RBC Said to Hire JPMorgan to Help Sell Swiss Banking Business

Royal Bank of Canada, the nation’s second-largest lender by assets, hired JPMorgan Chase & Co. to help sell its Swiss banking operations, a person familiar with the process said.

Royal Bank said in November it was reviewing its private-banking and wealth-management businesses in Switzerland. The disclosure came after the Toronto-based bank said it was exiting wealth management in the Caribbean and closing some international advisory and private-banking groups in the U.S. and Canada.