Royal Bank of Canada's securities unit has revamped management of its stable of equity analysts, and the naming of a new head of research for Canada means a potential job opening in one of the most coveted chairs on Bay Street.
RBC announced internally on Tuesday that Marc Harris, who had been co-head of global research, will now be sole head of a group of analysts who cover about 1,500 stocks around the world. That's in the wake of the bank's promotion of the other co-head, Richard Talbot, to chief operating officer of the securities unit.
Andre-Philippe Hardy, who covers Canada's big financial services companies for RBC, will become head of Canadian research. He'll remain a bank analyst until January, at which point he will give up the job.
That frees up one of the most sought after analyst spots in the country – working in the stable environment of a big bank covering some of the most high profile stocks in Canada. Financial services analyst jobs at bank-owned dealers don't come up very often. The position will be especially attractive given that smaller independent firms are struggling.
His replacement will be named in due course, according to RBC.
Also as part of the shuffle, Graeme Pearson, who was recently hired to run European research, is going to assume responsibility for Australian equity research.