Royal Bank of Canada cuts undisclosed number of staff amid 'growth strategy'
Cuts unrelated to RBC acquisition of HSBC's Canadian operations last year, says spokesman
TORONTO — Royal Bank of Canada says it has laid off some employees as part of its “growth strategy.”
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Canada’s largest bank says the cuts come amid changes meant to “better position RBC to take advantage of our global scale, simplify how we work and elevate the leaders and talent who will shape our client-focused growth opportunities.”
It says that as part of those changes, the bank had to make “difficult decisions” that resulted in an undisclosed number of staff leaving, while others have seen promotions and expanded responsibilities.
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RBC spokesman Jeff Lanthier says the changes are unrelated to RBC’s $13.5-billion acquisition of HSBC’s Canadian operations last year.
That takeover came with regulatory conditions including that none of HSBC Canada’s 4,000 employees be fired within six months of the closing date, or two years for front-line staff.
Last month, RBC reported that a jump in trading revenue and other boosts to the business helped lead it to a $5.13 billion profit for the first quarter.
