RBC Capital Markets says it is pulling the plug on some of its investment banking operations in Minneapolis and plans to move staff closer to the action in New York and Menlo Park. RBC, which is owned by Toronto-based Royal Bank of Canada, says it wants to position itself as a bigger player on the coasts.
Although the company is keeping mum on the specifics, RBC recently told employees the move is not about job cuts, but about moving professionals out of the Midwest toward the East and West Coasts. Its San Jose office will remain open.
RBC vows to keep a sizable Minnesota presence; current Twin Cities facilities were acquired when the company bought Dain Rauscher Inc. in 2001. RBC has been beefing up its California operations for years, including buying San Francisco-based Sutro & Co. last year.