RBC Capital Markets, the investment-banking arm of Canada’s biggest lender, said U.S. fixed-income sales head Chuck Powis has left the firm.
No decision has been made about whether he will be replaced, said Kevin Foster, a New York-based spokesman for RBC Capital. Product sales managers will report directly to Jonathan Hunter, global co-head of currencies and fixed income in New York, Foster said. Powis, who was based in New York, couldn’t be reached for comment by phone.
Royal Bank of Canada’s fiscal fourth-quarter profit unexpectedly declined 9.4 percent to C$1.12 billion ($1.14 billion), or 74 cents a share, on rising costs for compensation and marketing and falling trading revenue. Toronto-based Royal Bank’s trading income plunged by half, while its international unit posted its 10th-straight quarterly loss, the company reported Dec. 3. It will next report results on March 3.
Powis was named head of institutional sales for U.S. financial products, fixed income and currencies in September 2007. He was previously head of U.S. structured credit and rates.