2001. He also spent two years at Morgan Stanley & Co. Inc. in the 1990s.

In 2010, Mr. Anderson joined the parent bank's executive team as head of corporate strategy, working with former RBC CEO Gordon Nixon, and he took on additional responsibility for innovation at the bank when David McKay took the reins in 2014.

"Jamie Anderson has been an important part of the fabric and culture of RBC Capital Markets," said Tony Fell, who was CEO of RBC's investment banking group for two decades and continues to have a rainmaking role at the firm. "He fits the fold of many of our senior people over the years of being quietly aggressive in business, a strong record of community leadership and family first, all with the highest standards of ethics and integrity."

Outside work, Mr. Anderson and his wife, Patsy, lead a number of charities: Mr. Anderson holds senior roles at the Centre for Addiction and Mental Health, the United Way and Outward Bound International, while Mrs. Anderson works with the SickKids Foundation and was a leader of Roy Thomson Hall and Massey Hall. The couple met in the late 1970s when they were both doing their MBAs at Harvard Business School.

Mr. Anderson and Mr. Fell, along with current head of investment banking Doug McGregor, head a team that transformed a regional investment dealer into a global player in capital markets.

When Mr. Anderson first joined the investment banking arm of RBC in 1991, the unit turned a $50-million (Canadian) profit on revenues of $394-million.

As he prepares to leave, the 2105 profit was $2.3-billion on revenues of $8-billion. Mr. Fell said: "Jamie will be greatly missed, but fortunately, the firm continues to have major league bench strength."

Report an error

Editorial code of conduct

Tickers mentioned in this story