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RBC’s Westlake retires, reporting units shuffled

Jim Westlake, Group Head, International Banking and Insurance, RBC

The man who was tasked with cleaning up Royal Bank's retail mess in the U.S. is taking a bow and retiring from the business.

Jim Westlake, who took the helm as chief executive officer of RBC's U.S. retail bank in 2009, is retiring after 17 years with RBC. The announcement comes a few months after the U.S. division was sold to PNC Financial.

Prior to becoming CEO, Mr. Westlake had been the head of RBC's international banking and insurance operations, but added the U.S. retail division under his belt after Scott Custer retired in 2009. At the time, Mr. Westlake was already chairman of the U.S. retail bank.

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On Tuesday, RBC also announced that some executive responsibilities have shifted, and that its business segments for reporting purposes have changed. In personal and commercial banking, Dave McKay, who is currently the group head of Canadian banking, will now take Caribbean and U.S. banking under his belt.

There is also a new unit called Investor & Treasury Services that amalgamates investor services, global financial institutions and treasury services.

Capital markets, wealth management and insurance all stay as is.

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About the Author
Reporter and Streetwise columnist

Tim Kiladze is a business reporter with The Globe and Mail. Before crossing over to journalism, he worked in equity capital markets at National Bank Financial and in fixed-income sales and trading at RBC Dominion Securities. Tim graduated from Columbia University's Graduate School of Journalism and also earned a Bachelor in Commerce in finance from McGill University. More

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