McLaughlin, RBC’s group head for personal and commercial banking, will assume responsibility for RBC’s venture capital arm as part of a broader shakeup at the bank’s top ranks. Dobbins will leave the company as of Nov. 1, the bank said. (The Logic)

Talking point: The move is intended to “build on the current momentum of Ventures’ acquisition strategies for both consumers and small businesses, including creating new services for future growth,” the bank said in a statement. The ventures arm will be closer to RBC’s personal banking unit at a time when fintechs such as Wealthsimple and Neo Financial are aggressively challenging the big banks. This week, Neo announced that it raised an additional $64 million, which the online-only bank will use to expand into new areas such as investing and mortgages. To stave off competition, RBC has made moves into BNPL and payments in recent months, but its ventures arm has been less active, with only one public investment this year.