Sep 29, 2022
Royal Bank of Canada cuts 1% of U.S. investment-banking team
RBC Q3 profit misses expectations
Royal Bank of Canada’s investment banking arm held a round of layoffs in the US, according to people with knowledge of the matter.
The lender’s RBC Capital Markets division cut 1 per cent of its US investment banking team, with the reductions focused on junior staff, said some of the people, who asked not to be identified discussing personnel changes. The moves were in line with RBC’s standard annual changes, one of the people said.
“We can confirm that we made minimal cuts to our US investment-banking business which were in line with our normal attrition,” said Elisa Barsotti, a spokeswoman for the bank.
RBC joins competitors including Bank of Montreal and Goldman Sachs Group Inc. in eliminating jobs amid steep revenue declines in areas such as debt and equity issuance. RBC still plans to hire aggressively at the senior level, a person with knowledge of the matter said.
RBC Capital Markets Chief Executive Officer Derek Neldner said earlier this year that the bank planned to hire a similar number of managing directors as last year, when it added 25.