RBC Layoffs: plans to trim capital markets division, Canadians affected

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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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
• Severance entitlements during mass layoffs
• Rights to severance during a recession

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.