Royal Canadian Yacht Club
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Royal Canadian Yacht Club Careers and Employment

About us
Royal Bank of Canada reigns as Canada's banking monarch. The nation's largest bank, also known as RBC Financial Group, provides a full range of services from commercial banking and wealth management to insurance and capital markets services. It has more than 1,000 locations in Canada in addition to operations in more than 50 countries worldwide. In – more... the US, it owns investment bank RBC Dominion Securities and RBC Wealth Management. RBC's capital markets segment is among Canada's leaders, and the bank's asset management operations are among the largest in the world. The company sold its RBC Bank (USA) unit in the Southeast to PNC Financial in 2012.

The nearly $3.6 billion deal was part of RBC's plan to refocus its US strategy. Though the company is shedding its retail banking operations (some 400 branches), it will continue to grow its wealth management and capital markets divisions in the US. Indeed, in late 2012 RBC agreed to acquire the Canadian auto finance and deposit business of Ally Financial in a deal valued at $1.4 billion. Subject to customary closing conditions, the 2013 purchase is anticipated to complement RBC's existing financial services in Canada.


It's the latest move to retool its US operations, which were impacted by that nation's tough banking climate. In 2010 it sold Liberty Life, its US life insurance subsidiary that had posted losses for two years, to Apollo affiliate Athene Holding. To boost brand recognition of another US unit, the company changed the name of Voyageur Asset Management to RBC Global Asset Management (US).


The bank has become a global leader in wealth management, acquiring businesses and adding services to attract high-net-worth clients (and the fees it can charge them for handling their assets). To cement its place among the world's 10 largest wealth managers, RBC bought UK-based fixed income specialist BlueBay Asset Management for some $1.5 billion in 2010. Also that year it bought BNP Paribas Fortis' Hong Kong wealth management business. In 2012 RBC Wealth Management announced plans to expand in key high growth areas by acquiring the Latin American, Caribbean, and African private banking business of Coutts, the wealth management division of Royal Bank of Scotland.


Other RBC subsidiaries include Canadian discount brokerage RBC Action Direct and RBC Insurance, active in Canada and the US. Beyond North America, RBC provides foreign exchange services and import/export services for Canadian and multinational clients. RBC Investor Services provides investment administration services to institutional clients. (In 2012 the company bought out Belgium-based bank Dexia's 50% stake in the venture, which is one of the world's largest custodians.)


RBC spent the decade prior to the global recession building up its US operations. It acquired community banks in Alabama, Georgia, and Florida, including Alabama National BanCorporation in 2008. The company moved into the US trust business in 2006 when it purchased American Guaranty & Trust, a unit of National Life Insurance Company. Other acquisitions made during that period include the electronic brokerage business of New York boutique Carlin Financial, debt securities investor Access Capital Strategies, energy advisory firm Richardson Barr, and DC-area investment bank Ferris, Baker Watts.
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