RBC cuts 500 jobs in Capital Markets Division during Q4 2023

Royal Bank of Canada (RBC) has cut more than 500 jobs in its capital markets division.

In its Q4 2023 earnings release, the bank noted that it had 7,253 full-time equivalent (FTE) employees at RBC Capital Markets — compared to 7,775 in the previous quarter.

The reduction comes after the lender said in September that it was scaling back its staffing levels by “one to two per cent.”

“As we enter 2024, RBC will work to provide the best client value as efficiently as possible, sharpening our focus to ensure our people and investments are aligned to build the bank of the future,” CEO Dave McKay said in the release.

“Across RBC, our employees remain steadfast in their commitment to helping clients and communities adapt and thrive in a changing world.”

McKay added that the company’s overall performance in 2023 “exemplifies our standing as an all-weather bank.”

Major layoffs continue

RBC isn’t the only big Canadian bank that has pulled out the axe this year.

Toronto-Dominion Bank (TD), National Bank, CIBC and Bank of Montreal (BMO) have also announced deep job cuts.

In addition to the banks, major employers, including PwC, Broadcom, Amazon, AbCellera, Unity, Canadian Tire, Maersk, and Nokia, are slashing staff as they continue to navigate challenging economic conditions.

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How does this impact employees?

The cuts to RBC’s capital markets division has left many employees uncertain about their future. If you’ve been laid off or are facing termination, here’s what you should know:

• You Are Likely Owed Severance: Employees at RBC are entitled to full severance pay under Canadian employment law.
• What Severance Includes: Severance packages can cover salary, bonuses, commissions, benefits, and more.
• Rights Don’t Change: Even in times of corporate restructuring, your rights as an employee remain protected.

For a detailed overview of RBC’s layoff history and severance entitlements, visit our RBC Layoffs: Severance Pay for Employees guide.

Key severance facts for RBC employees

If you’ve lost your job due to the closure, here’s what you need to know about severance in Canada:

• Severance Pay: Can be up to 24 months’ pay, depending on your role, age, length of service, and ability to find similar work.
• Deadlines: You have up to two years from your termination date to pursue a claim for severance.
• Misclassified Employees: Contractors may also be eligible for severance if misclassified as independent contractors.

Use our Severance Pay Calculator to estimate what you’re owed.

Steps to take if you’ve been laid off

1. Don’t Sign Anything Yet: Before accepting any severance offer, have it reviewed by an employment lawyer to ensure it’s fair.
2. Understand Your Rights: Learn about severance pay and employment standards through our RBC Layoffs Guide.
3. Contact Us for Help: Book a consultation with our team for a detailed review of your severance package and employment contract.

Talk to an employment lawyer

If you’ve been affected by layoffs at RBC, it’s critical to understand your rights and secure the compensation you’re owed. Contact us today for expert legal advice and a free consultation.

Call 1-855-821-5900 or complete a quick form to get started.