RBC Layoffs in GTA

RBC building - downtown Toronto

CBJ — About 450 people who work for the Royal Bank of Canada are being terminated.

It’s expected that most of the job cuts will come from the bank’s head office locations in the Greater Toronto Area.

A prepared statement released to the public said the following: “We are making changes that focus on the capabilities that we need now and in the future to meet our clients’ evolving needs. As always, we consolidate where necessary so that we can re-invest in key areas including digital, data, new technology as well as investment in high growth business areas. We are making hundreds of changes that include promotions, transfers, creation of new roles and new teams as well as introducing new capabilities from outside our organization.”

RBC said it would offer support, including career transition services and a period of continued salary and benefits to those affected.

The bank, the largest in Canada, has about 80,000 full- and part-time employees.

@CanBizJournal

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