RBC Hires Caroline Mulroney as Vice-Chair — SkimNews
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- RBC named Caroline Mulroney vice-chair effective Sept. 14, tasking her with deepening ties with clients and business leaders globally; she will report to capital markets head Derek Neldner
- Mulroney's mandate includes advising RBC's business leaders on the implications of evolving government policy, regulatory, and public-sector developments for clients, per an internal memo from Neldner
- Mulroney stepped down from the Ontario Legislature in June after eight years in cabinet, including stints as Treasury Board president, minister of francophone affairs, attorney-general, and minister of transportation under Premier Doug Ford
- RBC is expanding in the US and Europe and courting foreign capital at a time when Canada's economy faces trade upheaval and economic uncertainty, with senior leaders saying foreign investors are increasingly looking to deploy capital in Canada
- Canadian Imperial Bank of Commerce last week announced that Mulroney's brother Mark Mulroney — also a son of the late PM — will lead the lender's office of the CEO, placing the Mulroney family in senior roles at Canada's two largest banks within days of each other
- Mulroney previously worked as a VP at BloombergSen Investment Partners, launched her career in investment banking at Bear Stearns, and practised law at Shearman & Sterling in New York
Why it matters: RBC's hire gives Canada's biggest bank a direct policy insider at a moment it is actively expanding in the US and Europe and courting foreign capital amid trade upheaval. The political pedigree — daughter of late PM Brian Mulroney — and her Treasury Board experience overseeing Ontario's $240-billion budget position her as a bridge between RBC's clients and government decision-makers.
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