Royal Bank of Canada is laying off some 450 staff as the bank undertakes a wider reshuffling of its head offices in the Toronto area.
A bank spokesperson confirmed the changes on Wednesday, saying RBC will “consolidate when necessary” and pour cost savings back into high-priority areas such as “digital, data, new technology as well as investment in
The bank is also making “hundreds of changes” to personnel that
Ms. Hudon added that the job losses are in “both business and
RBC does not expect to record any restructuring charge as a result of the changes.
Cost-cutting is a constant preoccupation at Canada’s largest banks, as executives strive to continue to deliver strong returns to investors amid an environment of modest growth in their core domestic businesses.
RBC’s profit for the three months ending Apr. 30 rose 9
The bank also said staff who lose their jobs in the shuffle will receive severance packages.
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