RBC Wealth Management

The Toronto-based bank's U.S. subsidiary has taken in $15 billion in asset inflows in the past two years.

Canada's largest bank saw record increases in client assets and a healthy jump in its fee-based revenue. So why did its wealth profits drop 27%?

The Canadian lender continues to look south of the border for growth in its wealth management business.

As it seeks to bolster its U.S. presence, the Canadian bank's wealth management subsidiary has been one of the most active recruiters in the industry in recent years.

Overall, Canada's largest bank saw its bottom line grow last quarter. But an American subsidiary is causing headaches for its wealth management business.

The action in federal court alleges the exiting advisors received an incentive package worth as much as $70 million for joining RBC.

The Canadian firm saw an 8% jump in its net income, but CEO Dave McKay foresees a "softer economic outlook" next quarter.

For the second time this year, the Canadian firm has poached a billion-dollar team from a much larger company.

As he updated RBC shareholders on a disappointing quarter, CEO Dave McKay cited the U.S. banking crisis and gridlock over the debt ceiling.

The moves reflect a wild week of First Republic advisors rushing to firms including JPMC, Morgan Stanley and UBS following their employer's calamitous earnings call Monday.