Royal Bank of Canada has made a significant strategic hire by recruiting Noel Reyes, a former Goldman Sachs Group Inc. equities trader and execution specialist, to lead product innovation in electronic trading and execution algorithms. This move represents the latest in a series of high-profile hires as RBC continues to expand its global equities trading operations.
Key Appointment in New York
According to an internal company memo, Noel Reyes will join RBC Capital Markets in May and will be based in New York. Reyes previously served as head of Americas equities electronic trading product at Goldman Sachs, bringing substantial expertise to his new role at RBC.
Reyes will report directly to Jas Sandhu, global head of electronic multi asset agency solutions at RBC Capital Markets. His primary responsibilities will include leading product development across electronic trading platforms and execution algorithms, critical components in modern equity trading operations.
Expanding Equities Division
This recruitment represents the most recent addition to RBC's growing equities trading division since James Masserio joined the bank a year ago from Societe Generale SA as global head of equities. Since July, RBC has brought in at least eight new senior staff members to strengthen its equities operations.
Notable recent hires include Amir Heravi and Jason Hedberg from UBS Group AG, who joined as global co-head of equity derivatives flow trading and global head of equity derivatives sales, respectively. These strategic appointments demonstrate RBC's commitment to building a comprehensive and competitive equities trading platform.
Reyes' Professional Background
Noel Reyes brings extensive experience to his new position at RBC. According to the Financial Industry Regulatory Authority registry, Reyes joined Goldman Sachs from JPMorgan Chase & Co. in 2018. His career in electronic trading began at Lehman Brothers Holdings Inc. in 2006, where he worked through the financial crisis and subsequent acquisition by Barclays Plc before moving to JPMorgan in 2010.
Strategic Business Development
Execution algorithms represent a crucial business line within RBC's expanding equities division. These sophisticated trading tools enable clients to obtain optimal pricing while minimizing the market impact of their orders. RBC is actively developing multiple capabilities within its equities business, with particular focus on several key areas.
In a December interview, James Masserio highlighted additional priorities for RBC's equities division, including securities lending, quantitative investment strategies, and structured products. These developments position RBC to compete more effectively in the global equities market and provide comprehensive services to institutional clients.
The recruitment of Noel Reyes underscores RBC's strategic commitment to enhancing its electronic trading capabilities and algorithm development. As financial institutions increasingly rely on sophisticated technology for equity trading, RBC's investment in talent and technology represents a forward-looking approach to market competition.
A spokesperson for Goldman Sachs did not respond to requests for comment regarding Reyes' departure at the time of publication. The move reflects ongoing competition among major financial institutions for top talent in electronic trading and algorithm development.
