Canadian lender RBC sets up new AI team for capital markets unit
TORONTO :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 include experts from global markets and other teams at the bank, RBC 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)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
2 hours ago
- CNA
G7 leaders meet in Canada hoping to avoid Trump clash
BANFF, Alberta: Group of Seven leaders gather in the Canadian Rockies starting on Sunday (Jun 15) amid growing splits with the United States over foreign policy and trade, with host Canada striving to avoid clashes with President Donald Trump. While Prime Minister Mark Carney says his priorities are strengthening peace and security, building critical mineral supply chains and creating jobs, issues such as US tariffs and the conflicts in the Middle East and Ukraine are expected to feature heavily. Israel and Iran launched fresh attacks on each other overnight into Sunday, killing scores hours before the leaders of the world's industrialized democracies meet. "This issue will be very high on the agenda of the G7 summit," German Chancellor Friedrich Merz said. He said his goals are for Iran to not develop or possess nuclear weapons, ensuring Israel's right to defend itself, avoiding escalation of conflict and creating room for diplomacy. The summit takes place in the mountain resort of Kananaskis, some 90 km west of Calgary. The last time Canada played host, in 2018, Trump left the summit before denouncing then Canadian Prime Minister Justin Trudeau as "very dishonest and weak" and instructing the US delegation to withdraw its approval of the final communique. "This will be a successful meeting if Donald Trump doesn't have an eruption that disrupts the entire gathering. Anything above and beyond that is gravy," said University of Ottawa international affairs professor Roland Paris, who was foreign policy adviser to Trudeau. Trump has often mused about annexing Canada and arrives at a time when Carney is threatening reprisals if Washington does not lift tariffs on steel and aluminum. "The best-case scenario ... is that there's no real blow-ups coming out of the back end," said Josh Lipsky, the chair of international economics at the Atlantic Council think tank and a former White House and State Department official. Carney's office declined to comment on how the Israeli strikes would affect the summit. Diplomats said Canada has ditched the idea of a traditional comprehensive joint communique and would issue chair summaries instead, in hopes of containing a disaster and maintaining engagement with the US. A senior Canadian official told reporters Ottawa wanted to focus on actions the seven members, Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, could take together. Canadian Senator Peter Boehm, a veteran former diplomat who acted as Trudeau's personal representative to the 2018 summit, said he had been told the summit would last longer than usual to give time for bilateral meetings with the US president. Expected guests for parts of the Sunday to Tuesday event include leaders from Ukraine, Mexico, India, Australia, South Africa, South Korea and Brazil, who all have reasons to want to talk to Trump. "Many will want to talk to President Trump about their own particular interests and concerns," Boehm said by phone. A senior US official said on Friday working discussions would cover trade and the global economy, critical minerals, migrant and drug smuggling, wildfires, international security, artificial intelligence and energy security. "The president is eager to pursue his goals in all of these areas including making America's trade relationships fair and reciprocal," the official said. The visit of Ukrainian President Volodymyr Zelenskyy to the Oval Office in February descended into acrimony and has served as a warning for other world leaders about the delicate dance they face in negotiating with Trump. But diplomats say the frustration of dealing with the Trump administration has made some keener to assert themselves. 'THE BIG TEST' Canada has long been one of Ukraine's most vocal supporters. Trump came to power promising to end the war with Russia within 24 hours but diplomatic efforts to end the conflict have stalled. One Ukrainian official involved in preparations for the summit said hope had faded for a strong statement in support of Ukraine. Instead, success for Kyiv would merely constitute an amicable meeting between Trump and Zelenskyy. A European official said the G7 summit and the NATO summit in The Hague later in June provided an opportunity to underscore to Trump the need to press ahead with a sanctions bill put together by US senators alongside a new European package to pressure Russia into a ceasefire and broader talks. Trump's first international summit will offer some early clues on whether Trump is interested in working with allies to solve common problems, said Max Bergmann, a director at the Center for Strategic and International Studies.
CNA
4 hours ago
- CNA
Talking Point 2025/2026 - How Do The US Tariffs Affect You?
23:32 Min Talking Point 2025/2026 US President Trump's sweeping tariffs has hit allies like Singapore but with a pause on higher tariffs ending soon, what's at stake? Diana Ser unpacks how they could impact you. Talking Point 2025/2026 About the show: With a fresh approach to tackling the issues of the day, Talking Point investigates a current issue or event, offering different perspectives to local stories and reveals how it all affects you.
CNA
5 hours ago
- CNA
G7 leaders to meet in Calgary, Canada to discuss pressing global issues
The heads of the world's largest economies, will meet at this year's G7 summit, which begins today in Canada. They are expected to discuss and overcome their differences, on a spread of pressing global issues. On the top of the agenda, is the escalating conflict between Iran and Israel, as well as the war in Ukraine, and Donald Trump's trade war. Nick Harper reports from Calgary.
