RBC Wealth Management-U.S. named Michael Armstrong, who has been serving as Global Head of Wealth Management at Jefferies, as a replacement for retiring CEO John Taft, according to two people familiar with the matter.

Armstrong's appointment represents the latest transformation at RBC. Earlier this year, Tom Sagissor was appointed president, a new created position to lead the firm's private client group. And last year, RBC completed the acquisition of City National, a Los Angeles-based bank that serves ultrawealthy clients.

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