RBC beats on earnings; CEO to retire

After 13 years at the helm, Royal Bank of Canada (RY) CEO Gordon Nixon is retiring next summer and will be replaced by Dave McKay, currently the head of personal and commercial banking. Also Mark Standish - currently co-head of capital markets and investor and treasury services - is exiting the bank, with his co-head Doug McGregor immediately taking full control of both groups.

FQ4 earnings of $2.119B up 11% Y/Y.

Personal and Commercial Banking net income of $1.081B, up 5% Y/Y. Wealth Management net income of $205M, flat. Insurance net income of $107M, -45% as proposed legislation forces a $118M charge. Capital Markets net income of $472M, up 15%.

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