RBC Insurance hit by major job cuts ahead of investor day: Reports

What’s going on at RBC Insurance?

Multiple employees at RBC Insurance have contacted Samfiru Tumarkin LLP for assistance following another suspected round of significant layoffs – just days before Royal Bank of Canada’s investor day on March 27.

This appears to mark the second wave of job cuts in recent weeks. Previous reports confirmed that RBC had quietly reduced its workforce across several departments earlier this month.

The latest layoff reportedly impacted staff specifically within the insurance division, though the exact number of employees let go has not been confirmed.

Next steps for RBC employees

If you’re fired or let go from RBC Insurance, understanding your legal rights is crucial.

Non-unionized employees in Canada are entitled to severance pay. The amount you’re owed is based on a variety of factors, including your role, tenure, age, and ability to find similar work.

WATCH: Employment lawyer Lior Samfiru delves into severance pay on an episode of the Employment Law Show.

Here’s what you need to know:

• Compensation: Severance packages, which can be as much as 24 months’ pay, may include salary, bonuses, commissions, and other forms of compensation. Use our firm’s free Severance Pay Calculator to better understand your entitlements.
• Deadlines: You generally have up to two years from the date of your termination to review and negotiate severance offers.
• Action steps: Consult an employment lawyer at Samfiru Tumarkin LLP to ensure your severance package is fair and aligns with Canadian employment laws.

Major employers slashing staff

Reports of a workforce reduction at RBC Insurance come amid a flurry of job cuts in 2025.

Big names, including Seneca, Morgan Stanley, Prepac, MPG Canada, HPE, Wayfair, MLSE, Disney, Autodesk, JPMorgan, Chevron, Vale, Canada Post, Workday, ADM, Meta, and Shopify, have also pulled out the axe.

SEE ALSO
• Estée Lauder reportedly cut all Canadian staff in Hudson’s Bay stores
• Canada’s immigration department slashing workforce by 25%
• Where are layoffs happening in Canada?

Lost your job? Contact us

If you’re fired or let go from RBC for any reason, the experienced employment law team at Samfiru Tumarkin LLP can help.

Our lawyers in Ontario, Alberta, and British Columbia have helped tens of thousands of non-unionized individuals resolve their workplace issues.

Call us today at 1-855-821-5900 or request a consultation online.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and SHOULD NOT be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.