RBC eliminates 30 executive roles, part of 2024 restructuring

What’s going on at RBC?

Royal Bank of Canada (RBC), the country’s largest bank, has reportedly laid off approximately 30 senior executives since September as part of an ongoing restructuring effort.

“The changes we’ve made better position RBC to take advantage of our global scale,” Jeff Lanthier, the bank’s director of media relations, told The Logic in an emailed statement.

While Lanthier declined to provide more details on the job cuts, he said other staff members have been promoted and given expanded mandates.

The restructuring comes just months after RBC completed its $13.5-billion acquisition of HSBC Bank’s Canadian operations in March.

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Next steps for RBC employees

If you’ve been affected by the layoffs at RBC, understanding your legal rights is crucial.

Non-unionized employees in Canada’s banking industry are entitled to severance pay based on a variety of factors, including their role, tenure, age, and ability to find similar work.

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.

Many companies cutting jobs

RBC isn’t the only major employer trimming its headcount as 2024 draws to a close.

Other big names, including Cargill, Vale, Windsor University, Mohawk College, Sheridan College, Rogers, General Motors, AMD, Visa, Meta, Nokia, and Deloitte, have also pulled out the axe.

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• Salesforce to cut jobs at ‘Own’ following $2-billion acquisition
• Amazon Layoffs: Nearly 14,000 managers could be axed to cut costs
• Where are layoffs happening in Canada?
• Pocket Employment Lawyer: Real-time insights on your rights

Lost your job? Contact us

If you’re affected by the latest round of layoffs at RBC, 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.