Strike another rumored buyer from the M&A pool. RBC Capital Markets has stopped making "transformational" deals and so will probably not bid for Morgan Keegan, Securities America, or anyone else.
RBC's wealth management unit is known for its well-capitalized silent parent, the Royal Bank of Canada.
But despite that kind of backing, CEO John Taft says he's switched to recruiting high-end advisors and making sure the ones he has can work more effectively.
He's not competing with the Morgan Stanleys of the world, but with the white-glove ultra-high-net-worth operations like Northern Trust and Bessemer Trust.
As a result, he says he has no interest in the kind of M&A that originally turned the unit into a $220 billion powerhouse with continent-spanning reach.
And that means we can all cross off a potential buyer for the broker-dealers that are currently out there for sale.