Canadian Banker Says US Banks Need Consolidation

"We are definitely in a year in which we are focusing very hard on managing our own books, maintaining a very conservative approach to cost and spend," Westlake said. "We will be very selectively looking at growth opportunities, but it's a time to really focus on making sure that we deal with our own loan book, particularly real estate lending."

Royal Bank of Canada's U.S. shares rose 50 cents, or 2 percent, to $26.11 in trading Wednesday.