RBC is eliminating 30 senior roles as part of the 2024 restructuring

On By Littum

What’s happening at RBC?

The Royal Bank of Canada (RBC), the country’s largest bank, reportedly has dismissed approximately 30 senior employees 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 email statement.

While Lanthier declined to provide more details about the job cuts, he said other employees 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 have been affected by the layoffs at RBC, understanding your legal rights is essential.

Non-union employees in Canada’s banking sector are eligible for severance pay based on a number of factors, including their role, tenure, age and ability to find similar work.

Here’s what you need to know:

  • Compensation: Severance plans, which can be up to 24 months’ salary, may include salary, bonuses, commissions and other forms of compensation. Use our company’s for free Severance pay calculator to better understand your rights.
  • Deadlines: You generally have up to two years from the date of your termination to review and negotiate severance offers.
  • Action steps: Contact an employment lawyer at Samfiru Tumarkin LLP to ensure your severance package is fair and in compliance with Canadian employment laws.

Many companies are cutting jobs

RBC is not 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 the axe.

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• Salesforce to cut jobs at ‘Own’ after $2 billion acquisition
• Amazon layoffs: Nearly 14,000 executives could be laid off to cut costs
• Where do layoffs happen in Canada?

Lost your job? Contact us

If you are 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-union workers resolve their workplace issues.

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