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Thursday, April 7, 2011

RBC eyes sale of U.S. consumer banking unit-source, (TSE: RY), (NYSE: JPM)

Royal Bank of Canada (RY.TO) is looking to sell its U.S. consumer banking business, and has retained JPMorgan Chase & Co (JPM.N) to advise it, a source familiar with the situation said on Thursday. RBC, Canada's largest bank, has been expanding its wealth management and wholesale banking presence internationally, with particular emphasis on high growth markets such as Asia. But its retail bank network in the southeastern United States has weighed down earnings for years. Royal Bank spokeswoman Katherine Gay told Reuters by email that the bank was not commenting on the issue. JPMorgan also declined to comment.