RBC plans to trim capital markets division, impacting Canadian jobs

Just months after reducing its workforce by approximately one per cent in May, Canada’s biggest bank is once again scaling back its staffing levels.

According to news outlets, including the Financial Post, Royal Bank of Canada (RBC) has eliminated a number of positions within its capital markets division.

The job cuts are part of broader reductions that the bank announced last month.

“As disclosed at Q3, we’ve made the difficult decision to reduce our team size by one to two per cent in the current quarter,” Jeff Lanthier, a communications officer at RBC, said in an email.

“This isn’t a path that RBC has taken very often, and we’re committed to supporting those impacted with fairness and respect through this transition.”

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

Impact on Canadian staff

While it remains unclear how many Canadian employees are affected by the latest round of layoffs at RBC, several workers have contacted Samfiru Tumarkin LLP — claiming that they were recently let go.

Our experienced employment lawyers are following up with impacted staff and reviewing the severance packages that they received from the bank.

Major layoffs continue

The latest reduction at RBC comes amid a flurry of layoffs in 2023.

Major North American companies, including BMO, Epic Games, Industrial Alliance, Google, Citigroup, Volvo, Expedia Group, Microsoft, and Meta, have announced deep job cuts as they continue to navigate challenging economic conditions.

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How does this impact employees?

The potential 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.