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A Strong and Diversified Business
RBC BankingRBC InvestmentsRBC Capital MarketsRBC Global Services

RBC Investments

RBC Investments (5)
RBC Dain Rauscher (3)
Royal Bank of Canada
     Global Private Banking (5)

Business profile
RBC Investments provides wealth management services including full-service and self-directed brokerage, financial planning, investment counselling, personal trust, private banking and investment management products and services to clients in Canada, the U.S. and internationally. Products and services are delivered through the RBC Royal Bank branch network across Canada, RBC Investments offices, RBC Dain Rauscher branches in the U.S., private banking offices and other locations worldwide. Services are also delivered via the Internet and telephone.

Share of RBC 2003 net income (1)
RBC Investments - share of income

Key strategies
•  Develop broader and deeper relationships with clients by using segmentation strategies to develop specific solutions for specific client groups
Transform our distribution models to ensure that our financial consultants and advisors have more time to focus on their clients
Focus on improving operational infrastructure and processes to efficiently support growth

Key operating highlights
•  Created new Emerging Markets Fixed Income Group to provide clients with a wider range of global fixed income products and advisory services
Introduced private banking services for high net worth clients in the U.S., as well as Canadian clients with U.S. interests, using a highly personalized relationship approach

Financial highlights – U.S. GAAP
(C$ millions,
except percentage amounts)
% chan ge      2003         2002
Total revenues (3 )% $ 3,530     $ 3,647
Non-interest expense (7 )   2,911       3,144
Net income 19     412       346
Return on equity (6) 400  bp   15.1%       11.1%





(1) Another 5% of net income was derived from the Other segment.
(2) Canadian brand name.
(3) U.S. brand names.
(4) Caribbean and the Bahamas brand name.
(5) Global brand names.
(6) Return on equity is defined in the Glossary on page 110.