By 1981, Royal Bank was the fourth largest bank in North America, with assets of CAD 53 billion. Although one-third of that total was attributed to its international activities, the bank had lost its early advantage in many foreign markets to other institutions. One of Frazee's first orders of business was to strengthen the bank's influence in the United States. He poured new capital into the Royal Bank and Trust Company, in New York, and increased its staff. A second Frazee priority was the development of a Global Energy Group, based in Calgary, to provide technical consultation as well as capital for energy-related projects on an international basis. To manage its newly aggressive stance, the bank reorganized into four groups, two responsible for Canadian retail and commercial business, and two to handle corporate banking and international operations.