Royal Bank of Canada (RY.TO) is looking to sell its struggling U.S. consumer banking business after failing for years to wring profits from the operations acquired nearly a decade ago. A source familiar with the situation said on Thursday that Canada's largest bank has retained JPMorgan Chase & Co (JPM.N) to advise it on the sale process, but did not provide further details. The source declined to be named because the sale process is private. RBC has expanded its wealth management and wholesale banking presence internationally, with emphasis on high growth markets like Asia, but the retail bank network in the southeastern United States has weighed on earnings for years.
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