RBC buys JPMorgan Chase investment adviser division

By Peggy Kataveli, CMA, B2P
Published on Tuesday September 29, 2009 at 10:33 am ET
Updated 04-6-10, 6:18 pm ET

Canada’s largest bank, the Royal Bank of Canada (RBC), has announced it would acquire New York-based JPMorgan Chase & Co.’s U.S.-based investment advising business division.

No terms of the deal are being disclosed.

RBC will merge the unit in its RBC Advisor Services arm, which is part of RBC Wealth management.

 Continuing with news from JPMorgan Chase, the investment bank has made some changes to management duties.

The investment bank announced that Steve Black would now be the chairman.

Jes Staley will now be the CEO, he has been replaced by Mary Callahan Erdoes as the head of asset management.

JPMorgan Chase is now performing a lot better compared to other investment banks, reporting a massive $1.5 billion profit in Q2 2009.

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Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to [email protected]
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