From first-generation student to one of Canada's most senior banking executives, Maxwell has never stopped finding ways to move things forward.
By Rachel Doherty
For Troy Maxwell (MAcc '89), receiving the Outstanding Alumni Achievement Award from the School of Accounting and Finance (SAF) is a chance to look back at a journey that began at the first place he learned the skills and gained the confidence to succeed.
Maxwell arrived at the University of Waterloo not knowing a single graduate. The University was only about 30 years old when he enrolled in 1984, but he knew he wanted to study accounting, and he knew Waterloo was the leader. "There wasn't a close second in my mind," he says.
After graduating, Maxwell joined PwC, specializing in financial institutions at a moment when new and complex financial products were reshaping the industry. He built deep expertise and learned every aspect of client work, from developing ideas to delivering results. For a while, it was enough. Then it wasn't. "I could help clients think through problems, but the long-term execution was always theirs. I wanted to step into a business where I was accountable for the results."
That drive brought him to RBC Capital Markets, where he spent 20 years in the CFO and COO roles at one of North America's largest investment banks — two roles that demanded different versions of himself. He recently took on a new role as COO of RBC USA, with a mandate to enhance cross-business collaboration, financial performance, productivity and efficiency while strengthening controls and governance. As CFO, the focus was on enhancing financial results: revenue, costs and efficient use of capital. As COO, it expanded to how the entire organization serves its clients. "A great CFO optimizes financial performance," he says. "A great COO asks how the whole ecosystem works to enable our clients to achieve their goals."
That instinct to zoom out shapes how Maxwell thinks about the next generation of talent too. He often observes younger talent in large organizations lose their creativity and drive to continue learning. He encourages early-career professionals to understand not just how to do their job, but how it connects to the broader ecosystem of the customer outcomes the business delivers. He compares it to a vehicle assembly line, where someone can know how to install the brakes without understanding how the car works. It's a philosophy that extends to how he thinks about AI as well. Maxwell sees it as an opportunity, not a threat, but one with limits. "AI can give you an answer for what the world already knows and make you more efficient. But it can't connect your client's complex needs across a whole organization. Those things still require human judgement."
Maxwell has long served as a bridge between SAF and the banking industry — advocating for the School from inside RBC as much as from outside it, giving generously of his time and resources, and serving on SAF's Director's Advisory Council. When the conversation turns to why, something shifts. The polished executive gives way to something quieter and more personal. He was the first in his family to go to university, and the professors who taught him at SAF quickly became mentors and aspirational figures. "My professors and mentors at SAF demanded technical excellence, while encouraging us to be bold, question how things work and how to make them better" he says. "It opened a new world for me."
That world has grown to include his family. His daughter, an alum and previous Alumni Award recipient from the Faculty of Environment, was recognized for her work in sustainability initiatives. His sister, a UWaterloo Science graduate, went on to become a PhD and was recently named a Gairdner Award recipient, one of the top international science honours. "UWaterloo is part of our family's journey," he says.
When Maxwell called people to invite them to be his guests at the awards gala, he told each one: I want you there because you helped me. Many said they thought of it the other way around. He disagrees. "The people around you are a big part of your success. That's what I believe."
Achievement, to Maxwell, means leaving the place better than you found it. By that measure, his commitment to SAF speaks for itself.
My professors and mentors at SAF demanded technical excellence, while encouraging us to be bold, question how things work and how to make them better. It opened a new world for me.
Maxwell will receive his award at the SAF Alumni Excellence Gala on May 27, 2026, where he will be celebrated alongside 2025 Leader to Watch recipient Adnan Khan.