MINNEAPOLIS - Royal Bank of Canada completed its $625 million purchase of Tucker Anthony Sutro on Thursday and said it has begun merging the Boston brokerage into RBC Dain Rauscher Inc., the Minneapolis broker-dealer it acquired last year.
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A spokesman confirmed that the firm had eliminated 500 of Tucker Anthony Sutro's 2,500 positions over the last two weeks. About half of the cuts were in equity capital markets, which includes investment banking, research, and trading. Another 250 were in brokerage support staff.
The firm has retained all of Tucker Anthony's 900 brokers, said Dan Callahan, a spokesman for RBC Dain Rauscher Wessels in Minneapolis.
The purchase makes Royal Bank the ninth largest broker-dealer in the United States.
