07:51 AM EDT, 07/11/2024 (MT Newswires) -- Royal Bank of Canada ( RY ) on Thursday named a new deputy chair and made changes to its business segments that will become effective on Sept. 1.

Doug Guzman, currently serving as group head of RBC Wealth Management and Insurance, will assume the deputy chair role at RBC. Guzman will remain a member of the Group Executive.

RBC tapped Neil McLaughlin to serve as group head of RBC Wealth Management. McLaughlin is currently serving as group head of P&CB. Erica Nielsen, executive vice president of personal financing products, has been named group head of RBC Personal Banking.

RBC has separated Personal & Commercial Banking into two standalone business segments: Personal Banking and Commercial Banking. The other three business segments for financial reporting purposes are Wealth Management, Insurance, and Capital Markets.

The bank said revised supplements with new financial reporting will be available before the release of the fourth-quarter results on Dec. 4.