RBC Wealth Management eliminates co-presidents
RBC Wealth Management of Minneapolis has eliminated its co-presidents and will have its regional directors report directly to John Taft, head of U.S. wealth management.
RBC Wealth Management of Minneapolis has eliminated its co-presidents and will have its regional directors report directly to John Taft, head of U.S. wealth management.
The changes were announced internally in a memo on Wednesday, according to a source who asked not to be identified.
One of the former co-presidents, Karl Leaverton, has left the firm.
The other, Jim Chapman, will serve as an interim director for RBC’s Mid-Atlantic region, according to the memo sent by Mr. Taft to the RBC troops.
In his message, Mr. Taft said the change will flatten the firm’s management structure and reduce expenses.
“They’ve taken out that upper level” of management, said another rep at the firm. “It’s what’s happening these days” around the industry, he said.
Mark Hengesteg, who was director of strategic projects, has also left the firm.
A spokesman for RBC was not immediately available for comment.
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