Royal Bank of Canada Head of Corporate Strategy and Development Jamie Andersen is set to retire from the bank early next year, and his replacement has given hints that RBC plans to keep expanding to the US market, according to a report on the Globe and Mail
The 63-year-old seasoned deal-maker recently began notifying clients and peers that he will conclude his career with RBC at the end of January. Internally, RBC has announced that 48-year-old Executive Vice President Mike Dobbins, currently responsible for the bank’s US retail business, will take over from Andersen as he departs.
Anderson and Dobbins worked together on RBC’s US$5-billion acquisition of Los Angeles-based City National Bank, known as the “bank of the stars,” last year. The deal has proven lucrative, providing opportunities to land and cross-sell to wealthy US clients. Dobbins moved from US retail bank Capital One to RBC in 2010.
Anderson got his start with RBC as an investment banker in 1991. After six years co-heading the mergers and acquisitions group, he became deputy chairman in 2001. He has served major blue-chip clients including Barrick Gold, Inco, and notably the former Canadian Pacific, a conglomerate whose breakup he worked on in 2001 was well received. He also spent two years at Morgan Stanley in the 90s.
Anderson was appointed as head of corporate strategy in 2010, collaborating with former RBC CEO Gordon Nixon. He took on added responsibility for innovation and development when David McKay took the helm in 2014.
“Jamie Anderson has been an important part of the fabric and culture of RBC Capital Markets,” said RBC investment banking veteran Tony Fell, who ascribed characteristics such as quiet aggressiveness, community leadership, and family first to the outgoing head strategist.
Anderson joined RBC’s investment banking in 1991, a period when the unit squeezed $50 million profit from revenues of $394 million. The unit’s 2015 profit figures were $2.3 billion from $8 billion in revenue.
“Jamie will be greatly missed, but fortunately, the firm continues to have major league bench strength,” said Fell.
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