Royal Bank shakes up business segments

TORONTO — RBC Royal Bank of Canada has created a new business segment, to be called Investor and Treasury Services, and made adjustments to the makeup and management of its existing business segments.The new segment will include RBC Investor Services, Global Financial Institutions and Treasury Services.Some of those operations had previously been in other business segments.The new segment’s clients will include financial institutions, sovereign wealth funds, insurance companies, asset managers, hedge funds and pension funds.[np-related]Meanwhile, RBC’s Personal and Commercial Banking segment — its main operation in Canada — will now include Caribbean and U.S. banking, under the leadership of Dave McKay, currently head of Canadian Banking.RBC’s Capital Markets segment will now exclude Global Financial Institutions and Treasury Services, which are now in the new segment.The other major business segments will continue to be Wealth Management and Insurance.RBC also announced the retirement of its group head of international banking and insurance, Jim Westlake, after 17 years with RBC.The new Investor and Treasury Services segment will be headed by Harry Samuel, with Jose Placido continuing as CEO of RBC Investor Services.The Canadian Press read more

Michelle Obama reveals real reason she hugged the Queen

Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. She writes:… In her new memoir, Becoming, Mrs Obama said the encounter ahead of the 2009 G20 summit began with the Queen looking up at her and remarking: “You’re so tall.” Now the former First Lady has revealed the truth behind the apparent breach of protocol: the two women were commiserating with one another about their painful shoes, and the Queen was happy to have a hug. When Michelle Obama placed an arm around the Queen during a Buckingham Palace reception, it was regarded as a terrible faux pas. Mrs Obama replied that her Jimmy Choo heels added a couple of inches, to which the Queen “gestured with some frustration at her own black pumps” and said: “These shoes are unpleasant, are they not?”–– ADVERTISEMENT –– read more