Royal Bank of Canada is set to slash 450 jobs in response to customers’ increasing preference for online banking.
The move is expected to primarily affect jobs in the bank’s head offices in Toronto.
“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 reinvest in key areas including digital, data, new technology as well as investment in high-growth business areas,” the Canadian lender said in a statement.
The bank also unveiled plans of promotions, transfers and creation of new positions.