Economic Backdrop and Financial Performance Objectives
Wealth Management
Strategic Priorities
■ Global Asset Management: Deliver investment performance and
extend leadership position in Canada, while continuing to build and
grow internationally
■ Canadian Wealth Management: Continue to deepen client
relationships and deliver a differentiated client experience that is
increasingly digitally-enabled and supported by data-driven insights
■ U.S. Wealth Management: Leverage the combined strengths of
City National Bank, RBC Wealth Management U.S. and Capital
Markets
■ International Wealth Management: Successful integration of
RBC Brewin Dolphin to enhance client value proposition and
consolidate position in local market. Continue to drive growth in
Asia's global families by leveraging the global strengths and
capabilities of RBC
■ Investor Services: Grow relationships with Canadian asset
managers, investment counsellors, pension funds and insurance
companies, deliver new products to meet growing client demand
and enhance our core capabilities in Canada to improve the client
experience
Cash Earnings ($ millions) (1) (2)
3,374
164
2,673
246
During the year ended
October 31, 2023, we
recognized impairment losses
of $177MM (before-tax
$242MM) on our interest in an
associated company
3,210
2,427
895
65
661
55
830
606
2022
2023
Q1/2023
Q1/2024
■Net income ■ Amortization
Total
Recent Awards
Outstanding Global Private Bank - North America
(PBI Global Wealth Awards, 2023)
Best Private Bank for Digitally Empowering RM's in N. America
(Financial Times PWM Wealth Tech Awards, 2023)
Best Private Bank in N. America
(Family Wealth Report Awards, 2023)
Best for HNW Individuals in N. America
(Euromoney Global Private Banking Awards, 2023)
Best Private Bank in Canada - 12th consecutive year
(PWM/The Banker Global Private Banking Awards, 2023)
Best Fund Recognition in 6 Refinitiv Individual Categories
(Refinitiv Lipper Fund Awards Canada, 2023)
RBC DS was rated #1 in advisor satisfaction amongst all bank-owned
full-service brokerage firms
(Investment Executive Brokerage Report Card, 2023)
AUA and AUM ($ billions) (3) (4)
5,295
3,982
5,412
4,108
LL LL
2022
992
2023
1,059
1,043
Q1/2023
1,141
Q1/2024
■ AUA ■ AUM
(1) Cash earnings exclude the after-tax effect of amortization of intangibles. This is a non-GAAP measure. Refer to slide 60 for reconciliation and slide 61 for more information. (2) Effective the fourth quarter of 2023, we moved the Investor Services lending business from our Wealth Management
segment to our Capital Markets segment. Therefore, comparative adjusted results for the three months ended January 31, 2023 have been revised from those previously presented. We completed the partial sale of RBC Investor Services operations in Europe (other than U.K.) and Jersey to CACEIS on
July 3, 2023 and December 1, 2023, respectively. (3) Spot Balances. (4) Decline in AUA this quarter includes the impact from the partial sale of RBC Investor Services operations which closed on July 3, 2023.
17 BUSINESS SEGMENTS
RBCView entire presentation