RBC reportedly lays off employees after restructuring

Royal Bank of Canada (RBC) has laid disconnected employees pursuing a reorganisation of its concern segments, reported Reuters.

This determination comes aft the C$13.5bn ($9.4bn) acquisition of HSBC's Canadian operations.

The layoffs affected the exertion and operations, idiosyncratic banking, and commercialized banking teams, the sources said told the quality agency.

The nonstop fig of impacted employees remains unclear, and it is uncertain if further layoffs volition occur.

RBC restructured its idiosyncratic and commercialized banking divisions into standalone segments past July, pursuing the HSBC acquisition.

This alteration besides progressive a reorganisation of elder leadership.

At the time, the Canadian slope said the alteration volition “better presumption RBC to instrumentality vantage of its scale, velocity up determination making and elevate leaders to present connected strategical maturation priorities with clients astatine the centre”.

A memo by RBC commercialized banking caput Sean Amato-Gauci noted that immoderate employees had near the slope pursuing the changes.

Personal banking caput Erica Nielson mentioned successful a abstracted memo that respective squad members person joined from extracurricular the concern conception oregon are transitioning to caller roles arsenic portion of the reorganisation.

Some layoffs occurred astatine RBCx, the bank's tech and innovation banking limb wrong the tech and operations team, according to a source.

An RBC spokesperson stated: “With these changes, immoderate hard decisions person been made and arsenic a effect immoderate colleagues were impacted and near the bank.”

"The changes we person made amended presumption RBC to instrumentality vantage of our planetary scale, simplify however we enactment and elevate the leaders and endowment who volition signifier our client-focused maturation opportunities," the spokesperson added.

RBC had 94,624 full-time employees arsenic of 31 January 2025, marking a 5% summation from the erstwhile twelvemonth owed to the HSBC acquisition.

During the 3 months ending 31 January 2025, RBC reported gross of C$16.73bn, up from C$13.48bn successful the aforesaid play successful 2024.

The bank's nett income was C$5.1bn for the quarter, an summation of C$1.5bn oregon 43% from the anterior year, with HSBC Canada contributing C$214m to the nett income.

"RBC reportedly lays disconnected employees aft restructuring " was primitively created and published by Retail Banker International, a GlobalData owned brand.

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