RBC shutting down Caribbean wealth management

(CNS Business): The Royal Bank of Canada is pulling out of the wealth management business in the Caribbean, a decision that will impact Cayman jobs though the number of workers that will be hit has not yet been confirmed. This is the second Canadian bank with branches in the Cayman Islands that appears to be cutting its losses in the region after Scotiabank confirmed the closure of 35 branches in the Caribbean, with a potential loss of over 500 jobs. A spokesperson from Royal Bank’s Canadian HQ told CNS via email that the decision by that bank would not impact retail operations here but that RBC Wealth Management is “realigning” businesses within its international operations. Read more on CNS Business