‘Next phase of growth’: RBC trims workforce to kick off March

What’s going on at RBC?

Royal Bank of Canada (RBC) has reportedly trimmed its workforce ahead of its investor day — scheduled to take place on March 27.

A source told The Globe and Mail that the cuts affected a variety of departments, including technology, operations, as well as the Toronto-based bank’s personal and commercial banking units.

Spokesperson Jeff Lanthier didn’t disclose the exact number of positions eliminated, but said in an email that the changes position RBC for its “next phase of growth.”

“We have promoted a number of colleagues, expanded responsibilities, and made stronger connections across our platforms,” the email reads.

“With these changes, some difficult decisions have been made and as a result some colleagues were impacted and left the bank.”

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Next steps for RBC employees

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

Non-unionized employees in Canada’s banking industry 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 come amid a flurry of job cuts in 2025.

Other big names, including MLSE, Disney, Town of Cochrane, Autodesk, Mohawk College, JPMorgan, Chevron, Vale, Meta, Canada Post, Workday, ADM, Amazon, Shopify, Stripe, BP, Microsoft, Hudson’s Bay, and Wayfair, have pulled out the axe as they navigate challenging economic conditions.

SEE ALSO
• ‘We lost our agility’: Estée Lauder planning to slash up to 7,000 jobs
• 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 at 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.