Royal Bank of Canada Consolidates Transaction Banking Under New Division

The new unit will be co-led by Sean Amato-Gauci, head of Commercial Banking, and Derek Neldner, CEO of RBC Capital Markets. By merging these segments, the bank aims to synchronize its product development and client coverage, ensuring that businesses navigating complex global economies receive consistent service regardless of their location. While the organizational structure is changing, RBC confirmed that financial reporting will remain within existing business segments.

To support the new division, Kartik Kaushik has been named head of product, platforms, and solutions, while Michael Klopchic takes the lead on client coverage and sales. Their immediate focus involves scaling digital cash management platforms like RBC Clear in the U.S. and RBC Edge in Canada. These tools are critical to the bank’s broader goal of generating new deposits to fund future growth. CEO Dave McKay noted that the consolidation is a response to the need for a more globally connected approach to risk management and capital movement. Currently, RBC holds the top position in the Canadian transaction banking market, a foundation it intends to leverage as it expands its footprint in the U.S. and beyond.