Canada’s largest bank has laid off an undisclosed number of employees as part of the company’s greater “growth strategy,” cuts that are 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,” which includes making some difficult decisions related to personnel.
In addition to cuts, RBC has also made some promotions and expanded the responsibilities of others. RBC spokesman Jeff Lanthier says the changes are unrelated to RBC’s $13.5 billion acquisition of HSBC’s Canadian operations last year which came with regulatory conditions protecting HSBC’s 4,000 employees within six months of the closing date, or two years for front-line staff.
