RBC Planning to Slash More Jobs After Trimming Workforce in May

After cutting its workforce by approximately one per cent in May, Canada’s biggest bank is planning to pull out the axe again.

In its Q3 2023 earnings release, Royal Bank of Canada (RBC) said it expects to further reduce its number of full-time equivalent (FTE) employees by approximately one to two per cent next quarter.

“Despite a complex operating environment, our Q3 results exemplify RBC’s ability to consistently deliver solid revenue and volume growth underpinned by prudent risk management,” CEO Dave McKay said in the release.

“We remain focused on executing on our cost reduction strategy while leveraging our strong balance sheet and diversified business model to support our growth and bring long-term value to our clients, communities and shareholders.”

According to news outlets, including CBC News, McKay told analysts in May that the bank over-hired in recent months.

“Honestly, we overshot — we overshot by thousands of people.”

RBC claims on its website that it employs more than 97,000 full-time and part-time workers.

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