Royal Bank of Canada to Cut About 450 Jobs in Toronto Area
- Lender will ‘consolidate where necessary,’ company says
- Bank will focus on digital, data and new technologies
RBC to Cut About 450 Jobs in Toronto Area
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Royal Bank of Canada, the country’s second-largest lender by assets, is cutting about 450 positions -- or less than 1 percent of its total workforce -- mostly from head office locations in the Toronto area.
“We are making changes that focus on the capabilities that we need now and in the future to meet our clients’ evolving needs," the bank said Wednesday in an emailed statement. “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."