RBC sets up new AI team for capital markets unit
TORONTO (Reuters) -Royal Bank of Canada's capital markets wing has established a new artificial intelligence and digital innovation team as it bets on AI to boost future growth, the Canadian lender told Reuters on Wednesday.
The team, with hubs in New York, Toronto and London, will report to newly appointed Chief Strategy and Innovation Officer Lindsay Patrick.
RBC also appointed Bobby Grubert as head of AI and Digital Innovation, reporting to Patrick. Grubert worked on Aiden, RBC's first generative AI solution, and RBC Elements, its data-powered research capability.
The new team will be formed by appointing talent from across RBC's global market business, the lender said.
RBC in March said it expects to earn up to about C$1 billion ($722.02 million) from its AI investments, emphasizing the pivotal role the technology will play in the largest Canadian bank's next growth phase.
CEO Dave McKay told investors in March that the bank's technology has received positive responses from the likes of chipmaker Nvidia's CEO, Jensen Huang, and that the lender is betting on AI to speed up training, streamline processes and more.
RBC's capital markets head, Derek Neldner, noted that the unit has been scaling and leveraging Aiden, RBC's GenAI solution developed in partnership with research institute Borealis, for electronic trading, automation of front-to-back operations and data-driven research and insights.
AI is becoming a key tool for banks globally, which are using it to streamline customer communications, process documents, spot fraudulent activity and automate other mundane tasks.
Rival Bank of Montreal also named a chief AI and data officer, while other banks have said they are making investments to boost their capabilities.
($1 = 1.3850 Canadian dollars)
(Reporting by Nivedita Balu in TorontoEditing by Matthew Lewis)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
an hour ago
- First Post
India's defence leap: From indigenous production to global exports, redefining national security
Defence exports have surged more than 30-fold to approximately Rs 23,622 crore in 2024–25. Officials say production now meets about 65 per cent of defence requirements, compared to a heavy earlier dependence on imports read more Indian Army's T-90 Bhishma tanks (front) drive during the Republic Day parade in New Delhi, India. (Photo: Reuters) India's defence sector has seen a notable transformation over the last 11 years, as government reports highlight rapid growth in domestic production, expanded exports and a more inclusive military structure. According to a press briefing from the government on June 10, the defence budget has climbed from Rs 2.53 lakh crore in 2013–14 to Rs 6.81 lakh crore in 2025–26 . In parallel, indigenous defence manufacturing reached a record Rs 1.27 lakh crore in 2023–24—an increase of 174 per cent over the 2014–15 level. STORY CONTINUES BELOW THIS AD Simultaneously, exports have surged more than 30-fold, growing from just Rs 686 crore nearly a decade ago to approximately Rs 23,622 crore in 2024–25. Officials say production now meets about 65 per cent of defence requirements, compared to a heavy earlier dependence on imports. The Ministry of Defence signed 193 contracts worth Rs 2.09 lakh crore in 2024–25, with 177 contracts awarded to domestic firms for Rs 1.69 lakh crore. The private sector's role in defence output has also risen, contributing roughly 21 per cent, while over 430 licensed firms and 16,000 MSMEs now support a broad industrial base. Another area of shift has been gender inclusion. Around 11,000 women now serve as officers in the armed forces, up from approximately 3,000 in 2014. In addition, 507 women have been granted permanent commissions to advance career progression. Beyond mere numbers, the period has included doctrinal and operational changes. Reports highlight enhanced counter-terrorism actions and strategic border operations undertaken to protect internal security. Challenges for India's defence sector Despite notable gains, India's sector still faces major hurdles. These include quality control, delays in project execution, limited R&D spending, and a need for deeper integration between defence PSUs and private industry. India also remains dependent on foreign technology for jet engines, stealth systems, and advanced sensors. Additionally, while defence indigenisation has increased in scale, true technological self-reliance will require consistent investment in research, talent retention, and long-term strategic planning. STORY CONTINUES BELOW THIS AD Still, the changes over the past decade suggest India is positioning itself as both a regional power and a more assertive player in the global defence ecosystem.
