RBC Cuts Jobs in Reorganization Ahead of New ‘Growth Strategy’

Royal Bank of Canada (TSX: RY) has laid off employees across multiple divisions as part of a broader reorganization, according to sources and a statement from the bank.

Canada’s largest lender has cut positions in technology and operations, as well as in its recently separated personal and commercial banking units, according to a source familiar with the matter.

“We have promoted a number of colleagues, expanded responsibilities and made stronger connections across our platforms,” RBC spokesperson Jeff Lanthier told The Globe and Mail in an emailed statement. “With these changes, some difficult decisions have been made and as a result some colleagues were impacted and left the bank.”

The bank did not disclose the number of affected employees.

Lanthier said the changes were unrelated to RBC’s $13.5 billion acquisition of HSBC’s Canadian operations completed last year, a deal that came with regulatory conditions prohibiting layoffs of HSBC Canada’s 4,000 employees within six months of closing, or two years for front-line staff.

Sources familiar with the matter said the bank has laid off some former HSBC Canada employees since September. Additionally, RBC has been reorganizing executive roles in phases since last year, starting with senior management and working down to vice-president, senior director, and director levels this week.

The restructuring comes ahead of RBC’s March investor day, where it plans to present its updated strategic growth plan. Last month, the bank reported a first-quarter profit of $5.13 billion.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

One Response

  1. I think it’s shameful to lay off staff when I know that their front line staff is so sparse in some regions that the branch has to close if someone calls in sick. Not to mention a 5.13 billion dollar quarterly profit was made.

Video Articles

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

Meta Platforms Prepares for Second Round of Layoffs in Push Towards More Efficiency

Tech giant Meta Platforms (NASDAQ: META) is preparing to lay off even more staff, in...

Tuesday, March 7, 2023, 01:50:00 PM

UPS to Cut 20,000 Jobs Amid Amazon Business Reduction

United Parcel Service (NYSE: UPS) plans to eliminate 20,000 positions this year and close 73...

Wednesday, April 30, 2025, 12:10:00 PM

BlackRock to Cut 600 Jobs As Company Reallocates Resources to Technology and ETFs

BlackRock, the world’s largest asset manager, has revealed plans to cut approximately 3% of its...

Thursday, January 11, 2024, 08:00:00 AM

GameStop Begins New Round Of Layoffs, Reportedly Cuts Blockchain Team

GameStop Corp. (NYSE: GME), the meme stock phenomenon, has begun a new round of layoffs,...

Wednesday, December 7, 2022, 08:30:00 AM

P&G to Slash 7,000 Office Jobs in Two-Year Bid to Offset Tariffs

Procter & Gamble (NYSE: PG) will eliminate up to 7,000 office jobs—about 15% of its...

Friday, June 6, 2025, 03:50:00 PM