The bank has its eye on a shortlist of American firms with strong adviser-client relationships, CEO David McKay told Bloomberg, saying RBC has “lots of capital” to buy a company with a market capitalization as large as $300 billion if it thought it was a good deal. (Bloomberg)

Talking point: Strong capital markets and wealth management profits have proven to be important cushions for Canadian banks amid the economic turmoil from the U.S.-led trade war. Other Canadian financial services firms have also recently expanded their wealth management divisions through acquisitions. BMO acquired Toronto’s Burgundy Asset Management in June for $625 million, Desjardins bought Guardian Capital for $1.67 billion in August and Canaccord purchased Australian financial services firm Wilsons Advisory that same month for an undisclosed amount. RBC already has a large U.S. wealth management business, ranking sixth among similar publicly traded firms.