RBC Capital Markets CEO confirms he’s retiring after 10 years
RBC CEO Robert Deering, the former chief executive of Bank of America, has announced he is retiring after a decade as chief executive.
The announcement was made Wednesday by his wife, Ann, in a news release from his company, RBC Canada.
Deering was born in Toronto in 1967 and grew up in the Toronto area.
He joined RBC in 2000 as the group’s CEO.
He was named to the board of directors of Canada’s largest bank in 2005 and served as chief financial officer until the end of last year.
He served as the CEO of RBC for nine years.
He also served as its chairman and chief executive officer.
He left the bank in June, saying he wanted to spend more time with his family.
Deers retirement comes amid an ongoing public relations crisis for RBC.
The company’s stock has lost more than 30 per cent of its value since the end to June 30, when the company was down more than 20 per cent.
RBC’s stock fell 8.7 per cent as of Wednesday morning.
Dees resignation comes as RBC is under scrutiny for its role in the collapse of an offshore financial firm called BlackRock that failed to disclose millions of dollars in losses, despite its clients’ requests to the bank.
Deeds announcement comes days after BlackRock announced that it would shut down its business.
“Robert has had an extraordinary career at RBC and will be greatly missed,” the bank said in a statement.
“We are deeply saddened to hear that he has decided to leave his role at RBS.
Dees departure comes as banks across Canada have reported record profit drops in the second quarter of the year. “
His leadership at RBR was instrumental in the firm’s success and the bank remains proud of his contribution to RBC.”
Dees departure comes as banks across Canada have reported record profit drops in the second quarter of the year.
RBA Governor Carolyn Wilkins said Wednesday the bank’s quarterly results will be published in the coming days.
She said that despite the slump in profits, RBS has continued to expand its lending and capital needs, and its credit profile is strong.
The bank’s share price has plunged nearly 20 per and has declined nearly 50 per cent over the past year.
Bank of Montreal CEO Dominique Moulard resigned in June following the bank, which had been the biggest contributor to RBA’s losses, announced it would stop lending and stop investing.