Employment Law

RBC Layoffs: 500 jobs in capital markets division cut in Q4 2023

A photo of Canadian currency on a table. (Photo: PiggyBank / Unsplash)

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, 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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Termination agreements for RBC employees

In Canada, non-unionized employees at RBC are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

People working “on contract” or as a contractor may also be owed severance pay — given that many employees in Canada are often misclassified as independent contractors.

Severance can be as much as 24 months’ pay, depending on a number of factors.

LEARN MORE
Severance pay for federally regulated employees
Rights to severance for banking sector staff
Severance entitlements during mass layoffs


WATCH: Employment lawyer Lior Samfiru explains what rights employees have if they are being fired or let go on an episode of the Employment Law Show.


Before you accept any severance offer, have an experienced employment lawyer at Samfiru Tumarkin LLP review it and your employment contract.

We can tell you if what you have been provided is fair and how to get proper severance if it falls short of what you are actually owed.

If you don’t receive the full amount, which happens often, you have been wrongfully dismissed and are entitled to compensation.

In some cases, employers pressure staff into accepting poor severance packages, such as imposing a deadline for accepting the offer.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue a claim for full severance pay.

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