RBC Capital Markets Hires 11 Bankers from Bear Stearns to Form New U.S. Institutional Equity Sales & Trading Team in London & Switzerland

London, September 2, 2008 - RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada (TSX: RY; NYSE: RY), today announced that it has hired eleven bankers from Bear Stearns to form a new U.S. institutional equity sales and trading team to be based in London and Switzerland.

Tim Allen joins RBC Capital Markets as Managing Director and Head of US Institutional Equity Sales from Bear Stearns, where he spent the last 18 years, most recently as Head of US Equity Sales, Europe.

The new team will leverage off RBC's well-established U.S. research and trading flows, emanating from its New York office, to provide full coverage, advice and U.S. equity products to RBC's European institutional and hedge fund clients, particularly in France, Italy, Germany, Switzerland and Austria.

Commenting for RBC Capital Markets, Stephen Foss, Head of Equities said: "We are delighted to have been able to attract such a strong and well-established team, under Tim's leadership, from Bear Stearns.

"RBC remains committed to our cash equities business and to growing our capital markets business by continuing to selectively hire top talent.  We've been able to do this because of the strength and reputation of our enterprise, plus the fact that market disruptions have made available many outstanding professionals."

 

Media Enquiries:
RBC Capital Markets
Louisa Fairman / Beverley Weber
Telephone: +44 (0)20 7029 7821 / 7685

Greentarget
Anna Watson / Melissa Rowling
Telephone: +44 (0)20 7680 5052 / 5051

About RBC Capital Markets

RBC Capital Markets is the corporate and investment banking arm of RBC and the 12th largest investment bank in the world (Bloomberg, April 2008).  RBC Capital Markets is active globally in fixed income, foreign exchange, infrastructure finance, metals, mining and energy. RBC's international fixed income and treasury businesses are managed from London, which is the centre of a 24-hour trading platform with major hubs in Toronto, New York and Sydney. 

About RBC
RBC (RY on TSX and NYSE) is Canada's largest bank as measured by assets and market capitalisation (assets of C$627 billion and market capitalisation of C$62 billion as at 30 April 2008) and ranks among the top 25 banks in the world (#20 at 10/7/08 RBC is the 5th largest financial institution in North America with over 75,000 employees globally, serving more than 16 million personal, business, public sector and institutional clients through offices in 47 countries around the world. RBC has a Tier 1 capital ratio of 9.5% and senior debt ratings of Aaa (Moody's), AA- (S&P), AA (Fitch). RBC has been named the safest financial institution in Canada and 3rd safest in North America (Global Finance, 1999-2007). For more information, please visit www.rbc.com

 

 09/02/2008