Fast on the heels of 1,500 job cuts at Scotiabank, Canada’s largest bank announces it’s following suit.
Speculation suggests Royal Bank of Canada will cut as many as 300 jobs from its international wealth management business in an effort to refocus on its most profitable regions of Canada, the U.S., the British Isles and Asia.
The closing of its Caribbean wealth management business follows the sale of its Jamaican banking operations in January at a $60 million loss. While its retail operations in the region continue, this is the third major bank – Scotia and CIBC being the other two – to take significant action in the Caribbean.
RBC spokesperson Claire Holland said of the move, “While regrettably there will be some job losses, it would be premature at this stage to estimate the number of employees that will be impacted as we are currently considering a number of strategic options for these businesses.”
Although it appears the majority of any job cuts will be in the Caribbean, it’s possible that losses could also fall on those working within RBCs international advisory and private banking groups operating in Canada.
With its wealth management business generating solid profits – $285 million in the latest quarter – new CEO Dave McKay is clearly putting his own stamp on the bank.
Is this the end of the job cuts from Canadian banks? Are any more poised to announce
? We’ll find out soon enough; the holidays are just around the corner.