RBC is set to report second-quarter earnings on Thursday.Maria Collins/The Globe and Mail
Royal Bank of Canada RY-T is restructuring the leadership of its insurance arm, changes driven by the departure of the division’s head.
Jennifer Publicover, who runs RBC Insurance, is leaving the bank effective June 1, RBC confirmed to The Globe and Mail. She has led the division since 2023 and was named a group executive in July, 2024, reporting directly to chief executive officer Dave McKay.
Ms. Publicover’s appointment to the group executive team landed at a significant moment for RBC’s succession planning, with the announcement made at the 10-year mark of Mr. McKay’s tenure.
As part of those changes, RBC’s personal and commercial banking arm was split in two for reporting purposes, and the two units’ new leaders, Erica Nielsen and Sean Amato-Gauci, were appointed group heads of the respective units.
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At the same time, Neil McLaughlin expanded his executive oversight by taking over wealth management. Previously, he ran the personal and commercial banking division.
After the latest insurance changes, Mr. McLaughlin will now oversee wealth management and insurance. Maria Winslow, a senior vice-president in the insurance division, will be its interim CEO of the insurance division.
RBC reports second-quarter earnings on Thursday. Like many of its Big Six peers, the bank has seen intense investor demand for its shares over the past year.
Despite U.S. President Donald Trump’s trade war, RBC’s stock is up 47.1 per cent over the past 12 months, partly driven by earnings from its wealth management and capital markets divisions.
Wealth management typically earns fees as a percentage of assets under management, and markets have continued to soar, boosting the fee pool.
The capital markets arm, meanwhile, has benefited from market volatility, which generates trading revenues, as well as a resurgence in mergers and acquisitions.
The Logic first reported on Ms. Publicover’s departure from the bank.