The Royal Bank of Canada (RBC) has launched a dedicated AI and digital innovation team within its capital markets division as it deepens its commitment to artificial intelligence to power future growth.

The new team, with hubs in New York, Toronto and London, will report to Lindsay Patrick, who has been appointed Chief Strategy and Innovation Officer. Bobby Grubert will lead the unit as Head of AI and Digital Innovation. Grubert previously played a key role in developing RBC’s GenAI solution, Aiden, and the bank’s data-driven research platform, RBC Elements.

RBC says the team will draw talent from across its global markets and internal departments to accelerate the application of AI in areas such as electronic trading, front-to-back automation, and research insights.

The move follows RBC’s projection in March that it could generate up to C$1 billion ($722 million) from AI investments. CEO Dave McKay described AI as central to the bank’s next phase of growth, noting that the bank’s technology initiatives have drawn praise from industry leaders, including Nvidia CEO Jensen Huang.