NDTV
an hour ago
- NDTV
4-Day Closed-Door Talks On India-US Trade Deal Conclude. What Was Discussed
New Delhi: Significant progress was made in the latest round of talks between India and the United States over a possible interim trade deal expected within weeks - one that aims to boost the annual bilateral trade between the two largest democracies from the current $190 billion to a whopping $500 billion by 2030. A team of top American negotiators held closed-door meetings with their Indian counterparts in New Delhi over four days, concluding on Tuesday. The talks primarily focused on greater market access for both industrial and agricultural products in either country, tariff cuts, and non-tariff barriers, people familiar with the matter said. While the US delegation was led by officials from the Office of the US Trade Representative, the Indian team of negotiators from the trade ministry was led by Rajesh Agrawal. "The negotiations held with the US side were productive and helped in making progress towards crafting a mutually beneficial and balanced agreement including through achievement of early wins," a government source told news agency Reuters. Boosting bilateral digital trade was reportedly another key focus area during the talks. A series of initiatives which will help improve customs and facilitation measures were discussed in detail, the source said, adding that both sides are looking to finalize an initial part of the comprehensive trade pact soon, and discussions will intensify in the days to come. THE NEGOTIATIONS In today's talks, India resisted US demands to open its markets to wheat, dairy, and corn imports, while offering lower tariffs on high-value US products such as almonds, pistachios and walnuts. India also asked the US to revoke its 10 per cent baseline tariff imposed by the Trump administration under a national emergency. But the US side opposed this, noting that even Britain was subject to this under its recent bilateral trade agreement. On steel, India asked for an exemption from Washington's move to impose 50 per cent tariffs. New Delhi also said that it would consider increasing import of American energy, like LNG, crude oil, and coal, while also purchasing defence equipment. AN INTERIM PACT LIKELY THIS MONTH? Both countries are aiming to sign an initial deal within the month of June, perhaps on the sidelines of the G7 Summit in Canada, when Donald Trump and Prime Minister Modi will meet - though that less than a week from today. Amid rising criticism over his hasty trade decisions, Donald Trump is reportedly keen on signing a deal with India before the expiry of his 90-day pause on reciprocal tariffs, which includes a 26 per cent tariff on India - which would severely impact export of textiles, footwear, rice, and shrimp. However, while negotiators from the trade ministry were busy fine-tuning the trade deal with the US in New Delhi, the Union Minister, Piyush Goyal, was in Switzerland structuring another mega trade pact with the European Union - India's second-largest trading partner. On the India-US trade pact, Mr Goyal said India is prepared to proceed with a deal by first addressing simpler issues. Government officials added that the more complex matters could be negotiated in the next phase of talks, suggesting that India may agree to sign an interim deal. India is looking to sign the next tranche of the bilateral trade pact with United States by September or October, they said.
Time of India
3 hours ago
- Time of India
Paramount to lay off 3.5% of US staff in latest job cut
Paramount Global is laying off 3.5% of its U.S. staff in the latest round of job cuts as the company grapples with a decline in cable TV subscribers, according to an internal memo seen by Reuters. The layoff was communicated to its staff on Tuesday morning and it could affect some non-U.S. workforce over time, the memo from the office of the company's three co-CEOs showed. This is in addition to the 15% cuts Paramount had announced last August and comes as the media industry navigates a "generational disruption" as millions of cable users cut the cord and opt for streaming services such as Netflix. "We are taking the hard, but necessary steps to further streamline our organization starting this week," Paramount Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins wrote in the memo. Paramount had 18,600 employees as of Dec. 31, 2024. CNBC first reported the development on Tuesday. The company has pitched its $8.4 billion merger with billionaire scion David Ellison's Skydance Media . But the deal is yet to secure regulatory approval, pending a $10 billion lawsuit U.S. President Donald Trump filed against CBS News in October over an interview with then-vice president Kamala Harris that he alleged was deceptively edited to favor Harris.
