Royal Bank of Canada has hired Brian Mulcahy to lead digital-asset strategy in its global markets business, marking the latest move by a major bank to deepen its involvement in the asset class. Mulcahy will fill a newly created role based in New York, where he will collaborate closely with teams across RBC Capital Markets and the broader organization, according to an internal memo obtained by Bloomberg News.
New Role and Responsibilities
Mulcahy will report to Matthew Ouderkirk, who is set to join RBC in August as chief operating officer of the global markets business. The appointment underscores RBC’s commitment to expanding its digital asset capabilities and strengthening its footprint in the United States financial markets.
“Brian’s experience and leadership will serve us well as we build out our capabilities and shape what’s next for digital assets in RBC Capital Markets,” said Jonathan Hunter, head of global markets, in the memo. “I am confident he will add momentum to this work.”
Background of Brian Mulcahy
Mulcahy most recently served as chief executive of StoneX Digital, a division of StoneX Group Inc. that provides institutional clients with access to digital asset markets. He built and led the business from its inception, according to the memo, bringing extensive expertise in the digital asset space to his new role at RBC.
Competitors Also Strengthen Digital Asset Teams
RBC is not alone in bolstering its digital asset presence. Canadian competitors have also been making strategic hires in this area. Earlier this year, Bank of Montreal hired Imran Ibrahim from Canadian Imperial Bank of Commerce to lead its digital assets strategy, while CIBC tapped John Lee to oversee its digital asset efforts. These moves reflect a broader trend among financial institutions seeking to capture opportunities in the evolving digital asset landscape.
RBC’s U.S. Expansion
The hiring of Mulcahy is also part of RBC’s broader push to expand its presence in U.S. financial markets. Over the past seven months, RBC Capital Markets has added 205 employees in the United States, including 23 managing directors. This expansion aligns with the bank’s strategy to grow its global markets business and enhance its competitive position in the region.
RBC’s move into digital assets comes as traditional financial institutions increasingly explore blockchain technology and cryptocurrencies, seeking to meet client demand and stay ahead in a rapidly changing financial ecosystem.
