Royal Bank of Canada (RBC) has, reportedly, cut approximately 1,129 full-time jobs since 31 July 2013, representing 1.5% of its total workforce, as part of its strategy to streamline operations in the country.
According to a recent financial statement released by the bank, of 1,129 redundancies made, nearly half of the job cuts were implemented in Canada, reported Bloomberg.
Go deeper with GlobalData
The Canadian retail bank, which cut 165 jobs in the US, had 74,247 full-time employees, as of 31 October 2013, down from 75,376 at the end of the third quarter.
Royal Bank of Canada spokesman, Jason Graham, was quoted by the news agency as saying, "Our employment numbers are essentially flat year-over-year.
"They fluctuate each quarter, and typically decrease from the third quarter to fourth quarter when rotational and summer student programs end. This quarter’s fluctuation is well within the range."
Banks across the globe are cutting their workforce and divesting non-core assets to boost operational efficiency and meet new global banking capital rules.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataMost recently, Royal Bank of Montreal (BMO) said that it had slashed nearly 2.1% workforce, which represents 997 full-time positions.
