RBC says it has fired some employees as part of its “growth strategy.”
Canada’s largest bank says it will bring about reductions that “means that we will better position RBC to leverage our global scale, simplify our way of working and increase our leaders and talents to shape client-focused growth opportunities.”
As part of these changes, the bank had to make “difficult decisions,” which left a private number of staff, while others said they had expanded promotions and responsibilities.
RBC spokesman Jeff Ranchye says the change is unrelated to the $13.5 billion acquisition of RBC’s HSBC’s Canadian business last year.
The acquisition had a regulatory condition that HSBC Canada’s 4,000 employees would not be fired within six months of the deadline.
Last month, RBC reported that it led to a first quarter profit of $5.133 billion by diving into trading revenue and other business improvements.
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