RBC Hires Caroline Mulroney as Vice-Chair
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- RBC hired former Ontario minister Caroline Mulroney as vice-chair, tasking her with advising business leaders on the implications of government policy, regulatory, and public sector developments for clients.
- Mulroney will start September 14 and report to head of capital markets Derek Neldner, focusing on connecting clients across capital markets, commercial banking, and wealth management.
- Mulroney stepped down from her Ontario Legislature seat in June after eight years in cabinet, where she most recently served as Treasury Board president and minister of francophone affairs while chairing oversight of Ontario's $240-billion budget.
- RBC is expanding its US and European operations and shoring up Canadian dominance amid trade upheaval, with senior leaders saying foreign companies and investors are increasingly looking to deploy capital in Canada.
- Mulroney previously worked in investment banking at Bear, Stearns & Co., practiced law at Shearman & Sterling LLP in New York, and was a vice-president at BloombergSen Investment Partners.
- CIBC announced last week that Mulroney's brother Mark was tapped to lead the lender's office of the chief executive officer, placing both Mulroney siblings in senior roles at Canada's two largest banks.
Why it matters: RBC's hire of a cabinet veteran with cross-border legal and financial credentials leverages her government relationships as the bank expands into the US and Europe amid trade upheaval. Her mandate to advise on regulatory and public-sector developments positions her as a bridge between Ottawa's policy shifts and RBC's global client base, with foreign investors already increasing capital deployment in Canada.
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