RBC reported an overall profit increase for the last quarter, reaching $4.13 billion, up 6.4% from the previous year's period. However, the wealth management division faced challenges, with a significant 73.8% drop in net income to $215 million, according to FinancialPlanning.com. 

CEO Dave McKay attributed this decline partially to issues with the California-based City National Bank, acquired by RBC in 2015. The impact included $380 million in impairments and legal provisions in U.S. Wealth Management, particularly at City National. Despite those setbacks, RBC Wealth Management expanded its advisor headcount to 6,169, an increase from the previous year. It saw assets under management rise to $1.07 trillion, a 6.8% year-over-year increase. 

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