RBC to cut 450 jobs

The bleeding continues at Canadian banks as Royal Bank of Canada says it is cutting 450 jobs, primarily from its head office locations in the Greater Toronto Area.

Under pressure from technological change and client preferences, the bank says it is consolidating its business where needed and reinvesting in areas such as digital, data, new technology and high-growth business areas.

Read: More than 400 advisors team up with new robo-advisor

Bloomberg reports that Canadian banks, over the past three years, have announced job cuts totalling more than 5,000 positions.

RBC says in a statement that it is also making hundreds of other changes including promotions, transfers and the creation of new roles and teams.

The lender says it will provide support to those affected by the changes, including career transition services and continued salary and benefits for a period of time.

RBC has more than 80,000 full- and part-time employees.

Also read:

‘We’re not replacing advisors with robots’: National Bank on Nest Wealth deal

No advisors affected in National Bank’s 600 staff cuts

Banks to CSA: robos not ‘attractive alternative’ in event of commissions ban

Staff, with files from The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.