Royal Bank Cuts 1,129 Full-Time Jobs to Trim Staff

Royal Bank of Canada cut about 1.5 percent of its workforce since July 31, following on other job cuts by the country’s banks.

Canada’s largest lender pared 1,129 full-time jobs across the company, with about half of those coming from Canada, according to financial statements released yesterday. The Toronto-based bank cut 165 jobs in the U.S., the documents show. Royal Bank had 74,247 full-time employees as of Oct. 31, down from 75,376 at the end of the third quarter.

“Our employment numbers are essentially flat year-over-year,” said Jason Graham, a Royal Bank spokesman. “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.”

Royal Bank’s cuts follow a 2.1 percent reduction at Bank of Montreal, which eliminated 997 full-time positions, with three quarters of the cuts in Canada.

Bank of Montreal (BMO)’s declines were a combination of attrition, retirement and summer students returning to school, spokesman Ralph Marranca said today. The Toronto-based lender is recruiting to fill more than 1,200 positions in Toronto, he said.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; Peter Eichenbaum at peichenbaum@bloomberg.net

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