RBC names insider Stopnik as global investment banking head

May 13 (Reuters) - Royal Bank of Canada has named insider Matthew Stopnik head of global investment banking as part of a larger restructuring within the unit, according to a memo seen by Reuters on Monday.

The bank also named Vito Sperduto as the head of RBC Capital Markets in the U.S.

WHY IT'S IMPORTANT

RBC, which recognizes a 10% share in investment banking in its home turf, Canada, also has ambitions to venture further into the U.S. market, representing 56% of the global investment banking fee pool.

As per the memo, RBC generated about $4 billion in revenue from its U.S. Capital Markets business, last year.

KEY QUOTE

"Vito’s appointment reflects our increased focus on the U.S. as our second home market and the importance of the bank’s overall U.S. strategy as a driver of growth," said Derek Neldner, CEO and Group Head of RBC Capital Markets.

CONTEXT

RBC has also launched three new global groups within investment banking to assist the Canadian bank in boosting market share and accelerating growth.

Stopnik joined RBC Capital Markets in January 2015 following almost two decades at UBS Investment Bank.

Stopnik, the co-head of U.S. Investment Banking at RBC since 2018, will report to CEO Derek Neldner.

Sperduto, an investment banking veteran, was most recently the Global Head of M&A at RBC Capital Markets.

(Reporting by Pritam Biswas in Bengaluru; Editing by Ravi Prakash Kumar)