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RBC Bank on Bay Street, Toronto. August 2, 2013.Gloria Nieto/The Globe and Mail

Royal Bank of Canada's investment banking division is hiring Mike Foster as managing director and global head of central bank sales. He will be based in London.

RBC Dominion Securities is adding talent at time when many banks in Europe are looking for places to make staffing cuts amid lower fees and a sluggish economy, as Bloomberg has reported.

RBC said Monday that the move deepens the bank's commitment to fixed income and currencies. The bank has recently hired others into the European group to strengthen the bank's derivatives franchise, the bank said. RBC has previously identified central banks as a key area of growth.

"Central banks will continue to play a key role in the fixed income markets in 2014 and our fixed income and currencies franchise, supported by a global origination footprint, is very well positioned to support their activity in this space," said Sian Hurrell, head of European fixed income and currency sales.

Still, this hire could be seen as a consolidation, since the bank used to have two co-heads of central bank sales, based in in Hong Kong and London.

Mr. Foster spent eight years as a portfolio manager in the Bank of England's the foreign exchange division. He most recently worked for Credit Suisse, where he was Head of European central bank and official institution sales. He has also worked for Goldman Sachs and Barclays Capital.

RBC has more than 6,000 employees in Europe.

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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 18/03/24 4:20pm EDT.

SymbolName% changeLast
GS-N
Goldman Sachs Group
-0.73%384.37
RY-N
Royal Bank of Canada
-0.07%99.27
RY-T
Royal Bank of Canada
-0.22%134.34

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