By Rita Trichur and Alistair MacDonald 

TORONTO-- Royal Bank of Canada has hired J.P. Morgan to run a sale process for RBC Suisse SA, its Swiss wealth-management operations, according to people familiar with the matter.

The business has been under strategic review since November. Toronto-based RBC, Canada's second-largest bank by assets and largest by market capitalization, could also ultimately decide to shutter RBC Suisse if it can't be sold, one of these people said.

RBC faces a competitive market in Switzerland, where a number of foreign banks are divesting themselves of operations. Morgan Stanley, Bank of America Merrill Lynch and HSBC Holdings PLC are among the banks who have sold. Others, including Royal Bank of Scotland Group PLC, are seeking buyers for Swiss-based assets.

A spokeswoman for RBC declined comment on the sales process. RBC Suisse, which had total assets of 2 billion Swiss francs, or about $2 billion, at the end of 2013, was put under strategic review in late November as the bank announced a restructuring of its international wealth-management businesses.

"There have been no updates with regards to the realignment since it was announced in late November, so we have no further comment to provide," said RBC spokeswoman Claire Holland in an emailed statement earlier this week.

"In terms of rationale, the realignment will position RBC Wealth Management for sustainable, controlled growth in our priority markets and aligns to our long-term vision for a scalable and more focused business serving high net worth and ultra-high net worth clients from our key operational hubs in Canada, the U.S., the British Isles and Asia, " added Ms. Holland.

As part of the previously announced changes, RBC has said it plans to exit its Wealth Management International business in the Caribbean, and "certain international advisory and international private banking groups in Canada and the U.S."

RBC has said that the changes will affect a small part of its overall wealth management business and will result in an unspecified number of job losses.

RBC Suisse earned net income of 9.3 million Swiss francs in fiscal 2013, up from 905,356 Swiss francs in 2012, according to its latest annual report.

Shayndi Raice and John Letzing contributed to this article

Write to Rita Trichur at rita.trichur@wsj.com and Alistair MacDonald at alistair.macdonald@wsj.com

Access Investor Kit for Royal Bank of Canada

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=CA7800871021

Access Investor Kit for HSBC Holdings Plc

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=GB0005405286

Access Investor Kit for Royal Bank of Scotland Group Plc

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=GB00B7T77214

Access Investor Kit for HSBC Holdings Plc

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US4042804066

Access Investor Kit for JPMorgan Chase & Co.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US46625H1005

Access Investor Kit for Royal Bank of Scotland Group Plc

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US7800976893

Subscribe to WSJ: http://online.wsj.com?mod=djnwires